Payment Systems: Negotiable Instruments Vocabulary Podcast
The topic of this podcast is the different basic vocabulary and parties you may see when considering a negotiable instrument under Article 3 of the Uniform Commercial Code. Article 3 is tested on a number of bar examinations. It is always important to correctly identify the transaction and its parties when considering an instrument. An understanding of the basic vocabulary and parties will help you not only use the correct terminology, but also to understand the role of the parties. This podcast will introduce the following terminology: instrument, draft, order, note, promise, check, promissory note, cashier’s check, teller’s check, money order, drawer, drawee, payee, issuer, remitter, maker, instrument, bearer, holder, indorser, and negotiate. At the conclusion of this podcast, you should be able to (1) identify some of the vocabulary ordinarily associated with instruments under Article 3; and (2) identify how they may come up in transactions.