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Negotiable instrument - Wikipedia, the free encyclopedia
A negotiable instrument is a specialized type of "contract" for the payment of money that is unconditional and capable of transfer by negotiation. Common examples include cheques, banknotes (paper m...
en.wikipedia.org/wiki/Negotiable_instrument |
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negotiable instrument - definition of negotiable instrument - A transferable, signed document that promises to pay the bearer a sum of money at a future date or on demand. Examples include checks, bills of... ... accommodation paper - A negotiable instrument signed by a party without receiving something of value in return.
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The UCC defines a negotiable instrument as an unconditioned writing that promises or orders the payment of a fixed amount of money. Drafts and notes are the two categories of instruments. A draft is an instrument that orders a payment to be made.
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§ 3-105. ISSUE OF INSTRUMENT. ... § 3-107. INSTRUMENT PAYABLE IN FOREIGN MONEY. ... § 3-110. IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE.
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A negotiable instrument has three principal attributes: (1) an asset or property (that is the subject matter of the instrument) passes from the transferor to the transferee by mere delivery and/or endorsement of the instrument, (2) a transferee accepting the instrument in good faith and for value (and who has no notice of...
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Education Question: What Is Negotiable Instrument And Its Characteristics? The term negotiable instrument means a written document which entities a person to a sum of money. A negotiable instrument is ... The term negotiable instrument means a written document which entities a person to a sum of money.
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A negotiable instrument confers on some of its potential holders greater rights than are conferred on assignees of contracts which are not negotiable instruments. Compare the following two illustrations.
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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:
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II. THE FUNCTION OF INSTRUMENTS; A negotiable instrument can function as a substitute for money or as an extension of credit. To do so, it must be easily transferable without danger of being uncollectible.
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One type of negotiable instrument, called a promissory note, involves only two parties, the maker of the note and the payee, or the party to whom the note is payable. With a promissory note, the maker promises to pay a certain amount to the payee.
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