The article was about a transportable, marked document that assures to pay the holder or the owner a sum of money at a future date or on demand like checks, bills of exchange and promissory notes (“Negotiable Instrument,”). Those negotiable instruments must follow the requirements like it have writing or signed papers or document the producer, must be allocated to order and to carrier, it should also offer a guaranteed security in case that the product are not paid at the said time(Group, 1911).
The article tackle codifies instruments as it pertains to negotiable; it is only commonly used to those instruments that the concern are the bills of exchange, important documents like promissory notes, etc. But in order for the instrument or the product to be negotiable if they have the document stating that they assure to pay the instrument, it can be paid on demand, secure, or given a period of time to pay and address to a know person or else there must be a practical assurance. And it not affected by the desire of a date, failure to clarify a concern, by failure to clarify the place where it is produce or made to be paid and (“Collection Of Commercial Paper – Negotiable Instruments Law,”)
Some of the legal issues that some business can encounter are those liabilities regarding a person who is signing in deal or other name, there is no person that is liable on the instrument whose signature does not appear except those that are expressly provided on the trade but those person who are feigning their name are liable to the point as if they sign it as there are the owner of that name.
And another is those person signing as agent and so on and so forth, those who sign on behalf of someone or group or act as representative, that person is not liable on the product or instrument if that person have the authorization however if that person tell that is an agent or represent him or her self as the representative without any authorization that person is not exempted from the liabilities (Group, 1911). But a person who signs a exchangeable instrument without receiving any consideration for the reason of let somebody use his name to some other person, is responsible to a holder for value while such holder knew him to be an accommodation to a person (“Collection Of Commercial Paper – Negotiable Instruments Law,”).
The instrument or product can be settled by delivery if payable to carrier or by endorsement, if payable to order. The endorsment must be written on the instrument or on a document attached to the product, or maybe the simple autograph of the indorser, without additional words. All those who will pay must indorse unless they are partners or one of the owner who have authority to act for the other. The requirement before suing the producer on a note payable on demand is not essential whilein definite place on definite required notes it is needed to avoide those legal issues on the business and to ensure that the negotiable instrument law is being followed and the rights is not being set aside (“Collection Of Commercial Paper – Negotiable Instruments Law,”).
Collection Of Commercial Paper – Negotiable Instruments Law. Retrieved May 16, 2007, from http://www.oldandsold.com/articles32n/money-6.shtml
Group, C. R. (1911). The Negotiable Instrument Law. Retrieved May 15, 2007, from http://www.chanrobles.com/actno2031.htm
Negotiable Instrument. Retrieved May 15, 2007, from http://www.investorwords.com/3226/negotiable_instrument.html
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