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Can you summarize IC 26-1-3.1?
UNIFORM COMMERCIAL CODE > Negotiable Instruments
Short Summary
This section of the Indiana Code, specifically IC 26-1-3.1, governs negotiable instruments under the Uniform Commercial Code. It provides definitions for various terms related to negotiable instruments and establishes the legal framework and terminology for negotiable instruments in Indiana. The section defines and distinguishes between different types of negotiable instruments, such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. It also outlines the obligations and liabilities of parties involved in negotiable instruments transactions, such as drawers, acceptors, endorsers, and holders. The section further addresses issues related to negotiation, acceptance, payment, alteration, and warranties of negotiable instruments. Overall, this section provides comprehensive guidelines for the use, transfer, and enforcement of negotiable instruments in Indiana.
Whom does it apply to?
Persons involved in negotiable instruments transactions in Indiana
What does it govern?
Negotiable instruments under the Uniform Commercial Code
What are exemptions?
Money, payment orders governed by IC 26-1-4.1, and securities governed by IC 26-1-8.1
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Indiana