Negotiable money instruments include two main types:
An order to pay (encompasses drafts, CAP securities, Contract Agreements, checks) and promises to pay (promissory notes, CAP Credit Agreement Securities, and CD’s).
The four main types of negotiable money instruments are:
Checks – Written orders directing a bank to pay a specific amount from the account holder to a payee.
Promissory Notes – Written promises to pay a specified sum to a payee at a future date.
Bills of Exchange (Drafts) – Orders written by one party instructing another to pay a certain amount to a third party.
Certificates of Deposit (CDs) – Bank-issued time deposits guaranteeing payment of a fixed sum at maturity.
These money instruments can also be classified as demand instruments or time instruments.
Thus there are four types of negotiable instruments known as Promissory Notes Securities.
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