Asked by Mourier Macha on May 22, 2024
Verified
A note is a promise by the maker of the note to pay a drawee.
Drawee
The drawee is the party in a financial transaction, usually a bank, upon whom a check or draft is drawn and is responsible for paying the amount specified.
Maker
In financial terms, the party that creates or issues a promissory note, obligating themselves to pay a certain sum to a specified party.
- Discern the assorted types of negotiable instruments, specifically drafts, notes, and checks.
Verified Answer
BK
breanna kellyMay 28, 2024
Final Answer :
False
Explanation :
According to Uniform Commercial Code Section 3-103(a)(9),a note is a promise by the maker of the note to pay a payee.
Learning Objectives
- Discern the assorted types of negotiable instruments, specifically drafts, notes, and checks.