Correction

The second sentence of the second paragraph of the article entitled, "Institute Approves Restatement Drafts and Revisions to UCC Articles 3 and 4," on page 1 of the Summer 2002 issue of the Reporter, should have read: "By a voice vote the members made mandatory, rather than optional, an amendment to Article 3 that provides that an instrument issued in a consumer-credit transaction for which the required FTC notice making the instrument ‘subject to claims and defenses’ is omitted ‘has the same effect as if the instrument included such a statement.’ The vote thus rejected the possibility of allowing holder-in-due-course status in connection with such an instrument and achieved consistency with an analogous provision in Revised Article 9." Compare "Actions Taken with Respect to Drafts Submitted at 2002 Annual Meeting," in this issue, under Uniform Commercial Code, Proposed Revisions to Articles 3 and 4, § 3-305[f].