Asked by Abigail Zurita on May 14, 2024
Verified
Revised Article 3 eliminates the particular fund doctrine by providing that a promise or order is not made conditional because payment is to be made only out of a particular fund.
Revised Article 3
The updated section of the Uniform Commercial Code that delineates rules and procedures for negotiable instruments.
Particular Fund Doctrine
The principle that a creditor can only lay claim to specific funds or assets of a debtor rather than the debtor's general assets.
- Understand the importance and implementation of UCC amendments regarding negotiable instruments.
Verified Answer
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Akhil DevabhakthuniMay 18, 2024
Final Answer :
True
Explanation :
Revised Article 3 of the Uniform Commercial Code (UCC) states that a promise or order is not made conditional merely because payment is to be made out of a particular fund, which effectively eliminates the particular fund doctrine.
Learning Objectives
- Understand the importance and implementation of UCC amendments regarding negotiable instruments.
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