What is the term used to describe John?

State the two types of negotiable instruments (commercial paper) and the characteristics of each. List the six requirements for negotiability and the characteristics of each. List the types of indorsements and the effects of each. John hands Sharon a promissory note, which reads as follows: “The undersigned promise to pay bearer the sum of $10,000 on December 31, 2015, with 6% interest per annum. s/John Smith” Sharon writes, “Pay Joe Johnson,” signs her name to the back of the document and gives it to Joe Johnson. What type of paper is it? What is the term used to describe John? Is the instrument negotiable? Why or why not? What type of instrument is it initially? What type of instrument is it once Sharon delivers it to Joe? A check is payable to the order of “George or Martha Washington.” What is this situation called and who must endorse the instrument to negotiate it? What is the other type of multiple payees? What is its effect? Which provides more protection for the drawer if the check is in payment of a debt? What are the requirements for an attached and perfected security interest? What is the meaning of each? What does being the highest priority give the secured party a right to do? List the priorities of secured parties to collateral. Who may repossess collateral? What requirements are there for repossession? Why do secured parties want to repossess collateral? When might they forego this right?

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