What is a note and who are the parties to a note? © 2011 HOCK international 91 A note is a written promise to pay money. Notes are different from drafts in that notes are a promise to pay. If there is any doubt whether a document is a note or a draft‚ the holder of the document can decide what it is. There are two parties involved in a note. 1) The Issuer (Maker) is the promisor. This is the party who is obligated to pay the note. 2) The Payee is the person to whom the note is owed
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checks‚ promissory notes‚ and certificates of deposit. -Utilized in the sale of goods and services as well as financing businesses. The use of negotiable instruments has increased to such an extent that payments made with these instruments‚ checks in particular‚ are now many times greater than payments made with cash‚ which now is used primarily for smaller transactions. The utilization of checks has decreased due to the emergence of electronic transfers‚ while promissory notes have been
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only by the people who can afford it. Children coming from the financially challenged families perceived education as an elusive dream. I was once one of those children who had almost given up in finishing my studies. With the seemingly endless promissory notes and unsettled tuition fee‚ I began asking myself‚ “Will my dreams of being successful ever be a reality? Or will it forever be a mere dream?” There were a lot of reasons for me to answer “Yes‚ give up‚ this is the end‚” however‚ I realized that
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This act has been amended as many as 23 times to meet the needs of the time. The last amendment was made in 2002. Preamble It became a statutory necessity to enact law governing Promissory Notes‚ Bills of Exchange and cheques. What is a Negotiable Instrument Section 13:- " A Negotiable instrument means a promissory note‚ bill of exchange or cheque either to order or bearer." This definition does not say anything about the characteristics of a negotiable instrument but it mentions about instruments
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2. Negotiable Instruments Law (Act No. 2031) Chapter I. INTRODUCTION 1. The Negotiable Instrument Written contract for the payment of money‚ by its form intended as substitute for money and intended to pass from hand to hand to give the HDC the right to hold the same and collect the sum due. Instruments are negotiable when they conform to all the requirements prescribed by the NIL (Act 2031‚ 03 February 1911). Although considered as medium for payment of obligations‚ negotiable instruments are
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Commercial paper is an unsecured‚ privately placed‚ money market instrument issued in the form of a promissory note. Commercial paper can be issued by the following parties namely; corporate‚ primary dealers and the financial institutions that have been permitted to raise short term resources under the umbrella limit fixed by the central bank. The following are the eligibility criteria: The minimum tangible net worth should be as per the prescribed limit as per the latest audited balance sheet;
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parent and hard worker; working two full time jobs to help finance my college career. After my financial aid was awarded for the fall semester‚ my mom and I was informed the award could not cover my entire bill. Therefore‚ my mother signed a promissory note to take care of the balance‚ which was over $1900. We understood this balance had to be paid by the end of the semester. Not sure how we would pay it‚ my mother started working 20 hours a day ( 8 hours at one job and 12 hours at a second job)
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different ideas. “In a sense we have come to our nation’s capital to cash a check. When the architects of our republic wrote the magnificent words of the Constitution and the declaration of Independence‚ they were signing a promissory note to which every American was to fall heir. This note was a promise that all men would be guaranteed the inalienable rights of life‚ liberty‚ and the pursuit of happiness. It is obvious
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FIXES TOOTH AND PAID WITH $500 CHECK DATED 1/5/15 NOT DEPOSITED IN BANK UNTIL 2015 2015 2015 12/31/14 – FIXES TOOTH AND PAID WITH $500 CREDIT CARD 12/31/14 NOT PAID UNTIL 2015 2015 2014 12/31/14 – FIXES TOOTH AND PAID WITH PATIENT’S $500 PERSONAL NOTE DATED 12/31/14‚ PAYMENT DATE 6/30/15 2015 2015 12/31/14 – FIXES TOOTH AND PAID WITH PATIENT’S $500 1992 CHEVY TITLE DATED 12/31/14 2014 2014 12/31/14 – PATIENT’ PAYS $500 CASH FOR WORK TO BE DONE IN 2015 – PREPAYMENT- NO WORK YET - EXCEPTION 2014
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refer to Appendix 1 which is a numerical summary of my findings. The excel spreadsheet from which it was derived has been attached to this report for your review. Please note that the Summary has been color coded and referenced in order to assist you in understanding the data and that notes to my file are included on Appendix 2. Note that the summary is a build-up of assumptions/decisions made and should be viewed as a progressive iteration. For example‚ we start with the assumptions changed to the
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