State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-55

§53‑55.  Commercial and business paper defined.

The term "commercial orbusiness paper," as used in this Chapter, is hereby defined to mean apromissory note, and the term "trade acceptance" to mean a draft orbill of exchange issued or drawn for agricultural, industrial, or commercialpurposes, or the proceeds of which have been used or are to be used for suchpurposes, but such definition shall not include notes, drafts, or bills ofexchange covering merely investments, or issued or drawn for the purpose ofcarrying on or trading in stocks, bonds, or other investment securities, exceptbonds and notes of the government of the United States and State of NorthCarolina. (1921, c. 4, s. 36; 1923, c. 148, s. 7; C.S., s.220(k); 1941, c. 268.)