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Simple English definitions for legal terms
commodity paper
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A quick definition of commodity paper:
Commodity paper is a type of document that represents a loan that is secured by a bill of lading or warehouse receipt. It is a way for someone to borrow money using goods they own as collateral. The term paper can also refer to any written or printed document, including commercial documents or negotiable instruments like checks or promissory notes. Some papers are payable to a specific person, while others are payable to whoever holds the document.
A more thorough explanation:
Commodity paper is a type of financial document that represents a loan secured by a bill of lading or warehouse receipt. It is a form of commercial paper, which is any written or printed document or instrument that serves as evidence of a debt.
For example, if a company needs to borrow money to purchase a shipment of goods, they may issue commodity paper to a lender. The paper would be backed by the bill of lading or warehouse receipt, which serves as collateral for the loan.
Commodity paper is different from other types of commercial paper, such as bearer paper or order paper, which have different payment terms and requirements.