The Ahmanson Ranch Development :: Ventura Country Environmental Essays

The Ahmanson Ranch Development It all started back in 1989 when Home Savings of America announced to build a giant new community consisting of 3,050 homes, two schools, two hotels, two golf courses and 400,000 square feet of commercial and industrial areas on the 5,400-acre Ahmanson Ranch located at the eastern end of Ventura county, adjacent to Los Angeles County. Even though the Ahmanson Ranch has been owned by Home Savings of America since 1963, the nature remained undisturbed all these past years. The ranch has become one of the important habitats for barely surviving native organisms including threatened or endangered species. For this and other important reasons, an organization, Friends of Ahmanson Ranch, was formed to stop the development with the support from other environmental organizations, local legislatures, politicians and public. Almost seven years have passed since the beginning of this issue, but the conflict still remain unsolved. What is interesting about this issue is the diversity in the reas on which the Friends of Ahmanson Ranch claims for protecting the Ahmanson Ranch from development. They point out a variety of reason, and they are not necessarily environmental opinion. First, the reasons of opposition starts from visible things such as plants and living organisms. President of the Native Plant Society San Gabriel Chapter, Melanie Baer, states that the wild grassland ecosystem of Agoura Hills located in the Ahmanson Ranch provides an important habitat for almost-extinct native plant species called Purple needle-grass, or Stipa pulchra. She also suggests that the mitigation of this plant will not be successful due to its difficulty and poor peripheral environment, such as golf course, of the mitigation site. Similaly, Dr. Barbara J. Collins, professor of biology at California Lutheran University, argues that the environmental impact report prepared for the development was inadequate and she points out the importance of the oak savannah along a North-facing slope of Lakey Mesa in the Ahmanson Ranch. According to her opinion, these oak trees are about 200 to 300 years old valley oaks and they are very sensitive species. A large portion of these oaks wi ll be removed, and the remaining will most likely not survive the environmental changes they will go through due to its sensitive nature. In addition, these plants create crucial habitat for other living organisms such as birds, mammals, invertebrates, amphibians and reptiles. Some of them are even listed in the Federal and State endangered and threatened species lists.

Negotiable Instruments in Banking

0 Assignment On Negotiable Instruments in Banking Course Title: Introduction to Banking Course Code: FIN-305 Assigned To: Mr. S. M. Athiqur Rahman Lecturer Dept. of Business Administration Leading University, Sylhet, Bangladesh. Prepared By: Md. Inzamam-Ul Haq Talukder ID. # 1101010342 Section: E 7th Semester (27th Batch) Leading University, Sylhet, Bangladesh D ATE OF SUBMISSION: APRIL 21, 2013 i Declaration This assignment paper has been prepared by myself which is the title â€Å"Negotiable Instruments in Banking† under the supervision of Mr. S. M. Athiqur Rahman, Lecturer in Dept. f Business Administration, Leading University, Sylhet, Bangladesh. The duplication of this paper is prohibited without the permission of Author. Author Md. Inzamam-Ul Haq Talukder ID. # 1101010342 7th Semester (27th Batch) Leading University, Sylhet, Bangladesh ii Acknowledgement I would like to acknowledge the contributions of the individuals to the development of this assignment paper: Our clas s peer research group for the cooperation and camaraderie. I am also heartily thankful to my course teacher, Mr. S. M. Athiqur Rahman, Lecturer in Dept. f Business Administration, whose encouragement, guidance and support from the initial to the final level enabled me to develop an understanding of the subject. To my truly great friend Tanvir who has made available his support in a number of ways. Lastly, I offer my regards and blessings to all of those who supported us in any respect during the completion of the project. Md. Inzamam-Ul Haq Talukder Dept. of Business Administration ID. # 1101010342 iii Contents Sl. i. ii. iii. iv. v. vi. vii. Chapters Contents Name Abstract Page Number 1 2-4 5 – 16 17 – 18 19 – 20 21 – 22 23First Chapter Second Chapter Third Chapter Fourth Chapter Fifth Chapter Introduction General Context of the Study Data Collection and Limitation Result and Discussion Conclusion References iv Abstract Negotiable instruments are mainly governed by state statutory law. Every state has adopted Article 3 of the Uniform Commercial Code (UCC), with some modifications, as the law governing negotiable instruments. The UCC defines a negotiable instrument as an unconditioned writing that promises or orders the payment of a fixed amount of money. Drafts and notes are the two categories of instruments.A draft is an instrument that orders a payment to be made. An example is a check. A note is an instrument that promises that a payment will be made. Certificates of deposit (CD's) are notes. Drafts and notes are commonly used in business transactions to finance the movement of goods and to secure and distribute loans. To be considered negotiable an instrument must meet the requirements stated in Article 3. Negotiable instruments do not include money, payment orders governed by article 4A (fund transfers) or to securities governed by Article 8 (investment securities).The rule of derivative title, which is applicable in most area s of the law, does not allow a property owner to transfer rights in a piece of property greater than his own. If an instrument is negotiable this rule is suspended. A good faith purchaser, who does not have any knowledge of a defect in the title or claims against it, takes title to the instrument free of any defects or claims. In relation to the suspension of the rule of derivative title, Article 3 provides for warranties to protect the parties in transactions involving negotiable instruments.Checks are negotiable instruments but are mainly covered by Article 4 of the UCC. Secured transactions may contain negotiable instruments but are predominantly covered by Article 9 of the UCC. If there is a conflict between the Articles of the UCC both Article 4 and 9 govern over Article 3. 1 First chapter: Introduction 2 1. 