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commercial paper definition - legal

n

A negotiable instrument evidencing a debt to be unconditionally paid on demand or at a specified time and payable to order or to the instrumentÂ’s bearer; includes such instruments as certificates of deposit, checks, drafts, and notes. The use of commercial paper is generally governed by the Uniform Commercial Code. Also called paper. See also accommodation paper and chattel (chattel paper).

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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