BLAW 4203 Chapter : Chapter 24 Outline
Document Summary
Installment note note payable in installments over a specified time frame: certificates of deposit (promises to pay) type of note issued when a party deposits. Funds with a bank, and the bank promises to repay the funds, with interest, on a certain date: the bank is the maker of the note and the depositor is the payee. Ucc is lenient with regard to what constitutes a signature. Oddities with the signature on an negotiable instrument can open the door to disputes and lead to litigation. An unusual signature will decrease the marketability of an instrument because it creates uncertainty: placement of the signature. It is also necessary to know when the obligations of secondary parties, such as indorsers, will arise. It is necessary to know when an instrument is due in order to calculate when the statute of limitations may apply.
