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Revised Article 3
An update or modification to Article 3 of the Uniform Commercial Code (UCC), which governs negotiable instruments including checks and promissory notes.
Holder by Negotiation
Holder by negotiation refers to a person who has obtained possession of a negotiable instrument, such as a check, in a manner consistent with the statute's requirements for transfer, thereby acquiring the right to payment.
Involuntary
Occurring without a person's consent or against their will, often referring to actions or processes not chosen by an individual or group.
For Deposit Only
An endorsement on a check indicating that it can only be deposited into an account, not cashed.
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