Wednesday, October 16, 2019
Law UCC Essay and Multiple Q&A Example | Topics and Well Written Essays - 750 words
Law UCC and Multiple Q&A - Essay Example This Article is regulatory in function both protecting the payee and signee of the order/payor (Cornell University Law School, 2005). Because Article 3 deals directly with the definition of payments and how it is coursed through from institutional bodies such as banks to the payee, specific terms and conditions apply to its sections. I have observed that portions of sections in this Article is clear and simple to follow. One such illustration is Section 3-114 wherein terms on an instrument are made understandable as guidelines to settle contradictions. I perceive that written words representing numerical values are likely than written numbers. Hand writing is most valued than typewritten documents while printed papers are the least utilized in filling up an instrument. One reason for all these is that specific presentation of values, such as spelling, and handwriting offers a proof of participation of the instrumentÃ¢â¬â¢s signee in the payment system. Essay 2 Article 4: The Fourth Article of UCC is about the applicability of banking in business transactions. It clarifies the roles and responsibilities of the bank and its relationship with its customers. Bank responsibilities, in legal terms with respect to an item for the purpose of payment, presentment or collection are governed by law of the place where the bank is (Cornell University Law School, 2005). This Article  are also withinÃ Articles 3 and 8, they are subject toÃ those Articles.Ã Ã If there is conflict,Ã this ArticleÃ governs Article 3, butÃ Article 8Ã governs this Article.Ã¢â¬ (Cornell Law University, 2005). There is overlapping of statements of Articles 4, 3 and 8, which shares the same topic. These terms are included to provide for the relationship of bank and customer according to the presiding bank law in the area. If this violates a specific existing guideline on banking, Articles 3 and 8, automatically governs the transaction. Another example of overlapping of stateme nts is in Article 4-106a-c. The difference between Ã¢â¬Å"payable thruÃ¢â¬ and Ã¢â¬Å"payable atÃ¢â¬ creates enormous variation in the payment process. Moreover, there are two alternative clauses with Ã¢â¬Å"payable atÃ¢â¬ both has different methods of payment. The payee either can receive a draft drawn on the bank or the payment which was collected from the payor. The latter process involves the bank as channel and requires the bank to collect only and is not authorized to pay.