negotiable instruments

negotiable instruments
A written and signed unconditional promise or order to pay a specified sum of money on demand or at a definite time payable to order or bearer. U.C.C. 3-104(1).
To be negotiable within the meaning of U.C.C. Article 3, an instrument must meet the requirements set out in Section 3-104:
(1) it must be a writing signed by the maker or drawer; it must contain an
(2) unconditional
(3) promise (example: note) or order (example: check)
(4) to pay a sum certain in money;
(5) it must be payable on demand or at a definite time;
(6) it must be payable to the bearer or to order (examples of instruments payable to order are
(a) "Pay to the order of Daniel Dealer," and
(b) "Pay Daniel Dealer or order"); and
(7) it must not contain any other promise, order, obligation, or power given by the maker or drawer except as authorized by Article 3.

Black's law dictionary. . 1990.

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