A. Except as provided in subsections C and D, "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:
1. Is payable to bearer or to order at the time it is issued or first comes into possession of a holder;
2. Is payable on demand or at a definite time; and
3. Does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain:
(a) An undertaking or power to give, maintain or protect collateral to secure payment;
(b) An authorization or power to the holder to confess judgment or realize on or dispose of collateral; or
(c) A waiver of the benefit of any law intended for the advantage or protection of an obligor.
B. "Instrument" means a negotiable instrument.
C. An order that meets all of the requirements of subsection A, except paragraph 1, and otherwise falls within the definition of "check" in subsection F is a negotiable instrument and a check.
D. A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this chapter.
E. An instrument is a "note" if it is a promise and is a "draft" if it is an order. If an instrument falls within the definition of both "note" and "draft", a person entitled to enforce the instrument may treat it as either.
F. "Check" means:
1. A draft, other than a documentary draft, payable on demand and drawn on a bank; or
2. A cashier's check or teller's check.
An instrument may be a check even though it is described on its face by another term, such as "money order".
G. "Cashier's check" means a draft with respect to which the drawer and drawee are the same bank or branches of the same bank.
H. "Teller's check" means a draft drawn by a bank:
1. On another bank; or
2. Payable at or through a bank.
I. "Traveler's check" means an instrument that:
1. Is payable on demand;
2. Is drawn on or payable at or through a bank;
3. Is designated by the term "traveler's check" or by a substantially similar term; and
4. Requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the instrument.
J. "Certificate of deposit" means an instrument containing an acknowledgment by a bank that a sum of money has been received by the bank and a promise by the bank to repay the sum of money. A certificate of deposit is a note of the bank.
Notes of Decisions
Amanti Elec., Inc. v. Engineered Structures, Inc., 276 P.3d 499 (Ariz. Ct. App. 2012).
· cites it 2× “See generally A.R.S. § 47-3104. Although the wisdom of waiting so long to negotiate the check certainly can be questioned, Am-anti had no legal obligation to do so immediately after receiving it and had no reason to believe, without any indication from ESI to the contrary, that…”
Morrison v. Shanwick Int'l Corp., 804 P.2d 768 (Ariz. Ct. App. 1990).
· cites it 2× “Under A.R.S. § 47-3104(B) this instrument, while fully negotiable, is not a “cheek” as checks are “payable on demand,” but instead it is a “draft.”
Mur-Ray Mgmt. Corp. v. Founders Title Co., 819 P.2d 1003 (Ariz. Ct. App. 1991).
· cites it 2× “Counsel for Jones and Hoover conceded at oral argument that, for purposes of this appeal, the Assignment of all proceeds from the escrow included a valid security interest in both the Note and the buyer’s payments under the Note.”
State v. Tober, 841 P.2d 206 (Ariz. 1992).
· cites it 2× “Compare the definition here of a security as any note with the definition of a note under Article 3 of the Uniform Commercial Code, A.R.S. § 47-3104, and the definition of a security under Article 8 of the Uniform Commercial Code, A.”
Rodney v. Arizona Bank, 836 P.2d 434 (Ariz. Ct. App. 1992).
· cites it 2× “The note is a negotiable instrument under A.R.S. § 47-3104. Article Three of Arizona’s Commercial Code (A.”
Hogan v. Washington Mut. Bank, N.A., 261 P.3d 445 (Ariz. Ct. App. 2011).
· cites it 2× “A “negotiable instrument” under the UCC is “an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order____” A.R.S. § 47-3104. A “deed of trust” is a deed “conveying trust property to a trustee or…”
State v. Tober, 826 P.2d 1199 (Ariz. Ct. App. 1992).
· cites it 8× “A.R.S. § 47-3104 defines a note as follows: A.”
Prakelt v. Reform (Ariz. Ct. App. 2023).
· cites it 4× “]” A.R.S. § 47-3104(A). The deeds at issue are not negotiable instruments— they do not contain a promise that Prakelt would pay an amount of money to any of the defendants or anyone else.”
Cramton v. Grabbagreen Franchising LLC (D. Ariz. 2022).
· cites it 4× “24 In her responsive supplemental brief, Cramton makes two arguments: (1) the ECO 25 note qualifies as a negotiable instrument under A.R.S. § 47-3104 because it was payable to 26 order, payable on demand, and did not obligate ECO to do anything other than pay money 27 (Doc.”
Snell v. Martin (Ariz. Ct. App. 2018).
· cites it 2× “§ 44- 1801(27) (defining "security" to include notes, bonds, and investment contracts); A.R.S. § 47-3104(J) (defining certificates of deposit as a "note" of the issuing bank).”
Deng 304373 v. Henry (D. Ariz. 2024).
· cites it 2× “” Plaintiff asserts that he “complied with 13 the Court’s February 2, 2024 order by offering an endorsed instrument in accord with 14 A.R.S. § 47-3104 and A.R.S. § 47-32041 to offset the filing and administration fee due on 15 case # CV 23-02389-PHX-JAT (JFM).”
— Ariz. Rev. Stat. § 47-3104(A) — 3 cases
State v. Tober, 826 P.2d 1199 (Ariz. Ct. App. 1992).
“A.R.S. § 47-3104 defines a note as follows: A.”
Prakelt v. Reform (Ariz. Ct. App. 2023).
“]” A.R.S. § 47-3104(A). The deeds at issue are not negotiable instruments— they do not contain a promise that Prakelt would pay an amount of money to any of the defendants or anyone else.”
— Ariz. Rev. Stat. § 47-3104(A)(1) — 1 case
— Ariz. Rev. Stat. § 47-3104(B) — 2 cases
Morrison v. Shanwick Int'l Corp., 804 P.2d 768 (Ariz. Ct. App. 1990).
“Under A.R.S. § 47-3104(B) this instrument, while fully negotiable, is not a “cheek” as checks are “payable on demand,” but instead it is a “draft.”
Prakelt v. Reform (Ariz. Ct. App. 2023).
“]” A.R.S. § 47-3104(A). The deeds at issue are not negotiable instruments— they do not contain a promise that Prakelt would pay an amount of money to any of the defendants or anyone else.”
— Ariz. Rev. Stat. § 47-3104(G) — 1 case
— Ariz. Rev. Stat. § 47-3104(J) — 1 case
Snell v. Martin (Ariz. Ct. App. 2018).
“§ 44- 1801(27) (defining "security" to include notes, bonds, and investment contracts); A.R.S. § 47-3104(J) (defining certificates of deposit as a "note" of the issuing bank).”
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