Negotiable Instrument - Terminology

Questão	Responda
Money	The medium of exchange authorized or adopted by domestic or foreign gov't as a part of its currency
Note	a written promise to pay
Drawee	issues payment to payee
Draft	written order by one person ("drawer") to another ("drawee"), directing the latter to pay money to a third person ("payee")
Depository	typically a bank
Promise	a written undertaking to pay money signed by the person undertaking to pay
Order	a written instruction to pay money signed by the person giving the instruction
payee	person being paid
U.C.C.	Uniform Commercial Code
Remitter	A person who purchases an instrument (e.g., cashier's check) from its issuer (e.g., bank) if the instrument is payable to an identified person other than the purchaser
teller's check	one bank draws a draft on another or makes the draft "payable through" another bank
Fixed amount of money	principal remains fixed even if interest changes
exception	something that is excluded from a rule's operation
Drawer	writes check
Bearer	one who possesses a negotiable instrument marked "payable to bearer" or indorsed in blank
Indorsed	to sign (a negotiable instrument), usu. on the back either to accept responsibility for paying an obligation memorialized by the instrument or to make the instrument payable to someone other than the payee
Courier without luggage	means that the instrument must not be burdened with anything other than the simple and clean unconditional promise or order, it cannot be made to truck around other legal obligations
Confession of Judgment	A person's agreeing to the entry of judgment upon the occurrence or non-occurrence of an event, such as making a payment.
Acceptance	the formal receipt of and agreement to pay a negotiable instrument
acceleration	the advancing of a loan agreement's maturity date so that payment of the entire debt is due immediately
Note	promise to pay
Draft	order to pay
Maker	a person who signs a promissory note
Collateral	property that is pledged as security against a debt; the property subject to a security interest
Holder in Due Course Doctrine	where if you take an instrument in good faith and for value, you may have more rights to enforce it against its issuer than the person who sold it to you
Holder	the person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession
Negotiable Instrument (1 of 5)	UCC § 3-104(a) “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:
Negotiable Instrument (2 of 5)	(1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder;
Negotiable Instrument (3 of 5)	(2) is payable on demand or at a definite time; and
Negotiable Instrument (4 of 5)	(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain
Negotiable Instrument (5 of 5)	(i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor.

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Negotiable Instrument - Terminology

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	Criado por danitagoode aproximadamente 9 anos atrás