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Chapter 22

Law for business chapter 22 definitions

TermDefinition
Notes Any written promise to pay money is a promissory note, but not necessarily a negotiable instrument.
Accountability of the maker The maker of a promissory note has accountability for: Expressly agreeing to pay the note according to its terms, admitting the existence of the payee, and warranting that the payee is competent to transfer the instrument by indorsement
Types of notes Types of notes known by special names are 1. Bonds 2. Collateral notes 3. Real estate mortgage notes 4. Debentures 5. Certificates of deposit
Bond Sealed, written contract obligation with essentials of note
Coupon bond Bond with detachable individual coupons representing interest payments
Registered bond Bond payable to specific person, whose name is recorded by issuer
Collateral note Note secured by personal property
Real estate mortgage notes Note secured by mortgage on real estate
Debenture Unsecured bond issued by a business
Certificate of deposit (CD) Acknowledgment by bank of receipt of money with engagement to repay it
Drafts
Two original parties to a promissory note The maker, the one who signs the note and promises to pay, and the payee, the one to whom the promise is made
Created by: JuliRae
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