GLOSSARY. ab initio From the very beginning (Latin).

ab initio From the very beginning (Latin).

acceptor In commercial paper, a drawee who agrees by his or her signature to honor a draft as presented.

accommodated party The person who benefits by having another party lend his or her name (credit) on an instrument.

accommodation party A person who signs an instru­ment for the purpose of lending his or her name (credit) to another party on that instrument.

alteration (material) In commercial paper, the modifi­cation of the terms of an instrument that results in a change of the contract of any party on that instrument.

bailee The person to whom a bailor has entrusted or transferred personal property without transferring title.

bailment The creation of a legal relationship through de­livery or transfer of personal property (but not title) by one person, called the bailor, to another person, called the bailee, usually for a specific purpose as directed by the bailor.

balor A person who entrusts or transfers personal prop­erty (but not title) to another, called the bailee, usually for the accomplishment of a specific purpose.

bank draft A draft by one bank on funds held by another bank.

bearer In commercial paper, the person possessing an in­strument either payable to anyone without specific desig­nation or one indorsed in blank.

bearer instrument An instrument either payable to any­one without specific designation or one indorsed in blank.

bill of lading A negotiable or nonnegotiable document of title evidencing the receipt of goods for shipment, with shipping instructions to the carrier. A negotiable bill of lad­ing is both a receipt and evidence of title to the goods shipped.

binder A temporary insurance contract formed when the insurance agent or broker accepts a prospective policy-holder's application.

blank indorsement An indorsement that specifies no particular indorsee and that usually consists of a mere sig­nature of the indorser.

certificate of deposit An instrument (essentially a note) that is an acknowledgment by a bank that it has received money and promises to repay the amount upon present­ment when due.

certificate of origin A document that designates the country from which goods originate.

certificate of title A written opinion by an attorney as to the validity of a title.

certified check A bank's guarantee (acceptance) by an appropriate signature that it will pay the check upon presentment

check A draft drawn on a bank (drawee) payable on demand.

CIF Cost, insurance, and freight; that is, the price charged by the seller includes not only the cost of the goods but also the cost of freight and insurance charges on the goods to the named destination.

COD Collect on delivery; that is, the buyer must pay for the goods before he or she can inspect or receive posses­sion of them.

commercial paper Instruments that are written prom­ises or obligations to pay sums of money (called drafts, checks, certificates of deposit, or notes). When used in Article 3 of the UCC, the term refers only to negotiable instru­ments; when used elsewhere, to negotiable and nonnegotiable instruments.

conditional indorsement An indorsement whereby the indorser agrees to be liable on the instrument only if a specified event takes place.

demand instrument An instrument which is payable immediately when the holder decides to present it.

depositary bank The first bank to which an instrument is transferred for collection.

dishonor In commercial paper, a refusal to pay or accept an instrument upon proper presentment.

documents of title Bills of lading, dock warrants, dock receipts, warehouse receipts, and any other paper that, in the regular course of business or financing, is evidence of the holder's night to obtain possession of the goods covered.

draft An instrument created by a party (the drawer) that orders another (the drawee) to pay the instrument to a third party (the payee); also called a bill of exchange.

drawee The person on whom a draft or check is drawn and who is requested (ordered) to pay the instrument. drawee bank A bank on which a draft or check is drawn, such bank being ordered to pay the instrument when it is duly presented.

drawer The person creating (drafting) a draft or check.

export license A license to ship goods or articles of commerce from a particular country.

ex-ship From the carrying vessel; a delivery term indicat­ing that the seller's risk and expense for shipment of goods by vessel extends until the goods are unloaded at the port of destination.

FAS Free alongside ship; a delivery term indicating that the seller must deliver goods to the designated dock along­side the vessel on which the goods are to be loaded and must bear the expenses of delivery to the dock site.

FOB Free on board; a delivery term indicating that the seller must ship the goods and bear the expenses of ship­ment to the FOB point of designation (which can be either the seller's or the buyer's place of business).

guaranty A promise to pay an obligation of a debtor if the debtor is in default.

holder Any person in possession of a document, security, or instrument that is drawn, issued, or indorsed to him or her.

holder in due course (HDC) A holder who takes an in­strument for value, in good faith, and without notice that the instrument is overdue or has been dishonored or that any defense or claim by any person exists against it.

holder through a holder in due course A holder who fails to qualify as a holder in due course but has the rights of one (by tow of assignment) if he or she can show that a prior holder of the instrument qualified as a holder in due course. This is referred to as the "shelter provision."

