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Can you summarize TNCO 47-3-104?
General Provisions and Definitions > Negotiable instrument.
Short Summary
This legal document defines and governs negotiable instruments. It specifies that a negotiable instrument is an unconditional promise or order to pay a fixed amount of money. The instrument must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction beyond the payment of money. The document also provides definitions for various types of negotiable instruments, such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. It clarifies that a promise or order other than a check is not an instrument if it contains a statement indicating it is not negotiable or not governed by this chapter. Overall, this document establishes the legal framework for negotiable instruments and their characteristics.
Whom does it apply to?
Holders of negotiable instruments, banks, and other financial institutions
What does it govern?
Negotiable instruments
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Tennessee