LEGL 226 Chapter Notes - Chapter 26: Uniform Commercial Code, Secondary Liability, Negotiable Instrument

Negotiable instruments are transferred every business day of the year. Make a checklist for the potential buyer or holder of a negotiable instrument. Remember they are going to give something of value in return for this document and they don't want to risk losing their value. Also, this is someone who knows nothing about negotiable instruments. Make sure you discuss all types of negotiable instruments. Be practical and creative. Think of the person who is thinking of taking a promissory note for payment of a debt or a second party taking a check. Try and think of ways that you can help them from making a bad mistake. Post your list. Example: You have been approached by a mortgage lender to buy several notes at a discount what would you want to know about the notes?