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| Article 3 of the UCC | A model code that establishes rules for the creation of, transfer of, enforcement of , and liability on negotiable instrument.
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| revised Article 3 | a revision of the UCClaw of negotiable instruments that reflects modern commercial practices
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| Draft | A three part instrument that is an unconditional written order by one party that orders the second party to pay money to the third
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| Drawer of draft | the person who writes an order for draft
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| drawee of a draft | the person who pays the their party
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| payee of a draft | the party who receives the money from the draft
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| time draft | a draft payable at a designated future date
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| sight draft | a draft payable on sight also called a demand draft
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| trade acceptance | A sight draft that arises when credit is extended ( by a seller to a buyer) with the sale of goods. The seller is both the drawer and the payee and the buyer is the drawee
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| check | A distinct form of draft drawn on a financial institution and payable on demand
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| drawer of a check | the checking account holder writer of check
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| drawee of check | the financial institution of the check being written from
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| payee of a check | the party to which the check is being made out too
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| Promissory Note | A two Party negotiable instrument that is an unconditional written promise by one party to pay money to another party
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| Maker of a note | the person who promises to pay (borrower)
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| Payee of the note | lender
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| time note | A not payable at a specific time
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| demand note | a note payable on demand
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| collateral | Security against a payment
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| Certificate of Deposit | A two party instrument that is a special from of note where a party gives money to a financial institution for a certain amount of time being paid back with interest
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| Maker of CD | the financial institution(barrowor)
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| Payee of a CD | the Party who the CD is made payable to
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| Permanency Requirement | A requirement of negotiable instruments that says they must be in a permanent state, such as written on ordinary paper
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| Portability Requirement | A requirement of negotiable instruments that says they must be able to be easily transported between areas
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| Signature requirement | A negotiable instrument must be signed by the drawer or maker
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| Unconditional promise or order to pay requirement | A requirement that says a negotiable instrument must contain either an unconditional promise to pay
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| order to pay | a drawer's unconditional order to a drawee to pay a payee
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| Promise to pay | a Maker's (barrorwer's )unconditional undertaking to repay a debt to a payee
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| unconditional | not conditional or limited. Promises to pay and orders to pay must be unconditional in order for them to be negotiable
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| fixed amount of money | A requirement that a negotiable instrument contain a promise or an order to pay a fixed amount of money
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| fixed amount requirement | a requirement of a negotiable instrument that ensures that the value of the instrument can be determined with certainty
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| demand instrument | an instrument payable on demand
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| time instrument | an instrument payable
at a fixed date
on or before the start date
at a time readily ascertainable when the promise or order is issued
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| Nonnegotiable contract | a contract that fails to meet the requirements of negotiable instrument and no subject to UCC article 3
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