Unformatted text preview: hands of someone other than the payee. the
– Payable to Order – payable to the “order of” (or other words which mean the same) a named person or anyone designated by that person. person – Payable to Bearer – payable to the holder of the instrument; includes instruments payable (1) instrument; payable to bearer or the order of bearer, (2)that payable do not specify a payee, or (3)payable to “cash” or to order of “cash.” or Order to Pay: Draft or Check Order
issues draft or check to Drawer orders Drawee to pay Payee presents instrument for payment Promise to Pay: Promissory Note or Certificate of Deposit Certificate
Issues note or C.D. to Maker promises to pay Payee presents instrument for payment...
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- Spring '09
- Law, Cheque, Promissory note, Negotiable instrument, Negotiable Instruments Types