Although they do not constitute legal tender as defined under our Civil Code, and are not money, they are used as an alternative for money. A negotiable instrument differs from money, however, in that the former is valuable or worthless depending upon the financial ability of the parties to them. The purpose of the law is to place negotiable instruments on such footing that it would be freely accepted without question in commercial transactions and thereby facilitate trade De Leon JR, De Leon, Negotiable Instruments Law: Annotated, Edition, Page There are two 2 primary types of negotiable instruments commonly used today.
These are, checks and promissory notes. The check is primarily used for immediate payment, while the promissory note is intended for the circulation of credits. It is used more than any other instrument of credit as a means of making payment.
An ordinary check refers to a bill of exchange, a type of document that is drawn by a depositor, also called the drawer, on a bank, also known as the drawee. By virtue of the check, the depositor requests the bank to pay a person named on the check, called the payee , or to the order of the payee or to the bearer of the check, a certain amount or sum of money.
The issuance of the check does not of itself operate as an assignment of any part of the funds in the bank to the credit of the drawer.
In such a case, the bank becomes liable only after it accepts or certifies the check. Reinsurer has the meaning set forth in the preamble. Campfire means a small outdoor fire intended for recreation or cooking not including a fire intended for disposal of waste wood or refuse. Instructions to Proposers Section 2 of the RFP refers to the complete set of documents that provides Proposers with all information needed and procedures to be followed in the course of preparing their Proposals.
Managers means a Person who is named or designated as a manager or managing member or otherwise acts in the capacity of a manager or managing member of a limited liability company in a limited liability company agreement or similar instrument under which the limited liability company is formed or operated.
Project Management Report means each report prepared in accordance with Section 4. Accountant General means the officer of the National Treasury designated as the Accountant- General;. Reinsurance intermediary means a reinsurance intermediary-broker or a reinsurance intermediary-manager.
A Manager's cheque is one that is issued by a bank, purchased from the bank by an individual, payable to a specific beneficiary the person who should receive the money. Manager's cheques are often used in business transaction such as real estate, etc. This is because the amount of the Manager's cheque has to be paid in full to the bank by the person buying it from the bank. Its a sensible way to start.
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