Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 79 стр.

                                UNIT 22
                     TYPES OF COMMERCIAL PAPERS

      PROMISSORY NOTE
      A promissory note is a two party note, written by one party (the maker)
promising to pay money to the other party (the payee) and must meet the follow-
ing requirements:
      1. It must be a written unconditional promise;
      2. To pay a sum certain in money;
      3. Payable to demand or at a stated future time;
      4. Payable to the order of someone, or to bearer, whoever has possession.
      DRAFT (bill of exchange)
      A draft, or bill of exchange, is an unconditional order by one party (the
drawer) on another party (the drawee) to pay a certain sum of money on demand
or at a stated time to a third party (the payee) and is three party paper.
      CHECK
      A check is a draft drawn on a bank and payable on demand.
      CASHIER’S CHECK
      Cashier’s check: a cashier’s check is drawn by a bank on itself ordering itself
to pay a sum certain to the depositor or to the person designated by him.
      CERTIFIED CHECK
      Certified check: A certified check is a personal check of the bank’s depositor
which the bank has certified that depositor has such amount on deposit.
      BANK DRAFT
      Bank draft: A bank draft is a check drawn by one bank upon another bank in
which the first bank has money on deposit.
      CERTIFICATE OF DEPOSIT
      Certificate of deposit: A certificate of deposit is a written acknowledgement
by a bank of receipt of money by a depositor and a promise to pay the holder of
the certificate the amount deposited when the certificate, properly indorsed, is sur-
rendered.
      DOCUMENT OF TITLE (to goods)
      Documents of title to goods developed in order that paper representing the
title to such goods could be transferred between parties rather than the cumber-
some actual transfer of possession of the goods. “Document of title” includes bill
of lading, dock warrant, dock receipt, warehouse receipt, and any other document
which in the regular course of business or financing is treated as adequately evi-
dencing that the person entitled under the document has the right to receive, hold
and dispose of the document and the goods it covers. It must represent that it was
issued by a bailee, carrier or warehouseman, and must purport to cover goods in
the bailee’s possession which are identified.
      BILL OF LADING
      A bill of lading is a document evidencing the receipt of goods for shipment
issued by a person engaged in the business of transporting or forwarding goods,
and includes an airbill.
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