BUS LAW 6.01

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created 9 years ago by thebomb
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1

Acceptor

A drawee who has written "accepted" on the document and signed his/her name

2

Bad check

Check issued against checking account with insufficient funds to cover it

3

Cashier's check

A check the bank draws on itself

4

Certificate of Deposit

A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date

5

Certified Check

A personal check that has been accepted by a bank before payment

6

Check

Draft drawn on a bank and payable on demand

7

Demand note

Payable whenever the payee demands payment

8

Drawee

One ordered to pay the money

9

Drawer

Orders the money to be paid

10

Electronic Fund Transfer

Banking method in which computers and electronic technology are used as a substitute for checks and other paper forms of banking

11

Forged check

Check signed by someone else other than drawer and without authority

12

Installment note

Paid in a series of payments

13

Maker

Party agreeing in writing to pay money to another.

14

Money order

Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser

15

Note

A written promise by one person to pay money to another person

16

Payee

One who is to receive the money

17

Sight draft

A draft payable as soon as it is presented to drawee for payment

18

Stale check

A check that is more than six months old

19

Teller's check

Draft drawn by a bank on funds that it has on deposit at another bank

20

Time draft

Not payable until the lapse of a particular time period stated on the draft

21

Time note

Payable at a future date that is written on the face of the note

22

Trade acceptance

Used by a seller of goods to receive payment or to extend credit

23

Traveler's checks

Draft drawn by a well-known financial institution on itself or its agent