This lesson is designed to be used either as an introduction or as a review of the parties who are involved with negotiable instruments governed by Article 3 of the Uniform Commercial Code. This lesson will teach you to identify the various players who are involved in the use of negotiable instruments. It can be used to introduce you to these players, help you sort them out, or to reinforce what you already understand.
The governing law is found in the Uniform Commercial Code, Articles 1, 3, and 4. Throughout this lesson, references to sections numbers are to sections in the 1990 version of the Uniform Commercial Code. We will point out where the 1990 version differs from the 2002 version, and the effect(s) of such differences.