A variable interest rate note is considered a negotiable instrument under the Revised Article 3 of the UCC.

Question

Quizplus · Accepted Answer

A variable interest rate note meets the definition of a negotiable instrument under the Revised Article 3 of the UCC because it is a written promise to pay a specific amount of money, on demand or at a set time in the future, with or without interest, and is transferable by endorsement or delivery.

A Variable Interest Rate Note Is Considered a Negotiable Instrument