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