1. Statement of The Study The word negotiable means ‘transferable by delivery’ and the word ‘instruments’ means a written document by which a righ t is created in favor of a person. Thus, the term negotiable instruments literally refer to a document containing rights that can be transferred by elivery. According to Section 13 (a) of the Act, â€Å"Negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer, whether the word ‘order’ or ‘bearer’ appear on the instrument or not. † The rights that could be incorporated in negotiable instruments may be rights for payment of money arising out of various contracts such as the contract of loan, sale, lease, or any other contract performed by payment of a certain amount of money. Such rights may also arise from ownership in companies or loan made to the government or to a share company.The rights that are incorporated in negotiable instruments may be rights to receive goods under voyage or deposited in a warehouse. According to this provision, the holder of negotiable instruments can transfer the rights incorporated in the instrument by transferring the instrument. Similarly, a person who claims the rights incorporated in negotiable instruments may enforce or exercise them only if he has possession of the instrument, i. e. , he should be a holder to whom the instrument is issued or transferred following the rules governing its transfer.He must also present the instrument to the person who is supposed to perform the obligations arising out of the instrument. The fact that the rights incorporated in negotiable instruments may be transferred by the transfer of the instrument and the fact that a person may not exercise or enforce them unless he is in possession of the instrument are the two main features which distinguish negotiable instruments from other documents evidencing rights such as a title deeds whose transfer does not transfer the rights they establish.Another point that has to be noted here is that negotiable instruments are issued or negotiated based on other contracts. Fo r instance, a person may issue a bill of exchange to repay the money he has borrowed from the payee, the company issues a share certificate or debenture certificate as evidence of the person‘s right arising out of contract of partnership creating the company or a contract of loan respectively. The warehouse person or the carrier issues the warehouse goods deposit certificate or the bill of lading / consignment note based on contracts of warehousing or carriage respectively.Finally, the definition of negotiable instruments under the Ethiopian law is much wider than the one adopted by most legal systems, particularly those following the Common Law tradition. This is evident from the Uniform Commercial Code of the United States and the Bill of Exchanges Act of 1882, which restricts the concept to bills of exchange, cheques and promissory notes. 3 1. 2. Objectives of the Study Objective means the main reason or the main goals of the study. Here after this study we should be able t o- ? Understand meaning, essential characteristics and types of negotiable instruments; ?Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque; ? Explain capacity and liability parties to a negotiable instruments; and ? Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments. 4 Second chapter: General Context of the Study 5 2. 1. Literature Review The term, negotiable instrument means a written document which creates a right in favor of some person and which is freely transferable.Although the Act mentions only these three instruments (such as a promissory note, a bill of exchange and cheque), it does not exclude the possibility of adding any other instrument which satisfies the following two conditions of negotiability: a) the instrument should be freely transferable (by delivery or by endorsement. and delivery) by the custom of t he trade; and b) the person who obtains it in good faith and for value should get it free from all defects, and be entitled to recover the money of the instrument in his own name.A negotiable instrument is a document which includes a promise to pay a set sum of money to the bearer of the document either on demand or on a given date. The instrument can be freely transferred without the need to notify the person from whom it originated. Negotiable instruments are used to enable trade, because without them, people would be obliged to exchange money in person for all sorts of transactions, and this would quickly become unsafe in addition to unwieldy.One simple example of a negotiable instrument is a check. A check is written out to the bearer for a specific amount. The bearer can take the check to a bank and deposit it, thereby transferring the obligation to the bank. The bearer can also sign the check over to someone else, another example of a transfer. Checks also demonstrate another important property of negotiable instruments, which is that people need to have them in hand to redeem or negotiate them. If the document is lost, it cannot be called upon.As such, documents like share warrants payable to bearer, debentures payable to bearer and dividend warrants are negotiable instruments. But the money orders and postal orders, deposit receipts, share certificates, bill of lading, dock warrant, etc. are not negotiable instruments. Although they are transferable by delivery and endorsements, yet they are not able to give better title to the bona fide transferee for value than what the transferor has. 6 2. 2. Characteristics of a Negotiable Instrument A negotiable instrument has the following characteristics: ? Property:The possessor of the negotiable instrument is presumed to be the owner of the property contained therein. A negotiable instrument does not merely give possession of the instrument but right to property also. The property in a negotiable instrument ca n be transferred without any formality. In the case of bearer instrument, the property passes by mere delivery to the transferee. In the case of an order instrument, endorsement and delivery are required for the transfer of property. ? Title: The transferee of a negotiable instrument is known as ‘holder in due course. A bona fide transferee for value is not affected by any defect of title on the part of the transferor or of any of the previous holders of the instrument. ? Rights: The transferee of the negotiable instrument can sue in his own name, in case of dishonor. A negotiable instrument can be transferred any number of times till it is at maturity. The holder of the instrument need not give notice of transfer to the party liable on the instrument to pay. ? Presumptions: Certain presumptions apply to all negotiable instruments e. g. , a presumption that consideration has been paid under it.It is not necessary to write in a promissory note the words ‘for value receive d’ or similar expressions because the payment of consideration is presumed. The words are usually included to create additional evidence of consideration. ? Prompt Payment: A negotiable instrument enables the holder to expect prompt payment because a dishonor means the ruin of the credit of all persons who are parties to the instrument. 