Article 3 of the Uniform Commercial Code

Andrew N. Farley, Article 3 of the Uniform Commercial Code, 4 Gonz. L. Rev. 200 (1969)

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A hallmark of this quarter century has been the burgeoning growth of commercial interests, accompanied by increasingly inter- dependent business relationships. On the immediate horizon is the imminent possibility of a “check-less” society with real-time, on-line access by individuals and firms to computerized depositories with the transfer of funds and negotiation of “instruments” being effected at the speed of light. With that prospect verging on reality, one rightly might wonder about the relevancy of the concepts with which we now concern ourselves: presentment, reasonable time, notice of dishonor, and protest. Assuming that the millennium will not be achieved tomorrow, we will treat with Article 3 of the Uniform Commercial Code (the Code) in the hope that uniformity in understanding might be promoted, potential problems identified, and support for the goal of orderly review and uniform amendment engendered. . . .

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