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Fred owes $10,000 in unpaid taxes. Using the back of an old shirt, he writes out a promise to pay $10,000 that meets the requirements
Fred owes $10,000 in unpaid taxes. Using the back of an old shirt, he writes out a promise to pay $10,000 that meets the requirements for negotiability. Under the UCC, this instrument is likely
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nonnegotiable, because an instrument must be on paper so that it may be processed efficiently in the banking system.
nonnegotiable, because a shirt is not sufficiently permanent.
nonnegotiable, because the government does not appreciate such gestures.
negotiable.
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