Section 3 Generally

• Library: Commercial Law 2007

The 1992 amendments to UCC Article 3 substituted the term “Negotiable Instruments” for “Commercial Paper.” Section 400.3-101, RSMo 2000. The terms “negotiable instrument” and “instrument” are now synonymous under Article 3 and are defined in that statute to mean a writing:

• signed by the drawer or maker

• containing an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges
• payable to bearer or to order at the time it is issued or first comes into possession of the holder

• payable on demand or at a definite time; and

• not stating any other undertaking or...