A signed promissory note stating "I promise to pay to Bonnie Ramcell $600 on December 15, 2014" is not covered by Article 3 of the UCC.

Question

Quizplus · Accepted Answer

A promissory note is a written promise to pay a sum of money. Article 3 of the UCC governs negotiable instruments, which are instruments that can be transferred to a third party without the consent of the maker. A promissory note is not a negotiable instrument because it is not payable to order or to bearer. Therefore, a promissory note is not covered by Article 3 of the UCC.

A Signed Promissory Note Stating "I Promise to Pay to Bonnie