blaw final

blaw final - Bearer person in the possession of an...

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Bearer – person in the possession of an instrument payable to bearer or indorsed in blank. Bearer instrument – any instrument that is not payable to a specific person, including instruments payable to the bearer or to “cash.” Certificate of deposit (CD) – note of a bank in which a bank acknowledges a receipt of money from a party and promises to repay the money, with interest, to the part on a certain date. Draft – any instrument (i.e. check) drawn on a drawee (i.e. bank) that orders the drawee to pay a certain sum of money, usually to a third party (payee), on demand or at a definite future time. Drawee – party ordered to pay a draft or check. Drawer – party that initiates a draft, ordering the drawee to pay. Holder (Holder in Due Course) – holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue, that it has been dishonored, that any person has a defense against it or a claim to it, or that the instrument contains unauthorized signatures, alterations, or is so irregular or incomplete as to call into question its authenticity. Indorsement – signature placed on an instrument for the purpose of transferring one’s ownership rights in the instrument. Maker – one who promises to pay a certain sum to the holder of a promissory note or CD. Negotiable instruments – signed writing that contains an unconditional promise or order to pay an exact sum of money, on demand or at an exact future time, to a specific person or order, or to bearer. Order instrument – negotiable instrument that is payable “to the order of an identified person” or “to an identified person or order.” Promissory note – written promise made by one person (maker) to pay a fixed sum of money to another person (payee) on demand or at a specified date. Attachment – process by which a security interest in the property of another becomes enforceable. Collateral – property subject to a security interest, including accounts and chattel paper that have been sold.
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Deficiency judgment – judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff’s claim. Perfection – secured parties protect themselves against the claims of third parties who
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blaw final - Bearer person in the possession of an...

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