Section 2 Scope of Revised UCC Article 3

• Library: Commercial Law 2007

Issues and transactions involving negotiable instruments are governed by revised Article 3 of the Missouri Uniform Commercial Code (UCC), §§ 400.3-101 et seq., RSMo 2000 and Supp. 2006. UCC Article 3 applies only to instruments that are technically negotiable within the meaning of § 400.3-104, RSMo Supp. 2006. Section 400.3-102, RSMo 2000. Article 3 does not impact or define the rights and obligations of parties to instruments that do not meet the requirements of negotiability under Article 3. See Means v. Clardy, 735 S.W.2d 6, 10 (Mo. App. W.D. 1987); Rotert v. Faulkner, 660 S.W.2d 463, 467 (Mo. App. S.D. 1983); First Nat. Bank of Kansas City v. Produce Exch. Bank of Kansas City, 89 S.W.2d 33 (Mo. 1935) (confirming that The Negotiable Instruments Law—the predecessor to UCC Article 3, see §2.1, supra—did not apply to or impact the rights or obligations of parties...