![]() In revised Article 3, Section 3-102 states that Article 3 applies to 'negotiable instruments,' defined in Section 3-104. Former Section 3-103 was a limitation on scope. ![]() Former Article 3 had no provision affirmatively stating its scope. (c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this chapter to the extent of the inconsistency.ġ. (b) If there is conflict between this chapter and Chapter 4 or 9, Chapters 4 and 9 govern. It does not apply to money, to payment orders governed by Chapter 4A, or to securities governed by Chapter 8. (a) This chapter applies to negotiable instruments. This chapter may be cited as Uniform Commercial Code - Negotiable Instruments. Chapter 3 of Title 36 of the 1976 Code is amended to read: The South Carolina Reporters' Comments contained in Chapters 3 and 4 of Title 36, may not be reproduced in whole or in part in any form or for inclusions in any material which is offered for sale without the express written permission of the Clerk of the South Carolina Senate. COPYRIGHT © 2007 BY THE STATE OF SOUTH CAROLINAĬOPYRIGHT © 2007 SOUTH CAROLINA SENATE. Document has been reformatted to meet World Wide Web specifications.)ĪN ACT TO AMEND CHAPTER 3 OF TITLE 36, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE UNIFORM COMMERCIAL CODE-NEGOTIABLE INSTRUMENTS, AND CHAPTER 4 OF TITLE 36, RELATING TO THE UNIFORM COMMERCIAL CODE-BANK DEPOSITS AND COLLECTIONS, SO AS TO, INTER ALIA, ACCOMMODATE THE LAW TO TECHNOLOGICAL ADVANCES IN THE PROCESSES OF COLLECTION AND PAYMENT OF CHECKS BY PROVIDING FOR ELECTRONIC PRESENTMENT OF INSTRUMENTS, RETENTION WARRANTIES, AND ENCODING WARRANTIES, AND BY DEFINING A BANK'S DUTY OF ORDINARY CARE IN COLLECTION AND PAYMENT OF CHECKS TO FOLLOW THE COMMERCIALLY REASONABLE AND ACCEPTED PRACTICE THAT PROCESSING CHECKS BY AUTOMATED MEANS DOES NOT NORMALLY RESULT IN A BREACH OF THE BANK'S DUTY TO EXERCISE ORDINARY CARE BY FAILING TO EXAMINE A CHECK TO REFORM THE RULES ALLOCATING LOSSES RESULTING FROM CHECK FRAUD BY APPLYING THE DOCTRINE OF COMPARATIVE FAULT IN DETERMINING A BANK'S LIABILITY FOR LOSSES RESULTING FROM THE BANK'S IMPROPER PAYMENT OF A CHECK BEARING AN UNAUTHORIZED SIGNATURE OR ALTERATION, AND THE RULES APPLICABLE IN IMPOSTER AND FICTITIOUS PAYEE CASES, EMPLOYERS' RESPONSIBILITY FOR FRAUDULENT ENDORSEMENTS BY EMPLOYEES, AND ISSUES THAT ARISE IN CONVERSION CLAIMS PROTECT CONSUMERS BY PRESERVING THE RIGHTS OF A CONSUMER ISSUING A NOTE TO ASSERT AGAINST A TRANSFEREE OF THE INSTRUMENT CLAIMS AND DEFENSES THAT THE CONSUMER HAS AGAINST THE ORIGINAL PAYEE, REGULATE REMOTELY CREATED CONSUMER ITEMS AND PROVIDE THAT A PERSON WHO TRANSFERS OR PRESENTS THE ITEM WARRANTS THAT THE CONSUMER ON WHOSE ACCOUNT THE ITEM IS DRAWN AUTHORIZED THE ISSUANCE AND AMOUNT OF THE ITEM, AND PROTECT THE MAKER OF A NOTE THAT HAS BEEN ASSIGNED WHO PAYS THE ASSIGNOR, UNLESS THE MAKER HAS RECEIVED ADEQUATE NOTIFICATION OF THE ASSIGNMENT PROVIDE THAT VARIABLE INTEREST RATE NOTES QUALIFY AS INSTRUMENTS THAT CAN BE NEGOTIATED TO HOLDERS IN DUE COURSE AND ADDRESS CASHIER'S CHECKS, TELLER'S CHECKS, AND CERTIFIED CHECKS INCLUDING DELINEATION OF THE RIGHTS OF THE OWNER OF A CHECK THAT HAS BEEN LOST, DESTROYED, OR STOLEN AND THE LIABILITY OF A BANK THAT WRONGFULLY REFUSES TO PAY THE CHECK.īe it enacted by the General Assembly of the State of South Carolina: View the latest legislative information at the LPITS web site House Read third time and enrolled HJ-26 House Committee report: Favorable Judiciary HJ-4 House Referred to Committee on Judiciary HJ-12 House Introduced and read first time HJ-10 Senate Read third time and sent to House SJ-10 Senate Committee report: Favorable Judiciary SJ-21 Senate Referred to Subcommittee: Gregory (ch), Elliott, Senate Referred to Committee on Judiciary SJ-70 Senate Introduced and read first time SJ-70 ![]() ![]() Senate Referred to Committee on Judiciary Summary: UCC-Negotiable Instruments and UCC-Bank Deposits and Collectionsĭate Body Action Description with journal page number Governor's Action: April 15, 2008, Signed Passed by the General Assembly on April 2, 2008 Introduced in the House on February 12, 2008 Introduced in the Senate on January 8, 2008 Sponsors: Senators McConnell, Hayes, Martin, Thomas, O'Dell, Ford and Knottsĭocument Path: l:\council\bills\agm\18926mm08.doc 2007-2008 Bill 936: UCC-Negotiable Instruments and UCC-Bank Deposits and Collections - South Carolina Legislature Online South Carolina General Assemblyĭownload This Bill in Microsoft Word format ![]()
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