Term
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Definition
| Person signing order paper (Linda) |
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Term
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Definition
| Person or entity ordered to pay (Commerce Bank) |
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Term
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Definition
| Person who is originally to be paid (Quick Trip) |
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Term
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Definition
Same as order paper except only 2 parties:
- maker (drawer)
- payee |
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Term
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Definition
| promise by maker to pay a sum of money to payee at a future time: generic promise paper |
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Term
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Definition
| Note of bank acknowledging deposit and promising to pay at future time with interest |
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Term
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Definition
| Person in possession of properly negotiated negotiable instrument - properly transferred from one owner to another |
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Term
| 6 Requirements for negotiability |
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Definition
1. An instrument in writing
2. Signed by maker or drawer
3. Containing unconditional, un-equivocal promise to pay
4. A sum certain in money
5. Payment due on demand or at definite time
6. Payable to order or bearer |
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