fall 2010 bule 402 creating a NI

fall 2010 bule 402 creating a NI - Commercial Transactions...

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2/6/11 Commercial Transactions— Creating A Negotiable Professor Julie Shubin Bule-402-002- S10 Commercial Law © Julie Shubin 2010
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2/6/11 “Commercial paper is a fact of life for most people today; it is used extensively in business and consumer transactions. But, whenever someone acquires a document, he ought to quickly ask himself, ‘How certain am I
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2/6/11 Question? Can you write a check on a Paper napkin? Chocolate bar wrapper? Scrap piece of paper? watermelon?
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2/6/11 Negotiable Instrument Topics What is commercial paper Types of negotiable instruments Negotiability Negotiation Holder in due course
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2/6/11 Commercial Paper Commercial paper is a contract to pay money. It can be: A Substitute for Money Such as a check payable on demand A Loan of Money
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2/6/11 Terms you need to know Maker Payee Payable on demand Certificate of deposit Draft Check Drawer
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2/6/11 UCC Articles 3 and 4 Regulate commercial paper Purpose of UCC articles on negotiable instruments is to facilitate commerce Fundamental rule of commercial paper: The possessor of a piece of commercial paper has an unconditional right to be paid, as long as The paper is negotiable
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2/6/11 Terms Negotiable Negotiated Holder in due course defenses
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2/6/11 Two types of negotiable instruments
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