Question
An instrument complies with the requirements for negotiability contained in the Commercial Paper Article of the Uniform Commercial Code. The instrument contains language expressly acknowledging
An instrument complies with the requirements for negotiability contained in the Commercial Paper Article of the Uniform Commercial Code. The instrument contains language expressly acknowledging the receipt of $10,000 by the First Bank of Grand Rapids and an agreement to repay principal with interest at 15% one year from date. The instrument is
a. Nonnegotiable because of the additional language.
b. A negotiable certificate of deposit.
c. A banker's draft.
d. A banker's acceptance.
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The Legal Environment of Business Text and Cases
Authors: Frank B. Cross, Roger LeRoy Miller
10th edition
1305967305, 978-1337516051, 1337516058, 978-1305967304
