Term
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Definition
| unsecured promissory note with a fixed maturity of one to 270 days |
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Definition
| the one writing the order |
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Definition
| the person who must pay what drawer orders |
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Definition
| a written order from the drawer directing a drawee to pay a sum to the the order of a payee or to the order of the bearer |
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Term
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Definition
| a draft drawn by the seller=drawer on the buyer-drawee that is payable to the seller at some certain future date in the amt of the purchase price; acceptance by the buyer's signed engagement written on the draft to honor he draft as presented |
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Definition
| check is drawn on the buyer's bank rather than on the buyer personally- more marketeable |
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Term
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Definition
| draft drawn on a bank or other financial institute and payable on demand |
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Definition
| a check is generally this: the obligation for which it is given is not discarged until the check has been paid |
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Definition
| A check drawn by one bank against funds deposited into its account at another bank, authorizing the second bank to make payment to the individual named in the draft. |
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Term
| cashier's (ordinary, teller) check |
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Definition
| a check drawn by a bank on itself, ordering itself to pay a sum of money to a third person: A check which cannot bounce because its face amount is paid to the bank when it is issued, and the bank then assumes the obligation. |
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Term
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Definition
| a check accepted by the bank on which it is drawn: bank guarentees pmt |
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Term
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Definition
| a written promise to pay a stated sum of money |
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Term
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Definition
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Term
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Definition
| person receiving the sum of money from the note |
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Term
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Definition
| an undertaking to pay, not a mere acknowledgment of a debt or obligation |
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Term
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Definition
| a written acknowledgment by a bank of the receipt of a stated sum of money with a promise to repay that sum |
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Term
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Definition
| negotiable instruments that need not be payable to order or bearer to be negotiable |
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Term
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Definition
| payable on delivery and presentment to the drawer |
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Term
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Definition
| payable within a certain time |
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Term
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Definition
| transferor's signature appears alone, w/o specifying any particular endorsee |
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Term
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Definition
| specifies the person to whose order the insturment is now payable |
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Term
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Definition
| specifies the person to whose order the insturment is now payable |
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Term
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Definition
| words indicating a purpose |
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Term
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Definition
| interest that is nonnegotiable but usually is assignable |
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Term
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Definition
| a nonnegotiable insturment that is an engagement made at the request of a bank customer that states that the bank issuer will make pmts and otherwise honor its customers obligations |
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Term
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Definition
| a medium of exchange accepted as the currency of any domestic or foreign gov |
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Term
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Definition
| states that it is payable on ____ or on sight or otherwise indicated that it is payable at the will of the holder/ no time for pmt is stated |
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Term
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Definition
| signing one's name on the instrment, other than as maker, drawer, or acceptor, with or w/o other words for purpose of negotiating the instument or restricting pmt of the instrument or incurring the indorser's lia on hte insturment |
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Term
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Definition
| when acceptance is necessary and cant be obtained |
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Term
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Definition
| a justification for a maker or drawer not to honor a negotiable instrument even if it has been transferred to an holder in due course (or "HDC") because it makes the instrument “void |
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Term
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Definition
| the transfer of an instrument vests in the transferee such rights as the transferors had therin; because a transferee takes the rights of the transferor a person who does not qualify as an HDC can enjoy all the benefits of HDC status if she can show that some transfreror in her/his chain of ownership was an HDC |
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Term
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Definition
| reasons that would excuse a promisor from performing; defenses good against persons who are not HDC or takers through such holders |
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Term
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Definition
| validity of istrument; all holders, including HDC takes subjet to these defenses of any party regardless of wheter the holder has or has not dealt with that party |
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Term
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Definition
| a demand for acceptance or pmt made upon the maker, acceptor, drawee, or other payr by or on behalf of the holder |
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Term
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Definition
| when acceptance is neccesary and cnt be obtained |
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Term
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Definition
| formal certificate of dishonor and neccessary for forein drafts |
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Term
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Definition
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Term
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Definition
| who is secondarily liable |
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Term
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Definition
| one who signs the instrument in any capacity for the purpose of lending their name to the instrument/ liable as to capapcity to which it signed (maker drawer etc) |
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Term
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Definition
| one who indorses or otherwise transfers an insturment creats this |
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Term
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Definition
| run in favor of immediate transferees and subsequent holders |
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Term
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Definition
| run in favor of those parties who pay or accept and instrument: not an HDC |
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Term
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Definition
| a document issued by a carrier to a shipper, acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified. |
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Term
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Definition
| party who accepts possession of the bailed property; they acknowledges possession of goods and contracts to deliver them by a doc of title |
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Term
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Definition
| person named in a bill of lading to whom or to whose order the bill promises delivery |
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Term
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Definition
| person named in a bill of lading as the person from whom the goods have been received for shipment |
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Term
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Definition
| written order to deliver goods directed to a warehouseman or carrier who issues warehouse receipts or bills of lading in the ordinary course of busniess |
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Term
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Definition
| gives person in possession of doc is entitled to receive, hold and dispose of the doc and the goods it covers |
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Term
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Definition
| issued by a person engaged in the business of storing goods fro hire |
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Term
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Definition
| bill is issued by the carrier at the point of shipment |
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Term
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Definition
| bill is issued by the carrier at the point of shipment |
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Term
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Definition
| issued by a carrier who accepts liabiltiy for the trasport of goods from the point of shipment through to the point of destination |
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Term
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Definition
| issued by middleman wo marshals less than carload amts of goods into carload quantities |
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