Chapter 5 - Lesson 1
Negotiable Instruments

As your textbook states, the Uniform Commercial Code (UCC), Articles 3 and 4, concerns the legal guidelines regarding the handling of notes, drafts, and checks. Every state has adopted these guidelines. Read the information about Article 4 of the UCC on Cornell University's Legal Information Institute web site to answer the following questions.

Suggested keywords: Uniform Commercial Code, Legal Information Institute
Web site: http://www.law.cornell.edu/ucc/4/overview.html

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Question 1: Find the UCC definitions for the following terms: bank, customer, check.
Question 2: Under UCC rules, must a bank cash a check that is more than 6 months old? Quote the relevant section in Article 4 of the code.
Question 3: Under the UCC, for what length of time is a stop-payment order is good?