Import license A license allowing the importation of goods or articles of commerce into a particular country.

indorsee The person who receives an indorsed instrument

indorsement The signature of the indorser (usually on the back of an instrument) for the purpose of transferring an instrument and establishing the limits of his or her liability.

Indorsement for deposit A type of restrictive indorse­ment that requires the depositary bank to place into the ac­count of the restrictive indorser the amount of the instrument.

indorsement in trust A type of restrictive indorsement whereby the amount on the instrument is to be paid to the indorsee, who in turn is to use or hold the funds for the benefit of the indorser or a third party.

indorser The person who indorses an instrument, usu­ally for the purpose of transferring it to a third person.

irrevocable offer An offer or proposal that by law can­not be withdrawn by an offeror without liability.

legal title That which represents ownership of property.

letter of credit A letter authorizing one person to pay money, to extend credit, or to supply a commodity to a third person on the credit of the writer.

maker The person who creates or executes a promissory note or certificate of deposit.

maturity In commercial paper, the time when a debt or obligation is due.

negotiable document of title A document of title in which the terms state the goods are to be delivered to "bearer" or to the "order" of a named person. The person who is in legal possession of the document is entitled to the goods described therein.

negotiable instrument A signed written document that contains an unconditional promise or order to pay a sum certain in money on demand or at a definite time to the order of a specific person or to bearer. The document can be either a draft, a check, a certificate of deposit, or a note.

negotiation The transfer of an instrument in such form that the transferee becomes a holder.

nonnegotiable document of title A document of title which states hat the goods are to be delivered to a specific person or entity. Legal possession of this document is not tantamount to ownership of the goods.

nonnegotiable instrument An instrument that does not meet the requirements of negotiability under the UCC.

order instrument An instrument payable to a desig­nated payee or payees, or whomever they so direct, and re­quiring for its negotiation the indorsement of those persons.

payee The person to whom an instrument is made payable.

payment against documents A term in a contract that requires payment for goods upon receipt of their docu­ments of title, even though the goods have not as yet arrived.

payor bank The bank (drawee) on which an instrument is drawn (payable).

promise In commercial paper, an undertaking to pay an instrument. The promise must be more than a mere ac­knowledgment of an obligation, such as an IOU.

promisee The person who has the legal right to demand performance of the promisor's obligation. In a bilateral con­tract both the offerer and the offeree are promisees. In a unilateral contract only the offeree is the promisee.

promisor The person who obligates himself or herself to do something In a bilateral contract both offerer and offeree are promisors. In a unilateral contract only the offcror is the promisor.

promissory note A note containing the promise of the maker to pay the instrument upon presentment when due.

qualified indorsement An indorsement whereby the indorser docs not guarantee payment but does extend warranties to subsequent holders; usually a blank or special indorsement accompanied by the words without recourse.

qualified indorser An indorser who only guarantees that he or she has no knowledge of any defense against him or her.

real defenses In commercial paper, certain defenses listed in the UCC that can be asserted against any holder, including a holder in due course (sometimes referred to as universal defenses).

secondary party The drawer or indorser of an instrument.

special indorsement An indorsement diat specifies the person to whom or to whose order the instrument is pay­able and that requires a proper indorsement of the indorsee for lurther negotiation.

tenor In commercial paper, the exact copy of an instru­ment. If the amount of an instrument has been altered, the holder in due course can recover only the original amount on the instrument, called the original tenor.

time instrument An instrument which is payable at a specific future date.

itle A person's right of ownership in property. The ex­tent of this right is dependent on the type of title held.

title examination The buyer's investigation of a seller's title to real property.

title insurance A policy issued by an insurance company to compensate a buyer of real property for any loss he or she will suffer if the title proves to be defective.

Список рекомендованої літератури

1. CIB – Study text – Trade Finance – Payment and Services (p. 137, 146, 224, 332, 336, 237).

2. Сommercial paper, chapter 30 “Business Law”.

3. “Commercial paper” – The American Heritage”, Dictionary of the English Language. Third Edition copyright, 1992.

4. Контрактное право. Мировая практика. Собрание документов в 3-х томах, т. 1. Сделки. /Под редакцией и предисловием Г.В.Петровой, канд. юрид. наук – М., 1992.

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