Which of the following is true about the law governing negotiable instruments?
A) Somewhat fewer than half the states adopted the original version of Article 3 of the UCC.
B) Most negotiable instrument law is contained in federal statutes.
C) The most recent version of Article 3 of the UCC was released in 1990.
D) Negotiable instruments law comes primarily from common law.
E) Federal law has exclusive jurisdiction in negotiable instruments law.

Question

Quizplus · Accepted Answer

The most recent version of Article 3 of the Uniform Commercial Code (UCC), which governs negotiable instruments, was indeed released in 1990. Most negotiable instrument law is based on state law, particularly the UCC, rather than federal statutes or common law.

Which of the Following Is True About the Law Governing