16:09
Just got my Michigan rejection
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Simple English definitions for legal terms
negotiable note
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A quick definition of negotiable note:
A negotiable note is a written promise to pay a certain amount of money. It must be signed by the person who promises to pay and can be paid on demand or at a specific time. It can be given to someone else by either giving it to them or writing their name on it. This means that the person who has the note can get the money from the person who promised to pay, even if they don't know each other. There are different types of negotiable notes, like checks and promissory notes.
A more thorough explanation:
A negotiable note is a written document that includes an unconditional promise or order to pay a specific amount of money. It is signed by the maker or drawer and is payable on demand or at a definite time. It can be payable to order or to bearer.
Examples of negotiable notes include promissory notes, bank checks, bills of exchange, certificates of deposit, and other negotiable securities.
For instance, if a person writes a promissory note to another person, promising to pay a specific amount of money on a specific date, it becomes a negotiable note. The person who holds the note can transfer it to another person, who can then demand payment from the maker of the note.
It is important to note that negotiable notes are subject to specific rules and regulations under the Uniform Commercial Code (UCC) and are different from other types of commercial paper that are not negotiable.
negotiable document of title | negotiable order of withdrawal