(a) Except as provided in subsections (c) and (d), "negotiable instrument"means an unconditional promise or order to pay a fixed amount of money, withor without interest or other charges described in the promise or order, if it:
(1) is payable to bearer or to order at the time it is issued or first comesinto possession of a holder;
(2) is payable on demand or at a definite time; and
(3) does not state any other undertaking or instruction by the personpromising or ordering payment to do any act in addition to the payment ofmoney, but the promise or order may contain (i) an undertaking or power togive, maintain, or protect collateral to secure payment, (ii) anauthorization or power to the holder to confess judgment or realize on ordispose of collateral, or (iii) a waiver of the benefit of any law intendedfor the advantage or protection of an obligor.
(b) "Instrument" means a negotiable instrument.
(c) An order that meets all of the requirements of subsection (a), exceptparagraph (1), and otherwise falls within the definition of "check" insubsection (f) is a negotiable instrument and a check.
(d) A promise or order other than a check is not an instrument if, at thetime it is issued or first comes into possession of a holder, it contains aconspicuous statement, however expressed, to the effect that the promise ororder is not negotiable or is not an instrument governed by this title.
(e) An instrument is a "note" if it is a promise and is a "draft" if itis an order. If an instrument falls within the definition of both "note"and "draft," a person entitled to enforce the instrument may treat it aseither.
(f) "Check" means (i) a draft, other than a documentary draft, payable ondemand and drawn on a bank or (ii) a cashier's check or teller's check. Aninstrument may be a check even though it is described on its face by anotherterm, such as "money order."
(g) "Cashier's check" means a draft with respect to which the drawer anddrawee are the same bank or branches of the same bank.
(h) "Teller's check" means a draft drawn by a bank (i) on another bank, or(ii) payable at or through a bank.
(i) "Traveler's check" means an instrument that (i) is payable on demand,(ii) is drawn on or payable at or through a bank, (iii) is designated by theterm "traveler's check" or by a substantially similar term, and (iv)requires, as a condition to payment, a countersignature by a person whosespecimen signature appears on the instrument.
(j) "Certificate of deposit" means an instrument containing anacknowledgment by a bank that a sum of money has been received by the bankand a promise by the bank to repay the sum of money. A certificate ofdeposit is a note of the bank.
(Code 1950, §§ 6-353, 6-354, 6-357, 6-358, 6-537, 6-538, 6-544; 1960, c. 29;1964, c. 219, §§ 8.3-102, 8.3-104, 8.3-106, 8.3-112, 8.3-118; 1992, c. 693.)
(a) Except as provided in subsections (c) and (d), "negotiable instrument"means an unconditional promise or order to pay a fixed amount of money, withor without interest or other charges described in the promise or order, if it:
(1) is payable to bearer or to order at the time it is issued or first comesinto possession of a holder;
(2) is payable on demand or at a definite time; and
(3) does not state any other undertaking or instruction by the personpromising or ordering payment to do any act in addition to the payment ofmoney, but the promise or order may contain (i) an undertaking or power togive, maintain, or protect collateral to secure payment, (ii) anauthorization or power to the holder to confess judgment or realize on ordispose of collateral, or (iii) a waiver of the benefit of any law intendedfor the advantage or protection of an obligor.
(b) "Instrument" means a negotiable instrument.
(c) An order that meets all of the requirements of subsection (a), exceptparagraph (1), and otherwise falls within the definition of "check" insubsection (f) is a negotiable instrument and a check.
(d) A promise or order other than a check is not an instrument if, at thetime it is issued or first comes into possession of a holder, it contains aconspicuous statement, however expressed, to the effect that the promise ororder is not negotiable or is not an instrument governed by this title.
(e) An instrument is a "note" if it is a promise and is a "draft" if itis an order. If an instrument falls within the definition of both "note"and "draft," a person entitled to enforce the instrument may treat it aseither.
(f) "Check" means (i) a draft, other than a documentary draft, payable ondemand and drawn on a bank or (ii) a cashier's check or teller's check. Aninstrument may be a check even though it is described on its face by anotherterm, such as "money order."
(g) "Cashier's check" means a draft with respect to which the drawer anddrawee are the same bank or branches of the same bank.
(h) "Teller's check" means a draft drawn by a bank (i) on another bank, or(ii) payable at or through a bank.
(i) "Traveler's check" means an instrument that (i) is payable on demand,(ii) is drawn on or payable at or through a bank, (iii) is designated by theterm "traveler's check" or by a substantially similar term, and (iv)requires, as a condition to payment, a countersignature by a person whosespecimen signature appears on the instrument.
(j) "Certificate of deposit" means an instrument containing anacknowledgment by a bank that a sum of money has been received by the bankand a promise by the bank to repay the sum of money. A certificate ofdeposit is a note of the bank.
(Code 1950, §§ 6-353, 6-354, 6-357, 6-358, 6-537, 6-538, 6-544; 1960, c. 29;1964, c. 219, §§ 8.3-102, 8.3-104, 8.3-106, 8.3-112, 8.3-118; 1992, c. 693.)
(a) Except as provided in subsections (c) and (d), "negotiable instrument"means an unconditional promise or order to pay a fixed amount of money, withor without interest or other charges described in the promise or order, if it:
(1) is payable to bearer or to order at the time it is issued or first comesinto possession of a holder;
(2) is payable on demand or at a definite time; and
(3) does not state any other undertaking or instruction by the personpromising or ordering payment to do any act in addition to the payment ofmoney, but the promise or order may contain (i) an undertaking or power togive, maintain, or protect collateral to secure payment, (ii) anauthorization or power to the holder to confess judgment or realize on ordispose of collateral, or (iii) a waiver of the benefit of any law intendedfor the advantage or protection of an obligor.
(b) "Instrument" means a negotiable instrument.
(c) An order that meets all of the requirements of subsection (a), exceptparagraph (1), and otherwise falls within the definition of "check" insubsection (f) is a negotiable instrument and a check.
(d) A promise or order other than a check is not an instrument if, at thetime it is issued or first comes into possession of a holder, it contains aconspicuous statement, however expressed, to the effect that the promise ororder is not negotiable or is not an instrument governed by this title.
(e) An instrument is a "note" if it is a promise and is a "draft" if itis an order. If an instrument falls within the definition of both "note"and "draft," a person entitled to enforce the instrument may treat it aseither.
(f) "Check" means (i) a draft, other than a documentary draft, payable ondemand and drawn on a bank or (ii) a cashier's check or teller's check. Aninstrument may be a check even though it is described on its face by anotherterm, such as "money order."
(g) "Cashier's check" means a draft with respect to which the drawer anddrawee are the same bank or branches of the same bank.
(h) "Teller's check" means a draft drawn by a bank (i) on another bank, or(ii) payable at or through a bank.
(i) "Traveler's check" means an instrument that (i) is payable on demand,(ii) is drawn on or payable at or through a bank, (iii) is designated by theterm "traveler's check" or by a substantially similar term, and (iv)requires, as a condition to payment, a countersignature by a person whosespecimen signature appears on the instrument.
(j) "Certificate of deposit" means an instrument containing anacknowledgment by a bank that a sum of money has been received by the bankand a promise by the bank to repay the sum of money. A certificate ofdeposit is a note of the bank.
(Code 1950, §§ 6-353, 6-354, 6-357, 6-358, 6-537, 6-538, 6-544; 1960, c. 29;1964, c. 219, §§ 8.3-102, 8.3-104, 8.3-106, 8.3-112, 8.3-118; 1992, c. 693.)
