NEGOTIABLE INSTRUMENTS UNDER THE UNIFORM COMMERCIAL CODE

The ambitious undertaking of the American Law Institute and the National Conference of Commissioners on Uniform State Laws to draft a "Uniform Commercial Code" includes a proposed revision of the Negotiable Instruments Law. This is not merely an attempt to patch up the present statute. It is virtually a complete rewriting. It includes many changes and additions in substance as well as a radical reorganization and rephrasing of language where no change in substance is designed. · It includes the much needed separation of the provisions relating to investment instruments such as corporate bonds from those relating to bills, checks, notes and other like instruments.

The latter class of instruments is covered in Article 3 ("Commercial Paper"), the former, in Article 8 ("Investment Securities"). Article 3 also includes a division on bank collections, a subject not heretofore treated in any uniform act of the Commissioners on Uniform State Laws.