class notes - nov 6 - negotiable instruments

class notes - nov 6 - negotiable instruments - November 6th...

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November 6 th Bob Worthington – shady law professor Negotiable Instruments Bank of NS vs. Rock Corp Money Mart vs. Sarkar Start negligence? Wednesday Negligence, Campbell, Hollis Negotiable Instruments – choses in action Promise to pay – evidence of a debt owed, convenient cash substitute, can be used to create credit (post dated cheque), can be ‘negotiated’ (transferred) through ‘endorsement’ (signing) Focus on three types: 1 Promisory Note 2 Cheque 3 Draft Bills of Exchange Act – Federal S.17 Has to be in writing Has to be obligation for a $ payment $ promised must be a definite sum Promise must be unconditional $ must be payable on a fixed or future date Must be signed by the drawer/maker or the agent of the maker “Legal tender” paper $ called bank notes and coin ($25 pennies, $10 silver, no limit on $1 coins) Any sum over $25 million must be done through EFT (electronic funds transfer) Promissory Notes – involves two parties, drawee and drawer Cheque – involves three parties, drawee (always a bank), drawer, payee
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class notes - nov 6 - negotiable instruments - November 6th...

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