Bank cust Chu to t ing sup a bank from honoring a stop order May not be asserted

Question

Bank cust Chu to t ing sup a bank from honoring a stop order May not be asserted against a holder in due course ar (h) Three years May be asserted against a (10) Presenting bank holder in due course Any bank presenting an item except a payor bank Wa at ba 2. Give the name of each of the following three forms and d parties to the form. Sh Fr John E MurrayJr School of Law Pittsburgh PA PAY TO THE ORDER O NO 157 5. E 430 70.00 ngao DOLLARS Pleasont Hills Office MELLON BANK FIRST CITY BANK OF NEW YORK New York, New York 20XX No 47%2 THIS CERTIFIES THAT THERE HAS BEEN DEPOSITED with the undersigned the sum of 00.000.00 Payable to the order o! ami Lammr, on 22 TWELVE per cent (12%) per annum upon surrendar of this DOLLARS with interest only to maturity at the rate of FIRST CITY BANK OF NEW YORK BY Authorded Signature certificate properly indorsed

Explanation / Answer

1.check.

This document orders a bank to pay amount to be paid to the specific person account whose name is written on the check. The person can be individual or non individual like firms, companies etc.

Parties- Drawer and Drawee.

The person who writes and signs the cheque is drawer and the amount to be paid to is drawee.

2. Certificate of deposit

Its a Certificate with specification of Interest rate and maturity date and can be withdrawn once its reaches the maturity. its a Time deposit issued by financial institution.

Parties- Investor and Financial Instituation.

3.Promissory Note

Its a written document which promises to amount to person specified on the note or the bearer to pay whenever demanded or at a specified date

Parties- Maker/Issuer and Payee.

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