UCC commercial paper Flashcards
1
Q
Negotiable instruments req Writing Signed Unconditional Sum of money Definite time Words of negotiations
A
The Negotiable instruments Writing Signed Unconditional Sum of money Definite time Words of negotiations
2
Q
Type of endorsements
A
Blank
Special
Qualified - without recourse
Restrictive
3
Q
Type of negotiable inst
A
Order to pay - check draft
Promise to pay note
4
Q
Holder in due course
A
Must be holder
Must take instrument for value
In good faith
Without notice that something is wrong
5
Q
Transfer of instruments
A
Order - delivery and endorsement
Bearer - delivery
6
Q
Nonegotioble
A
Letter of credit Bill of landing Warehouse receipts Bonds stocks Contracts
7
Q
Primary liability
A
Drawee of check
Maker of note
8
Q
Letter of credit
A
Any authorization No consideration required Revocable One year if not perpetual- 5 years Nonnegotiable Not transferable International - non revocable
9
Q
Title of Document
A
Subject to claims of stolen goods
No personal defenses
Transferable - right to goods
10
Q
Issue if Community n careers
A
Strict liability - they responsible
Possible to limit
