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NegotiableInstrument

business law flashcards regarding negotiable instruments!

TermDefinition
Negotiable Instrument document guaranteeing the payment of a specific amount of money to a specified person or assignee
Check bill of exchange drawn on a drawer’s specified financial institution to be payable to the payee
Promissory Note written promise made by one person (maker or issuer) to pay a fixed sum to another person (payee) on demand or at a specified time in the future
Bill of Exchange instrument containing an unconditional order, signed by the maker, directing a party to pay a certain sum of money only to, or to the order of, a certain party or to the bearer of the instrument
Negotiation occurs when a promissory note, bill of exchange or check is transferred to any person making the person the holder of the instrument
Endorsement act of a person who is holder of a negotiable instrument signing his or her name on the instrument, thereby transferring title or owner
Discharge termination of the instrument and liability of the parties
Holder in Due Course instrument is complete and regular upon its face, individual became the holder before it was overdue, took it in good faith and for value and at the time it was negotiated, the individual had no notice of any infirmity in the instrument or defect
Personal Defenses generally defenses applicable to the underlying agreement or between the original parties to the underlying agreement
Real Defenses justifications for a maker or drawer not to honor a negotiable instrument even if it has been transferred to a holder in due course
Primary Parties required to pay by the terms of the instrument itself and their liability is unconditional
Secondary Parties liability is conditional, arising only if the primarily liable party fails to pay
Created by: Sannn
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