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4 Cards in this Set
- Front
- Back
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3 Types of Negotiable Instruments
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1. Bills of Exchange
2. Promissory Notes 3. Cheques |
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Rules of Assignment
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1. Give notice to original promissory
2. Assignee can only receive rights assigner has on original contract and equities 3. Assignee and Assignor must join to sue promisor |
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How to Create a Negotiable Instrument
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1.Promisor order must be in writing
2. Obligation must be for a money payment 3. Sum on the face of the instrument must be for certain fixed sum 4. Promisor order must be unconditional 5. Instrument must be payable at a fixed or determinable time or upon demand 6. Whole instrument must be negotiated 7. Instrument must be signed by draw that is the debtor |
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Methods of Assignment
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1. Endorsement and Delivery
2. Delivery only |
