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Negotiable Instruments A.docx

Negotiable Instruments A.docx - Negotiable Instruments A B...

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Negotiable Instruments Designed to help the free flow of commerce. One party is allowed to transfer legal documents to a different party and give that party greater rights. Types: o Promissory Notes- Unconditional promise or order to pay a fixed amount of money and demand payable to order or bearer. o Checks A. Promissory Note 1. Written promise by borrower to pay back the lender. 2. Two parties: 1. Maker- person that signs the promissory note. The borrower. 2. Payee- person the maker is paying back. B. Check i. Drawer (Prof. Sheehan)- person that signs and issues the check ii. Drawee (Bank)- bank who is being ordered to pay the money iii. Payee (Rocky)- person named on check to receive money iv. Indorser (Rocky)- Person who signs on the back of the check to transfer the money payment v. Indorsee (Apollo Creed)- Person money is indorsed to. C. Requirements of Negotiable Instruments i. Written/ Computer Record ii. Signed by maker (drawer)
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