In this lesson, we’ll continue defining technical terms of art as used in Article 3.

I. Transfer

Let’s start with the term transfer. For an instrument to be transferred under Article 3, the transferor must satisfy three requirements:

·   First, the transferor must not be an issuer, a term we defined in another lesson;

·   Second, the transferor must deliver the instrument, also a term we defined in another lesson;

·   And third, at the time of delivery,...