kinn's chapter 23 vocab

15 terms by vikkidels

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Kinns chapter 23 vocabulary

disclaimer

A denial of responsibillity; a denial of a legal claim.

drawee

A bank or facility on which a check is drawn or written.

drawer

The person who writes a check.

e-banking

Electronic banking via computer modem or over the internet.

endorser

The person who signs his or her name on the back of a check for the purpose of transferring title to another person.

holder

The person who presents a check for payment.

maker

Any individual, corporation, or legal party who signs a check on any type of negotiable instrument.

m-banking

Banking through the use of mobile devices, such as cell phones and wireless Internet services.

negotiable

Legally transferable to another party.

payee

The person named on a draft or check as the recipient of the amount shown.

payer

The person who writes the check.

power of attorney

A legal statement in which a person authorizes another person to act as his or her attorney or agent. The authority may be limited to the handling of specific procedures. The person authorized to act as the agent is known as the attorney in fact.

principal

A capital sum of money due as a debt or used as a fund for which interest is either charged or paid.

reconciliation

The process of proving that a bank statement and checkbook balance are in agreement.

Uniform CommercialCode (UCC)

A unified set of rules, covering many business transactions; it has been adopted in all 50 states, the district of columbia, and most U.S. territories. It regulates the fields of sales of goods; commerercial paper, such as checks; secured transactions in personal property; and particular aspects of banking, letters of credit, warehouse receips, bills of lading, and investment securities.

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