Commercial transactions in the United States involve payments in almost every single case. There is a comprehensive set of laws that apply to these payments between parties. The Uniform Commercial Code Article 3 is not a set of federal laws – but it is a set of laws that is almost uniformly adopted into each different State’s laws. That’s to say that State law Uniform Commerical Code is going to provide the exact law regarding a payment in any particular case. In general, most States have similar approaches so the set of laws is commonly referred to as the Uniform Commercial Code Article 3 which the caveat that technicalities differ from State to State.
What is Commercial Paper?
The Uniform Commercial Code Article 3 deals primarily with what is referred to as “commercial paper.” Commercial paper has a special legal definition and special legal characteristics. What is the difference between a lawful bank check and the same written on a napkin? The differences involve the legal standards imposed by commercial paper law.
Commercial Paper Under Article III
Contact A Business Attorney
There’s certainly quite a few more important aspects when it comes to Article 3 of the Uniform Commercial Code. It often depends on the type of business you are in and the unique facts and circumstances of your case as well as State law. If you’d like to find out more and have a UCC lawyer from our team provide more narrowly tailored insight based on your business, give us a call today at 419-469-5002.
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