The Nebraska Uniform Commercial Code: Article 3—Commercial Paper

At midnight on September 1, 1965, the Uniform Commercial Code will become operative in Nebraska. The Code repeals the Nebraska version of the Uniform Negotiable Instruments Law (NIL), and Article 3 of the Code will cover the subject of Commercial Paper. Although Article 3 largely retains the substance of the NIL, new language and sometimes new approaches are apparent. While a section-by-section treatment of Article 3 is beyond the scope of this paper, we attempt to take an overall look at Article 3 with particular attention to those instances wherein the Code changes the law as it existed under the NIL, or attempts to settle areas of conflict which had arisen under the NIL