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Negotiable |
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NegotiableA security whose title is transferable by delivery . See also: Negotiable instrument.Negotiable Similar MatchesRenegotiable 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. Negotiable instrumentNegotiable instrumentAn unconditional order or promise to pay some amount of money, easily transferable from one party to another. Negotiable bill of ladingNegotiable bill of ladingContract that grants title of merchandise to the holder, which allows banks to use the merchandise as collateral. 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. Renegotiable 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). Further Suggestionsnegotiable instrumentNegotiable Instrument Negotiable order of withdrawal (NOW) not negotiable Negotiable certificates of deposit |
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