Section 13 Notes

• Library: Commercial Law 2007

An instrument containing a written promise made by one party (the “[m]aker,” defined in § 400.3-103(a)(5), RSMo Supp. 2006) to pay money to the order of another party (the “payee”) or to bearer is called a “note.” Section 400.3-104(e), RSMo Supp. 2006. Notes can be payable on demand or at a specified future time. Particular instruments that fall within the category of notes include:

• promissory notes; and

• certificates of deposit, which are notes by which a bank or similar financial institution...