negotiable words
negotiable words. The terms and phrases that make a document a negotiable instrument. — Also termed words of negotiability. See NEGOTIABLE INSTRUMENT . [Cases: Bills and Notes 147. C.J.S. Bills and Notes; Letters of Credit § 128.]
Search Results for: NEGOTIABLE WORDS
guarantor of payment
One who guarantees payment of a negotiable instrument when it is due without the holder first seeking payment from another party. • A guarantor of payment is liable only if “payment guaranteed” or equivalent words are added to the guarantor’s indorsement. [Cases: Guaranty 35, 45, 77.]
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counterfeit
counterfeit, vb. To unlawfully forge, copy, or imitate an item, esp. money or a negotiable instrument (such as a security or promissory note) or other officially issued item of value (such as a postage stamp or a food stamp), or to possess such an item without authorization and with the intent to deceive or defraud
guarantor
guarantor. One who makes a guaranty or gives security for a debt. • While a surety’s liability begins with that of the principal, a guarantor’s liability does not begin until the principal debtor is in default. Cf. SURETY. [Cases: Guaranty 29, 33.] “A guarantor either guarantees payment or collection, depending on the words used. ‘Payment