Central Fidelity Bank v. Lawson

By JUDGE J. SAMUEL JOHNSTON, JR.

The applicable law governing this transaction and case is found in the Uniform Commercial Code (U.C.C.). Article 3 of the U.C.C. was enacted into law effective January 1, 1966, in Virginia and is codified at Virginia Code § 8.3-101, et seq. (1965 Added Vol.). The note at issue is, in my opinion, a negotiable instrument. Virginia Code § 8.3-104(1) and § 8.3-104(2)(d). It is not rendered conditional, and thusly non-negotiable, by an acceleration clause or reference to acceleration terms in a deed of trust. See Virginia Code § 8.3-109(1 )(c), Official Comment 4;…