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Negotiable Instruments

commercial paper

instruments that contain a promise to pay money. (ie - checks)

negotiable instruments

a commercial paper that is fully transferable


a written promise to pay a specific amount of money


an instrument used to show someone is requiring someone else to pay money. a check is the most common.


the issuer of a promissory note


the person receiving the money


the person who issues the draft


the person who pays the draft (ie - the bank)


the maker of the promissory note

holder in due course

someone who has given value for an instrument in good faith


transfer of an instrument by someone other than the issuer. to be negotiated, order paper must be indorsed and then delivered to the transferee.


the signature of the payee

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