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Belgian bill of exchange, 1933. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party.
The official 2007 edition of the UCC. The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through UCC adoption by all 50 states, the District of Columbia, and the Territories of the United States.
Holder in due course. In commercial law, a holder in due course (HDC) is someone who takes a negotiable instrument in a value-for-value exchange without reason to doubt that the instrument will be paid. If the instrument is later found not to be payable as written, a holder in due course can enforce payment by the person who originated it and ...
Secured transactions in the United States. Secured transactions in the United States are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors ), the law of secured transactions provides lenders with assurance of legal relief in case of default by ...
t. e. In contract law, a contract of sale, sales contract, sales order, or contract for sale[1] is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent). An obvious ancient practice of exchange, in many common law jurisdictions ...
t. e. Commercial law (or business law), [ 1 ] which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities. [ 2 ][ 3 ][ 4 ] It is often considered to be a branch of ...
The UNCITRAL Model Law on Electronic Transferable Records (“MLETR”) is a uniform model law that has been adopted by the United Nations Commission on International Trade Law (UNCITRAL) in 2017. [1] Its scope is to allow the use of transferable documents and instruments in electronic form. Transferable documents and instruments typically ...
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).