demand instrument. An instrument payable on demand, at sight, or on presentation, as opposed to an instrument that is payable at a set future date. — Also termed demand note. [Cases: Bills and Notes 129(3). C.J.S. Bills and Notes; Letters of Credit§ 90.]
A written instrument that (1) is signed by the maker or drawer, (2) includes an unconditional promise or order to pay a specified sum of money, (3) is payable on demand or at a definite time, and (4) is payable to order or to bearer. UCC § 3-104(a). — Also termed negotiable paper; negotiable note.
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negotiable instrument. A written instrument that (1) is signed by the maker or drawer, (2) includes an unconditional promise or order to pay a specified sum of money, (3) is payable on demand or at a definite time, and (4) is payable to order or to bearer. UCC § 3-104(a). — Also termed negotiable paper;
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A cashier’s check that must be signed by the purchaser at the time of purchase and countersigned when cashed; an instrument that (1) is payable on demand, (2) is drawn on or payable at or through a bank, (3) is designated by the term “traveler’s check” or by a substantially similar term, and (4) requires,
Commercial law. An instrument under which the issuer (usu. a bank), at a customer’s request, agrees to honor a draft or other demand for payment made by a third party (the beneficiary), as long as the draft or demand complies with specified conditions, and regardless of whether any underlying agreement between the customer and the
payable, adj. (Of a sum of money or a negotiable instrument) that is to be paid. • An amount may be payable without being due. Debts are commonly payable long before they fall due. payable after sight. Payable after acceptance or protest of nonacceptance. See sight draft under DRAFT. [Cases: Bills and Notes 129(3). C.J.S.
negotiable order of withdrawal. A negotiable instrument (such as a check) payable on demand and issued against funds deposited with a financial institution. — Abbr. NOW.
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nonnegotiable, adj. 1. (Of an agreement or term) not subject to change (the kidnapper’s demands were nonnegotiable). 2. (Of an instrument or note) incapable of transferring by indorsement or delivery. Cf. NEGOTIABLE INSTRUMENT . [Cases: Bills and Notes 144. C.J.S. Bills and Notes; Letters of Credit §§ 127, 129–130, 143.]
assurance, n. 1. Something that gives confidence; the state of being confident or secure (self-assurance). 2. English law. See life insurance under INSURANCE (she obtained assurance before traveling abroad, naming her husband as the beneficiary). 3. The act of transferring real property; the instrument by which it is transferred (the owner’s assurance of the farm