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Can you summarize OHRC Section 1303.03?
Commercial Paper > Negotiable instrument - UCC 3-104.
Short Summary
This legal document, governed by the Uniform Commercial Code (UCC) section 3-104, defines and regulates negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money. It must meet certain requirements, such as being payable to bearer or order, payable on demand or at a definite time, and not containing any other undertakings or instructions beyond the payment of money. The document also provides definitions for related terms such as ’note,’ ‘draft,’ ‘check,’ ‘cashier’s check,’ ’teller’s check,’ ’traveler’s check,’ and ‘certificate of deposit.’ It clarifies that a check can be a type of negotiable instrument and describes the characteristics of different types of checks. The document does not specify any penalties for non-compliance or violations. Overall, this document sets the standards and criteria for negotiable instruments and provides clarity on their nature and characteristics.
Whom does it apply to?
Holders and issuers of negotiable instruments
What does it govern?
Negotiable instruments
What are exemptions?
Instruments that contain a statement indicating they are not negotiable or not governed by this chapter
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Ohio