Payment in due course refers to the payment of a negotiable instrument, such as a check or promissory note, made when it is due or later, to its rightful holder, conducted in good faith and without notice of any defects in the holder's title.
A comprehensive set of laws governing various commercial transactions, including the sale of goods, banking transactions, secured transactions in personal property, and other matters. The UCC is designed to bring uniformity to the laws governing these areas across the states.
