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The only exception is that if an instrument meets the definition of a cheque (a bill of exchange payable on demand and drawn on a bank) and is not payable to order (i.e. if it just reads "pay John Doe") then it is treated as a negotiable instrument. UCC Article 3 does not apply to money, to payment orders governed by Article 4A, or to ...
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check, as authorized by the Check Clearing for the 21st Century Act (the Check 21 Act).
Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India. The word "negotiable" means transferable and an "instrument" is a document giving legal effect by the virtue of the law
Commercial paper is a type of negotiable instrument, where the legal rights and obligations of involved parties are governed by Articles Three and Four of the Uniform Commercial Code, a set of laws adopted by 49 of the 50 states, Louisiana being the exception. [4]
Pages in category "Negotiable instrument law" The following 26 pages are in this category, out of 26 total. This list may not reflect recent changes. B.
It uses negotiable instruments as an example of formal contracts, such as: checks, drafts, promissory notes, and certificates of deposit. These examples are all required to have special formation under the Uniform Commercial Code. [3]
Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881.Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque
In law, a commercial code is a codification of private law relating to merchants, trade, business entities (especially companies), commercial contracts and other matters such as negotiable instruments. [1] Many civil law legal systems have codifications of commercial law.