nomen (noh-men or -m[schwa]n), n. [Latin] 1. Roman law. A personal name. • A Roman citizen generally had three names: a praenomen (“first name”), a nomen (“the name of the family group”), and cognomen (“a surname”). 2. Hist. A person’s first name. 3. More broadly, any name. Pl. nomina. See AGNOMEN. nomen collectivum (noh-men kol-[schwa]k-tI-v[schwa]m). […]
negotiable, adj. 1. (Of a written instrument) capable of being transferred by delivery or indorsement when the transferee takes the instrument for value, in good faith, and without notice of conflicting title claims or defenses. [Cases: Bills and Notes 144. C.J.S. Bills and Notes; Letters of Credit§§ 127, 129–130, 143.] 2. (Of a deal, agreement,
Production of an instrument to the drawee, acceptor, or maker for acceptance. • This type of presentment may be made anytime before maturity, except that with bills payable at sight, after demand, or after sight, presentment must be made within a reasonable time. [Cases: Bills and Notes 388.]
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recourse (ree-kors or ri-kors). 1. The act of seeking help or advice. 2. Enforcement of, or a method for enforcing, a right. 3. The right of a holder of a negotiable instrument to demand payment from the drawer or indorser if the instrument is dishonored. See WITH RECOURSE; WITHOUT RECOURSE. 4. The right to repayment
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
A demand, time, savings, passbook, or similar account maintained with a bank, savings-and-loan association, credit union, or like organization, other than investment property or an account evidenced by an instrument. UCC § 9-102(a)(29). — Abbr. D.A. [Cases: Banks and Banking 151; Building and Loan Asso-ciations 40. C.J.S. Banks and Banking §§ 266–268, 277–278; Building and
A type of defense that is good against any possible claimant, so that the maker or drawer of a negotiable instrument can raise it even against a holder in due course. • The ten real defenses are (1) fraud in the factum, (2) forgery of a necessary signature, (3) adjudicated insanity that, under state law,
cognovit (kog-noh-vit). [Latin “he has conceded (a debt or an action)”] An acknowledgment of debt or liability in the form of a confessed judgment. • Formerly, credit contracts often included a cognovit clause in which the consumer relinquished, in advance, any right to be notified of court hearings in any suit for nonpayment — but
oyer (oy-[schwa]r oroh-y[schwa]r). [fr. Old French oïr “to hear”] Hist. 1. A criminal trial held under a commission of oyer and terminer. See COMMISSION OF OYER AND TERMINER. 2. The reading in open court of a document (esp. a deed) that is demanded by one party and read by the other. 3. Common-law pleading. A