Instruments under UCC Article 9.

 Under UCC Article 9, an instrument refers to a broad category of documents that represent a monetary obligation or a right to payment. These instruments include promissory notes, drafts (also known as checks), and certificates of deposit. Let's take a closer look at each of these instruments:

1. Promissory Note: A promissory note is a written promise to pay a specified amount of money to a designated person or entity at a future date or upon demand. It includes the terms and conditions of the repayment, such as the interest rate, payment schedule, and any applicable penalties for default.

2. Draft or Check: A draft or check is an instrument that orders a bank or financial institution to pay a specific amount of money to the person or entity named on the instrument. A draft is typically used in commercial transactions, and a check is commonly used for personal or business transactions.

3. Certificate of Deposit (CD): A certificate of deposit is a time deposit issued by a bank or financial institution that guarantees the repayment of a specified amount of money, plus interest, at a predetermined maturity date. It represents a contractual agreement between the issuer and the depositor.

It's important to note that UCC Article 9 primarily deals with secured transactions, which involve the use of collateral to secure a debt. The article establishes rules and regulations for the creation, perfection, and enforcement of security interests in personal property, including instruments.