Types of Negotiable Instruments:

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bill of exchange – an unconditional written order (often a check) signed by the drawer,  directing the drawee or payor, to pay a sum of money, on demand or at a definite time, to a third person (either the payee or the bearer).— aka draft; draught; letter of exchange.

  • drawer – someone who directs a person or entity, usually a bank, to pay a sum of money stated in a draft or bill of exchange (i.e. a person who writes a check). UCC § 3-103(a)(5).
  • drawee – the person upon whom a draft or bill of exchange is drawn; the person to whom the paper is presented for acceptance and payment (the drawee of a check is always a bank).

 

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