What are Negotiable Instruments?
Have you ever wondered what law applies when you write a check or purchase a certificate of deposit (CD)? Checks and certificates of deposit are types of negotiable instruments. Articles 3 and 4 of the Uniform Commercial Code (UCC) have been enacted into law by every state and provide the rules for negotiable instruments. Negotiable Instruments Defined Negotiable instruments are …
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How Can a Creditor Repossess Property?
Many Americans experience a time when their financial obligations become overwhelming and they are unable to pay all of their outstanding obligations on time. A debtor who defaults on a secured loan may face the threat of property repossession. A creditor can repossess property only if the creditor has a valid security interest in that property and if the creditor follows the proper …
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