Article 3 of the UCC recognizes three types of negotiable instruments: notes, drafts, and checks.

Article 3

A section of the U.S. Constitution that establishes the judicial branch of the federal government, outlining the powers and structure of the Supreme Court and other federal courts.

Negotiable Instruments

Financial instruments, such as checks, promissory notes, and bills of exchange, that contain an unconditional promise or order to pay a specified amount of money and are transferable by endorsement.

UCC

All commercial exchanges in the United States are regulated by the comprehensive legal framework known as the Uniform Commercial Code.