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Negotiable instrument |
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Negotiable InstrumentAccording to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money, on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee.Negotiable instrumentAn instrument, such as a cheque or a bill of exchange, which can be transferred by one person to another by the first signing his name on the back of the instrument.Negotiable instrumentAn unconditional order or promise to pay some amount of money, easily transferable from one party to another.Negotiable instrument Similar MatchesRenegotiable Rate MortgageRenegotiable Rate MortgageA real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15). Negotiable order of withdrawal (NOW)Negotiable order of withdrawal (NOW)Demand deposits that pay interest. Negotiable Order of Withdrawal Account (NOW)Negotiable Order of Withdrawal Account (NOW)An interest-earning account on which chechs may be drawn. Withdrawals from NOW accounts may be offered by commerical banks, mutual savings banks, and savings and loan associations and may be owned only by individuals and certain nonprofit organizations and govermental units. NegotiableNegotiableA security whose title is transferable by delivery . See also: Negotiable instrument. Renegotiable rateRenegotiable rateA type of variable rate involving a renewable short-term "balloon" note. The interest rate on the loan is generally fixed during the term of the note, but when the balloon comes due, the lender may refinance it at a higher rate. In order for the loan to be fully amortized, periodic refinancing may be necessary. Further SuggestionsNegotiable bill of ladingNegotiable certificates of deposit not negotiable |
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