Exercise 6. Translate into Ukrainian. 1. buyer must be given a disclosure statement; 2

1. buyer must be given a disclosure statement; 2. revolving charge accounts; 3. amount,

and date when payments are due; 4. shop for low interest rates; 5. before the account is es-

tablished; 6. alert the buyer; 7. down payment; 8. time for exercising the right of rescission;

9. car may be repossessed and sold by seller if buyer fails to make payments; 10. valid ex-

cuse for nonpayment; 11. revolving charge account (credit card) transaction; 12. the maker

and both indorsers are liable separately; 13. late charges will be assessed; 14. separate from

the contract; 14. warrant of attorney; 15. Finance Charge; 16. take the note to the bank to

have it “discounted”; 17. filing fees will be paid; 18. “cognovit note” is a promissory note;

19. modify the disclosure forms; 20. holder in due course; 21. seller will retain a security

interest in the car; 22. person to whom a negotiable instrument is transferred; 23. Annual

Percentage Rate; 24. the note is transferred by indorsement; 25. specifically designed for

these transactions; 26. the maker cannot assert this as a defense; 27. sellers and lenders;

28. in good faith; 29. credit life insurance will be purchased; 30. unconditionally indorsed;

31. total amount; 32. assert all defenses against any person; 33. prior to making a final

commitment; 34. commercial paper is negotiable; 35. consumer transactions; 36. small

loans and interest; 37. analogous to the regular forms; 38. unconditional promise; 39. denial

of information or assistance; 40. charge accounts; 6. negotiated by indorsement; 41. an-

nual percentage rate; 42. retail installment sales; 43. have his attorney study the document;

44. promissory notes; 45. under the consumer laws; 46. sales of goods and merchandise;

47. low finance charges; 48. commercial paper is transferred; 49. retail installment sales;

50. entitled to read all parts.

Exercise 7. Fill in the missing words in the text below and then translate into

Ukrainian. Use Vocabulary – 2 and Exercise 2A.

TEXT 2

Holder in Due Course. To become a holder in due _______ (1), a person to whom a

negotiable _______ (2) is transferred must: give something of value in return for having the

instrument _______ (3) to him; complete the _______ (4) in good faith; and _______ (5)

the transaction without notice of any _______ (6) or defense against the instrument.

Rights and Obligations of Parties and Holders. Suppose a buyer purchases supplies

on _______ (7) and gives the supplier a promissory _______ (8) due in six months. The

supplier takes the note to the bank to have it “ _______ (9)”. The bank then takes the note

to another _______ (10 institution and has it rediscounted. In each case, the note is trans

ferred by _______ (11).

The maker of the note (the buyer) is primarily _______ (12). The holder in _______

(13).course does not have to look to the maker for _______ (14). The maker and both

_______ (15) are liable separately or together to the _______ (16) in due course. If the sup-

plier to whom the _______ (17) was originally given furnished improper, unsatisfactory,

or insufficient _______ (18), the maker of the note has a _______ (19)excuse for nonpay-

ment, but it is only valid against the _______ (20). The maker cannot _______ (21) this as

a _______ (22) against the holder in due course.

Cognovit Notes. A “cognovits note” is a _______ (23) note in which the maker grants

a _______ (24) of attorney to the holder of the note to confess _______ (25) against the

_______ (26) of the note. This means that in case of _______ (27), the holder of the note is

_______ (28) to go to court and have a judgment _______ (29) against the maker, with out

the _______ (30) of notice and _______ (31).

Many states prohibit any use of _______ (32) notes. In Ohio, they are _______ (33)

in consumer transactions, and their use in other _______ (32) is limited.

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