1) Negotiability distinguishes commercial paper and

instruments from------ordinary------------contracts.

2) An instrument that is not a ---------------- must be

payable to order or bearer in order to be negotiable.

3) Statute of limitations is generally ------- years for

Most negotiable instruments.

^{4) --------------- and accepted drafts have a 6 year statute.}

5) A negotiable instrument transferee

becomes a ------------------- of the paper.

^{6) The ---------------------------of an instrument is}

^{determined at the time of negotiation.}

7) If an instrument is payable to alternative payees, it

may be endorsed and delivered by ------------- of them.

8) When negotiable instrument is negotiated by delivery

without -----------------------, warranty liability runs only to

the ----------------------transferee.

9) A Holder in Due Course (HDC) has protection from

defenses against ordinary holders or -------------------.

10) Bad check laws make it a ---------------- offense to issue a bad check with the intent to defraud.

11) Banks may pay checks dated more than ---------

months ago but are not required to unless they are

------------------------

12) ------ may issue a stop payment order on a check, but a customer cannot stop payment of a -------------- check.