Types of Negotiable Instruments
Negotiable instruments come in a variety of forms.
Personal checks: The person who has deposited money with a bank is authorized to sign personal checks. The check holds the name of the holder and the amount to be paid. While online banking has grown in popularity due to technological advancements, checks are still utilized to pay several bills. However, one disadvantage of utilizing personal checks is that they are a slow way of payment, and checks take a long time to process compared to other methods.
Traveler’s checks: Traveler’s checks are another negotiable instrument designed to be used as an alternative to foreign currency by travelers on vacation in foreign nations. Financial institutions issue traveler’s checks with serial numbers and pre-paid predetermined amounts. They use a dual signature system, which requires the check buyer to sign the check twice before using it and again during the transaction.
Money orders: Money orders promise to pay a specific sum to the order’s bearer. Money orders are commonly available and are issued by financial institutions and governments. The amount of the order is limited to one thousand dollars, which is why they differ from checks. Those who require more than $1,000 must place additional orders. When the money orders are purchased, the buyer fills out the recipient’s information and the amount, then sends the order to that individual.
Promissory notes: Where one party promises to the other party in writing to pay a specific amount of money at a future date are called promissory notes. Like other negotiable documents, Promissory notes provide all pertinent information for the promise, such as the stipulated principal amount, interest rate, term length, and issuance date.
Certificate of Deposit (CD): Consumers can deposit and keep untouched a specific amount for a set period in exchange for a very high-interest rate if a certificate of deposit is a bank product. The certificate of deposit should be kept until it matures, at which point the principal and interest can be withdrawn. As a result, early withdrawal fees are frequently applied as a penalty.
Laws of Limitations
Within six years of the note’s due date, an action is to be taken to force a party’s liability to pay a note payable at a particular time.
Unless otherwise indicated, an action to compel a party’s obligation to pay the note must be initiated within six years of the demand if a demand for payment is issued to the issuer of a demand note, when the principal and interest have not been paid for ten years in a row. Suppose the maker has not been served with a demand for payment. An action to enforce the note is banned.
An action to force a party’s responsibility to pay the draft which is not accepted must be filed within three years of the dishonor of draft or ten years after the date of the draft, whichever comes first.
As the case may be within three years of the acceptor’s or issuer’s demand for payment, an action to force the obligation of a certified check acceptor must be filed
Where the due date is mentioned on the instrument, there beginning after the due date and in case the due date is not mentioned thereafter the instrument presented for the payment within 6yrs an action to compel the party’s liability to a certificate of deposit to pay.
Where the acceptor’s liability is to pay when the payment is demanded or to pay a particular time, then the action is to be taken within 6years of the due date or date of acceptance to force liability of the party to pay an accepted instrument.
If another law governs any change made in the instrument, then no action is required, but if any other law does not govern the change, then action must be taken within three years after the change takes place.
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