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    5 Ga. Jur. UCC 4:3: 4:3. Draft or Bill of Exchange As Negotiable Instrument

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    Theplaymaker508
    Under the Uniform Commercial Code, a draft or bill of exchange is considered a negotiable instrument if it is an unconditional order to pay a sum certain in money, on demand or at a definite time. A draft includes a check, though not all drafts are checks. The terms "draft" and "bill of exchange" are understood to be synonyms under Article 3, referring to an instrument that orders payment. Footnotes provide additional context defining terms and citing relevant code sections.

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    5 Ga. Jur. UCC 4:3: 4:3. Draft or Bill of Exchange As Negotiable Instrument

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    Theplaymaker508
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    Under the Uniform Commercial Code, a draft or bill of exchange is considered a negotiable instrument if it is an unconditional order to pay a sum certain in money, on demand or at a definite time. A draft includes a check, though not all drafts are checks. The terms "draft" and "bill of exchange" are understood to be synonyms under Article 3, referring to an instrument that orders payment. Footnotes provide additional context defining terms and citing relevant code sections.

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    Declaration of Receipt

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    Under the Uniform Commercial Code, a draft or bill of exchange is considered a negotiable instrument if it is an unconditional order to pay a sum certain in money, on demand or at a definite time. A draft includes a check, though not all drafts are checks. The terms "draft" and "bill of exchange" are understood to be synonyms under Article 3, referring to an instrument that orders payment. Footnotes provide additional context defining terms and citing relevant code sections.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    46 views2 pages

    5 Ga. Jur. UCC 4:3: 4:3. Draft or Bill of Exchange As Negotiable Instrument

    Uploaded by

    Theplaymaker508
    Under the Uniform Commercial Code, a draft or bill of exchange is considered a negotiable instrument if it is an unconditional order to pay a sum certain in money, on demand or at a definite time. A draft includes a check, though not all drafts are checks. The terms "draft" and "bill of exchange" are understood to be synonyms under Article 3, referring to an instrument that orders payment. Footnotes provide additional context defining terms and citing relevant code sections.

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    © All Rights Reserved
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    § 4:3.Draft or bill of exchange as negotiable instrument, 5 Ga. Jur.

    UCC § 4:3

    5 Ga. Jur. UCC § 4:3

    Georgia Jurisprudence | September 2017 Update


    Business and Commercial Law: Uniform Commercial Code
    Chapter 4. Article 3—Negotiable Instruments
    Lonnie E. Griffith, Jr., J.D.

    I. In General
    B. Particular Instruments as Negotiable Instruments

    § 4:3. Draft or bill of exchange as negotiable instrument

    Chapter Summary | Correlation Table | Divisional References

    West’s Key Number Digest


    •0 West’s Key Number Digest, Bills and Notes 15, 18, 19

    Forms
    •0 Adams & Adams, Brown’s Georgia Pleading, Practice and Legal Forms Annotated §§ 11-3-104 Form 1 to 11-3-104
    Form 5 (3d ed.) (Forms for drafts)

    Under Article 3 Uniform Commercial Code—Negotiable Instruments, a “draft” is an instrument that is an order, 1 and, by the
    general definition of a negotiable instrument, is a negotiable instrument if it is an unconditional order to pay a sum certain in
    money, on demand or at a definite time.2 The term “draft” includes a check, although not all drafts are checks.3

    Article 3 does not use the term “bill of exchange,” but the term is understood to be a synonym for “draft.” 4

    Westlaw. © 2017 Thomson Reuters. No Claim to Orig. U.S. Govt. Works.

    Footnotes
    1
    U.C.C. § 3-104(e).
    2
    § 4:1.
    3
    O.C.G.A. § 11-3-104(f).
    For a discussion of what is included in the term “check,” see § 4:4.
    4
    Official Comment 4 to revised U.C.C. § 3-104.

    © 2017 Thomson Reuters. No claim to original U.S. Government Works. 1


    § 4:3.Draft or bill of exchange as negotiable instrument, 5 Ga. Jur. UCC § 4:3

    End of Document © 2017 Thomson Reuters. No claim to original U.S. Government


    Works.

    © 2017 Thomson Reuters. No claim to original U.S. Government Works. 2

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