What does a definite time mean on a negotiable instrument?
Definite time means that the exact time when the instrument is due can be calculated by looking at the instrument. 11. How is a demand instrument identified? It can be identified in one of two ways. The instrument recites it is payable upon demand or there are no reference to any due date such as a check. 12. When is a demand instrument payable? It is payable at any time when the holder of the instrument demands payment from the maker of the note or the drawee of the draft. 13. What is order paper? Order paper is paper which on the face states pay to the order of the payee or pay to the payee or order. 14. What is bearer paper? Bearer paper takes on six possibilities. It is bearer paper if it states: Pay to bearer Pay to order of bearer Pay to cash Pay to order of cash Pay to John Smith or bearer It is also a bearer instrument if the payee endorses the instrument in the blank on the reverse side. 15. Negotiable instruments must be in written form. The instrument must be permanent and p
