Negotiable Instruments and UCC: Understanding the Basics

15 Jul 2023

Question:

Which best states the difference between a check and a draft?

Answer:

A check is a demand instrument drawn on a bank.

An order instrument, such as a check, requires delivery to the new holder and proper endorsements to be negotiated. This means that the instrument must be physically transferred to the new party with the necessary signatures on the back to establish ownership and the right to enforce payment.

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