Term
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Definition
| a special form of contract that satisfies the requirements established by Article 3 of the UCC - commercial paper or instrument |
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Term
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Definition
| a negotiable instrument is negotiated when it is originally issued |
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Term
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Definition
| a model code that establisheds rules for the creation of, transfer of, enforcement of, and the liability on negotiable instruments |
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Definition
| a comprehensive revision of the UCC law of negotiable instruments that reflects modern commercial practices |
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Term
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Definition
| a three-party instrument that is an unconditional written order by one party that orders a second party to pay money to a third party |
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Definition
| the party who write an order for a draft |
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Term
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Definition
| the party who writes an order for a draft |
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Term
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Definition
| the party who receives the money from a draft |
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Term
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Definition
| a draft payable at a designated future date |
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Term
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Definition
| a draft payable on sight. "Demand draft" |
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Term
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Definition
| a sight draft that arises when credit is extended (by a seller to a buyer) with the sale of goods. the seller is both the drawer and the payee, and the buyer is the drawee. |
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Term
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Definition
| a distinct form of draft drawn on a bank paper payable on demand |
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Definition
| person who is writing the check |
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Definition
| the bank that pays the money |
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Definition
| person who gets the money |
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Term
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Definition
| two-party negotiable instrument that is an unconditional written promise by one party to pay money to another party |
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Term
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Definition
| party who promises to pay - borrower |
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Term
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Definition
| party who the promise is made to - lender |
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Term
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Definition
| a note payable at a specific time |
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Term
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Definition
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Term
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Definition
| security against repayment of a note that lenders sometimes require |
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Term
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Definition
| two-party negotiable instrument that is agreed upon to pay back at a specific rate of interest |
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Term
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Definition
| a requirement of negotiable instruments that says they must be in a permanent state, such as written on ordinary paper |
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Term
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Definition
| a requirement that says they must be able to be transported between areas |
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Term
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Definition
| a requirement which states that the negotiable instrument must be signed by the drawer or maker |
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Term
| unconditional promise or order to pay requirement |
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Definition
| negotiable instrument must contain either an unconditional promise to pay (note or CD) or unconditional order to pay (draft or check) |
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Term
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Definition
| a drawer's unconditional order to a drawee to pay a payee |
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Term
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Definition
| a maker's (borrower's) unconditional and affirmative undertaking to repay a debt to a payee (lender) |
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Term
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Definition
| not conditional or limited. Promises to pay and orders to pay must be unconditional in order for them to be negotiable |
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Term
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Definition
| a requirement that a negotiable instrument must contain a promise in a fixed amount of money |
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Term
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Definition
| a requirement of a negotiable instrument that ensures that the value of the instrument can be determined with certainty |
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Term
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Definition
| a medium of exchange authorized or adopted by a domestic or foreign government |
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Term
| payable on demand or at a definite time requirement |
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Definition
| a requirement that a negotiable instrument be payable either on demand or at a definite time |
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Term
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Definition
| an instrument payable on demand |
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Term
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Definition
| payable 1) at a fixed date 2) on or before a stated date 3) at a fixed period after sight 4) at a time readily ascertainable when the promise or order is issued |
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Term
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Definition
| a contract that fails to meet the requirements of a negotiable instrument and, therefore, is not subject to the provisions of UCC article 3 |
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