Negotiable Instruments - Law Dictionary Search Results
Home Dictionary Name: negotiable instruments Page: 3paper
paper 1 : a piece of paper containing a written statement: as a : a formal written composition or document often intended for publication [the Federalist s] b : a document containing a statement of legal status, identity, authority, or ownership often used in pl. whether applying to one or more items [naturalization s] [this policy, including the endorsements and the attached s "Mutual of Omaha"] c : a document (as an answer, motion, or brief) prepared in furtherance of a legal action [all s after the complaint required to be served upon a party shall be filed with the court "Federal Rules of Civil Procedure Rule 5(d)"] 2 : a document providing evidence of a financial obligation ;esp : commercial paper in this entry accommodation paper : commercial paper used by one party to accommodate another party bearer paper : commercial paper that is freely negotiable by the holder and is made payable to bearer compare order paper in this entry chattel paper : paper that sets out bot...
holder in due course
holder in due course :the holder of a negotiable instrument that is complete and regular on its face and that is taken in good faith and for value without notice that it is overdue or has been dishonored or that there is any defense against it or claim to it by any party compare bona fide holder NOTE: A holder in due course takes the negotiable instrument free of any claims to it and of most defenses of a party to it. Federal Trade Commission rules have abolished the status of holder in due course in consumer transactions. ...
negotiable
negotiable : capable of being negotiated ;esp : transferable from one party to another by delivery with or without endorsement so that title passes to the transferee [ securities] [a certificate of deposit] see also negotiable instrument ne·go·tia·bil·i·ty [ni-gō-shə-bi-lə-tē] n ...
note
note 1 a : a written promise to pay a debt ;specif : promissory note in this entry bank note : a promissory note issued by a bank payable to bearer on demand but without interest and circulating as money cog·no·vit note [kÄ g-nō-vit-, kōg-] : a note in which the maker acknowledges the debt and authorizes the entry of judgment against him or her without notice or a hearing : a note containing a confession of judgment collateral note : a note secured esp. by a collateral mortgage and pledged to secure an obligation of which a hand note usually serves as evidence demand note : a note payable on demand compare time note in this entry floating rate note : a negotiable note that yields an indexed and periodically adjusted variable rate of interest called also floater hand note : a note for an obligation secured by a collateral note non-recourse note : a note whose satisfaction upon default may be obtained only out of the collateral securing it promisso...
Foreign instrument
Foreign instrument, any such instrument not so drawn, made, or made payable shall be deemed to be a foreign instrument. (Negotiable Instruments Act, 1881, s. 12)....
Inland instrument
Inland instrument, A promissory note, bill of ex-change or cheque drawn or made in British [India] and made payable in, or drawn upon any person resident in British [India] shall be deemed to be an inland instrument, Negotiable Instruments Act, 1881 (26 of 1881), s. 11....
Post-dated cheque
Post-dated cheque, are not invalid, but the banker should not pay such a cheque if presented before the date it bears. If therefore, a cheque dated on a Sunday is presented on the previous business day, it should be returned with the answer post-dated. A post-dated cheque, however, if presented at or after its ostensible date, should be paid though the banker knows it to be post-dated, and even if it has been presented before the date and refused payment, Halsbury's Laws of England, 4th Edn., Vol. 3(1), p. 143.Means a cheque must not be post-dated, that is, dated after the day on which it is presented for payment to the drawee branch. Post-dated cheques present for more difficulties to the banker than antedated cheques. There are practical difficulties rather than legal ones ..... But a cheque is generally post-dated because the drawer does not expect to have the funds to meet it until that date arrives. It is a mandate to the banker to the effect that it should not be paid before that...
Goods
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
holder for value
holder for value :a holder to whom an instrument is issued or transferred in exchange for something of value (as a promise of performance, a security interest or lien in the instrument not obtained by judicial process, payment of or use of the instrument as security for a claim against another person, a negotiable instrument, or the incurring of an irrevocable obligation to a third party) ...
discharge
discharge 1 : to release from an obligation: as a : to relieve of a duty under an instrument (as a contract or a negotiable instrument) ;also : to render (an instrument) no longer enforceable [a formal instrument…may be discharged by either cancellation or surrender "J. D. Calamari and J. M. Perillo"] b : to release (a debtor in bankruptcy) from liability for his or her debts 2 : to release from confinement, custody, or care [ a prisoner] 3 a : to dismiss from employment : terminate the employment of b : to release from service or duty [ a jury] [ a witness] 4 a : to get rid of (as a debt or obligation) by performing an appropriate action b : to fulfill a requirement for [evidence which is required to the burden of going forward "W. R. LaFave and A. W. Scott, Jr."] 5 : to order (a legislative committee) to end consideration of a bill in order to bring it before the house for action dis·charge·abil·i·ty [dis-chÄ r-jə-bi-lə-tē...
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