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Lecture Dynamic business law (3/e) - Chapter 26: Negotiable instruments: Negotiability and transferability

Chapter 26 - Negotiable instruments: Negotiability and transferability. After reading this chapter, you will be able to answer the following questions: Why do we need negotiable instruments? What types of negotiable instruments does the UCC recognize? What are the requirements of negotiability? What are the words of negotiability? | Chapter 26 Negotiable Instruments: Negotiability and Transferability Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 26: Negotiable Instruments: Negotiability and Transferability Negotiable Instrument (Definition): Substitute for cash; written document, containing signature of creator, that makes unconditional promise or order to pay sum certain in money, either on demand or at a definite time 26- A negotiable instrument is a substitute for cash; it is a written document, containing the signature of the creator, that makes unconditional promise or order to pay a sum certain in money, either on demand or at a definite time. 26- Types of Negotiable Instruments Note: Promise by maker to pay a payee Example: Certificate of Deposit Draft: Order by drawer to a drawee to pay a payee Example: Check Types of negotiable instruments include notes and drafts. A note is a promise by a maker to pay a payee; an example of a note is a certificate of deposit. A draft is an order by a drawer to a drawee to pay a payee; an example of a draft is a check. 26- “Demand” Instrument Versus “Time” Instrument “Demand” Instrument: Payee can demand actual payment at any time “Time” Instrument: Payment made only at specific designated time in future A “demand” instrument is distinguishable from a “time” instrument. With a “demand” instrument, the payee can demand actual payment at any time, while with a “time” instrument, payment is made only at specific designated time in the future. 26- Types of Checks Cashier’s Check: Draft with respect to which drawer and drawee are same bank (or branches of same bank) Traveler’s Check Payable on demand Drawn on or payable at or through a bank Designated as “traveler’s check” (or substantially similar term) Requires, as condition of payment, countersignature by person whose signature appears on instrument Certified | Chapter 26 Negotiable Instruments: Negotiability and Transferability Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 26: Negotiable Instruments: Negotiability and Transferability Negotiable Instrument (Definition): Substitute for cash; written document, containing signature of creator, that makes unconditional promise or order to pay sum certain in money, either on demand or at a definite time 26- A negotiable instrument is a substitute for cash; it is a written document, containing the signature of the creator, that makes unconditional promise or order to pay a sum certain in money, either on demand or at a definite time. 26- Types of Negotiable Instruments Note: Promise by maker to pay a payee Example: Certificate of Deposit Draft: Order by drawer to a drawee to pay a payee Example: Check Types of negotiable instruments include notes and drafts. A note