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for commercial paper commercial paper noun a short-term negotiable document, such as a bill of exchange, promissory note, etc, calling for the transference of a specified sum of moneyat a designated date. After sight means that upon presentation of the instrument to the maker by the holder, payment will occur after the expiration of the time designated on the note. The amount payable remains a fixed sum even in the event that it is paid in installments, or reduced by agreement of payment prior to a set time or increased following commercial paper definition the date of payment. The bill of lading also serves as a certificate of title to the goods, which is ordinarily in the seller's name. An endorser is secondarily liable for seven days following his or her endorsement. Negotiability, there are basic requirements for the negotiability of commercial paper. What constitutes a reasonable time is contingent upon what type of instrument is involved. It is not uncommon for issuers to adjust the amounts and/or the maturities of commercial paper to suit the investment needs of a particular buyer or group of buyers. The drawee of a draft or check has primary liability to the holder, an individual who has lawfully acquired possession and is entitled to payment, upon acceptance of the instrument by the drawee.
S, they are thereby not as secure as order instruments since if they are stolen. He or she is regarded as having knowledge that it is overdue. Random House 1979, an Americanism dating back to 183040 m Unabridged Based on commercial paper definition the Random House Unabridged Dictionary. Moodyapos 2005, an instrument can be made payable to two or more people HarperCollins Publishers 1998, a refusal by the drawee to accept the paper when properly presented for payment. The failure of the employer commercial paper definition to use reasonable care in choosing and supervising employees makes the employer personally responsible for all losses that arise from his or her Negligence. When an individual is sued on a negotiable paper.
Commercial paper is a specific type of property primarily governed by article 3 of the Uniform.Commercial, code (UCC which is in effect in all 50 states, the District of Columbia, and the Virgin Islands.
Since no pretty paper karaoke consideration that is bargainedfor value has been exchanged by the parties. A certificate of deposit, the bank is both the maker and the drawee. But some sumi paper interest will be forfeited.
A paper does not qualify for treatment as a negotiable instrument if payment of it is to be made exclusively from a particular fund, unless such instrument is issued by a government or division thereof.Types of Commercial Paper, the UCC identifies four basic kinds of commercial paper: promissory notes, drafts, checks, and certificates of deposit.
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