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negotiable instrument |
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negotiable instrument, bill of exchange, check, promissory note, or other written contract for payment that may serve as a substitute for money. It is simple in form and easy to transfer. Transfer of a negotiable instrument, accomplished by delivery or endorsement and delivery, gives the new holder of the contract the right to enforce fulfillment in his own name. Negotiable instruments made payable to bearer are transferred by delivery; those made payable to order are transferred by endorsement and delivery. Like commercial paper commercial paper, type of short-term negotiable instrument, usually an unsecured promissory note, that calls for the payment of money at a specified date. Because it is not backed by collateral, commercial paper is usually issued by major firms whose credit-rating is ..... Click the link for more information. , negotiable instruments were developed to meet the needs of trade. They are used by businessmen to facilitate long-distance transactions and to avoid the constant exchange of large amounts of cash. negotiable instrumentTransferable document (e.g., a bank note, check, or draft) containing an unconditional promise or order to pay a specified amount to its holder upon demand or at a specified time. In the U.S., the Uniform Commercial Code governs negotiable instruments. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The Eighth Circuit disagreed and held that the doctrine of constructive receipt as developed in the Code takes precedence over the law of negotiable instruments. The variety of check fraud schemes perpetrated throughout the country ranges from depositing single stolen checks to counterfeiting thousands of negotiable instruments and processing them through hundreds of bank accounts. Historically, the fundamental law governing checks and bank deposits has been state law, Articles 3 and 4 of the Uniform Commercial Code, and the Uniform Negotiable Instruments Act before the Uniform Commercial Code, and the common law before that. |
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