general letter of credit
A letter of credit addressed to any and all persons without naming anyone in particular. Cf. special letter of credit.
general letter of credit Read More »
Search Results for: general letter of credit
special letter of credit
A letter of credit addressed to a particular individual, firm, or corporation. Cf. general letter of credit.
special letter of credit Read More »
general intangible
Any intangible personal property other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters of credit, and money. • Some examples are goodwill, things in action, and literary rights. UCC § 9-102(a)(42). See intangible property under PROPERTY. [Cases: Secured Transactions 11.1, 14.1, 115.1. C.J.S. Secured Transactions §§ 3, 11,
general intangible Read More »
blank indorsement
An indorsement that names no specific payee, thus making the instrument payable to the bearer and negotiable by delivery only. UCC § 3-205(b). — Also termed indorsement in blank; general indorsement. [Cases: Bills and Notes 188, 288. C.J.S. Bills and Notes; Letters of Credit § 153.]
support obligation
support obligation. A secondary obligation or letter-of-credit right that supports the payment or performance of an account, chattel paper, general intangible, document, healthcare-insurance receivable, instrument, or investment property. UCC § 9-102(a)(77).
support obligation Read More »
non est factum
non est factum (non est fak-t[schwa]m). [Latin “it is not his deed”] Hist. A denial of the execution of an instrument sued on. [Cases: Bills and Notes 475. C.J.S. Bills and Notes; Letters of Credit § 272.] “The general issue in covenant is ‘non est factum,’ which is a formal denial that the deed is
shelter doctrine
shelter doctrine. Commercial law. The principle that a person to whom a holder in due course has transferred commercial paper, as well as any later transferee, will succeed to the rights of the holder in due course. • As a result, transferees of holders in due course are generally not subject to defenses against the
performance bond
performance bond. 1. A bond given by a surety to ensure the timely performance of a contract. • In major international agreements, performance bonds are typically issued by banks, but sometimes also by insurance companies. The face amount of the bond is typically 2% of the value of performance, but occasionally as much as 5%.
document of title
document of title. A written description, identification, or declaration of goods authorizing the holder (usu. a bailee) to receive, hold, and dispose of the document and the goods it covers. • Documents of title, such as bills of lading, warehouse receipts, and delivery orders, are generally governed by Article 7 of the UCC. See BAILMENT(1)–(3).
irregular indorsement
An indorsement by a person who signs outside the chain of title and who therefore is neither a holder nor a transferor of the instrument. • An irregular indorser is generally treated as an accommodation party. UCC § 3-205(c). — Also termed anomalous indorsement; full indorsement. See ACCOMMODATION PARTY. [Cases: Bills and Notes 191, 294.
irregular indorsement Read More »