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Commercial Paper

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3 types of commercial paper

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1. Notes,
2. Drafts
3. Certificate of deposit.** (CD)

**Note on CD: it is an acknowledgement by a nank that a sum of money has been received, and a promise by the bank to repay the sum of money.

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commercial paper flashcards based on lecture outline.

Terms in this set (142)

3 types of commercial paper

1. Notes,
2. Drafts
3. Certificate of deposit.** (CD)

**Note on CD: it is an acknowledgement by a nank that a sum of money has been received, and a promise by the bank to repay the sum of money.

2 parties to a note:

1. Maker,
2. Payee

the person who signs or is identified in a note as the person undertaking to pay.

the person to whom the note is payable.

Parties to a draft:

1. Drawer,
2. Drawee:
3. Payee

the person who signs or is identified in a draft as the person ordering payment.

the person ordered in a draft to make payment. (often times a bank)

Payee:
(in the context of a draft)

the person to whom the draft is payable.

when the drawee is a bank, and it is payable on demand, the draft is a check.

The initial "giving" of an instrument.

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