may 1, 201x
I promise to yield to the couch of Bobs Auto department store $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum.
What symbol of instrument is this? Does this instrument find the requirements for negotiability under the UCC?
From the information provided here(predicate) I would assume that instrument is a promissory neb. A promissory whole tone is a written instrument write by a maker uncondition whollyy promising to pay a certain sum in money to a payee or a holder on beg or on a specified date.
This note does not meet the requirements for negotiability under the UCC for a few reasons. The note does not cook a payers name nor does it hypothesize holder. The note also fails to have a specified expressed time that the note is payable by and it does not say on demand. The note was not signed by you; therefore you have no legal requirements to pay the note because it was not an arranged agreement between you and Bob. In other(a) words, the note has no endorsement.
We cannot tell, with the information given, if this note was supposed to be a mortgage note (although it is assumed it was not), installment note (could possibly have been), or a collateral note (also possible) because the terms of the note are not clearly written.
In short, for a note to be negotiable, it moldiness meet all of the following requirements: It essential be in writing; it must be signed by the maker or drawer; it must be an unconditional promise or order to pay; it must state a fixed pith of money; it must be payable on demand or at a definite time; it must be payable to order or to bearer, unless it is a check. (Miller & adenine; Hollowell, 2011) This note clearly does not follow all half a dozen of those regulations therefore; it is worthless in the eyes...If you want to get a full essay, order it on our website: Ordercustompaper.com
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