CPA Regulation Negotiable Instruments and Secured Transactions Negotiable Instruments and Secured Transactions What is a note and who are the parties to a note? © 2011 HOCK international 91 A note is a written promise to pay money. Notes are different from drafts in that notes are a promise to pay. If there is any doubt whether a document is a note or a draft‚ the holder of the document can decide what it is. There are two parties involved in a note. 1) The Issuer (Maker) is
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NEGOTIABLE INSTRUMENTS LAW NEGOTIABLE INSTRUMENT Written contract for the payment of money‚ by its form intended as substitute for money and intended to pass from hand to hand to give the holder in due course the right to hold the same and collect the sum due PROMISSORY NOTE • unconditional promise in writing made by one person to another signed by the maker • engaging to pay on demand‚ or at a fixed or determinable future time a sum certain in money to order or to bearer
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November 25‚ 2007 from http://www.lordbissell.com/Newsstand/Check21-Anthony.pdf ARTICLE SYNOPSIS The article reviewed in this paper describes the Check Clearing for the 21st Century Act‚ or Check 21‚ which came into effect in October of 2004. This Act allows the use of a substitute check as a negotiable instrument‚ rather than a paper check. The substitute check is a legal tender and the equivalent of a paper check as long as it fulfills two requirements. The first is that the substitute check must
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ACT NO. 2031 February 03‚ 1911 THE NEGOTIABLE INSTRUMENTS LAW I. FORM AND INTERPRETATION Section 1. Form of negotiable instruments. - An instrument to be negotiable must conform to the following requirements: (a) It must be in writing and signed by the maker or drawer; (b) Must contain an unconditional promise or order to pay a sum certain in money; (c) Must be payable on demand‚ or at a fixed or determinable future time; (d) Must be payable to order or to bearer; and
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TYPES OF NEGOTIABLE INSTRUMENT Section 13 of the Negotiable Instruments Act states that a negotiable instrument is a promissory note‚ bill of exchange or a cheque payable either to order or to bearer. Negotiable instruments recognised by statute are: (i) Promissory notes (ii) Bills of exchange (iii) Cheques. Negotiable instruments recognised by usage or custom are: (i) Hundis (ii) Share warrants (iii) Dividend warrants (iv) Bankers draft (v) Circular notes (vi) Bearer debentures (vii) Debentures
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Creation of Negotiable Instruments (流动票据) I. Overview A negotiable instrument (also known as commercial paper) is a signed writing (or electronic record) that contains an unconditional promise (无条件承诺) or order to pay an exact amount‚ either on demand or at a specific future time. A negotiable instrument can function as a Substitute for cash or as an extension of credit. Check: Substitute for cash Promissory note (本票): Substitute for an extension of credit For a negotiable instrument to operate practically
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when effectual; when presumed. - Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties and as regards a remote party other than a holder in due course‚ the delivery‚ in order to be effectual‚ must be made either by or under the authority of the party making‚ drawing‚ accepting‚ or indorsing‚ as the case may be; and‚ in such case‚ the delivery may be shown to have been conditional
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towards each other. b) Name and discuss any three types of negotiable instruments AUTHOR: KATALILO JOY INTRODUCTION This paper is aimed at discussing the relationship between a bank and its customer and the duties and rights each has towards each other. In discussing the relationship a scenario will be considered. The paper will further discuss three types of negotiable instruments. a) Scenario Ms Ednah worked as a civil servant throughout
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Title: A Study on Dishonour of Negotiable Instrument with Special Emphasis on laws of Dishonour of Cheque in India Table of Contents Chapter No. | Chapter Title | Page No. | Chapter 1 | Introduction:-Title General IntroductionStatement of the Problem Objective of the StudyHypothesisesResarch Question Scope and Limitation Research MethodologyTentative ChapterizationReview of Literature | 5-9 | Chapter 2 | Meaning of Negotiable Instrument and Dishonour of Negotiable Instrument | 10-12 |
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Precision Instruments Case Study 1. What are the different sources of Precision Instruments’ problems? After much success and high profits in their former location‚ Precision Instruments decided to move into a new‚ more luxurious location. Harold‚ who had committed the most capital during Precision’s startup‚ had developed excellent relationships with the workers‚ and always was a source of encouragement to them‚ retired. All of this‚ combined with the new building’s expenses and a downturn in
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