7 2. 3. The Nature and Purpose of Negotiable Instruments Negotiable instruments represent one form of property rights, i. e. exercised over incorporeal things â€Å"chose in action. † In other words, they are property rights in relation to objects of property which do not have physical or material existence and hence which cannot be perceived by the senses. A right of action under contract is a class of property known as ‘chose in action’ and can be distinguished from a corporeal movable property/ a ‘chose in possession’ which represent property rights exercised in relation to objects which have material or phy sical existence and hence can be perceived by the senses such as a book, a table or a watch.A holder of this type of property right must have actual possession of the object to exercise rights arising there from. Rights incorporated in negotiable instruments, rights of an inventor arising out of a grant of a patent in respect of his invention, rights of a copyrights holder, and rights of a trader in respect of his trademark, trade name and goodwill are instances of chose in action. Negotiable instruments also represent one kind of contract as every instrument embodies a contract or promise to pay a certain amount of money or to deliver goods according to terms agreed up on.As contracts, the general rules of contract shall apply unless they are specifically excluded from application by the special law applicable to negotiable instruments. As a result, the requirements necessary for the formation of a valid contract must be fulfilled for issuance of a valid and enforceable negotiable instrument. Hence, the parties who sign a negotiable instrument must have capacity under the law to enter into juridical acts, i. e. , minors and judicially interdicted persons may not create a valid contract through negotiable instruments.Furthermore, as a contract, any declaration or promise made on negotiable instruments must be accompanied by the signature of the person bound by such declaration or promise. Failure to comply with the requirements as to capacity and signature may be raised as a defense against any person who claims based on the instrument even against the holder in due course who, under other cases, is considered to be free from defenses available against the person who transferred the instrument to him. The parties must give their consent, which must be free from defects such as mistake, fraud, duress.The object of the contract must also be legal and possible. Where the contract does not fulfill requirements as to consent and object, a party affected may raise i t as a defense to avoid the contract and liability under the instrument. However, because of the special nature of these instruments, such defenses cannot be raised against a person, who acquires the instrument following the rules of transfer applicable to the instrument, and in good faith. 8 The main purpose of negotiable instruments is facilitation of commercial transactions.Commercial instruments are substitutes for money and are used as means of performance of money obligations. Dealing with them reduces the risk of loss or theft and the ease with which they can be transferred creates convenience which will in turn facilitate business. Transferable securities have the purpose of raising capital in the form of contributions made by purchase of shares and bonds, which is used for starting new businesses or expansion of existing businesses thereby increasing the production of goods and services in the country.A document of title to goods, whose negotiation transfers the goods repre sented by them, creates convenience and facilitates transactions involving the goods. For instance, a person selling warehoused goods can do so by endorsing and transferring the certificate of deposit and without the need to actually deliver the objects. When we come to the specific purposes of commercial instruments, promissory notes can be used as means of borrowing money, buying goods and services on credit and as method of evidencing a pre-existing debt.Certificates of deposit can be used as a device for encouraging individuals to deposit funds in banks; in return the holder of the certificate has the right to receive interest. Bills of exchange on the other hand have the purpose of collecting accounts financing, the movement of goods, and transfer funds. Checks serve as â€Å"vehicles for transfer of money and also used to aid in keeping records, reduces the risk of loss and destruction and theft of currencies. † 9 2. 4.Types of Negotiable Instrument Section 13 of the Ne gotiable Instruments Act states that a negotiable instrument is a promissory note, bill of exchange or a cheque payable either to order or to bearer. Negotiable instruments recognized by statute are: (i) Promissory notes (ii) Bills of exchange (iii) Cheques. Negotiable instruments recognized by usage or custom are: (i) Hundis (ii) Share warrants (iii) Dividend warrants (iv) Bankers draft (v) Circular notes (vi) Bearer debentures (vii) Debentures of Bombay Port Trust (viii) Railway receipts (ix) Delivery orders. 2. 4. 1.Promissory Notes Section 4 of the Act defines, â€Å"A promissory note is an instrument in writing (note being a bank-note or a currency note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments. † Essential elements: 1. It must be in writing 2. It must certainly an express promise or clear understanding to pay 3. Promise to pay must be unconditio nal 4. It should be signed by the maker 5. The maker must be certain 6. The payee must be certain 7. The promise should be to pay money and money only 8.The amount should be certain; and 9. Other formalities regarding number, place, date, consideration etc. 10 2. 4. 2. Bill of Exchange Section 5 of the Act defines, â€Å"A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument†. A bill of exchange, therefore, is a written acknowledgement of the debt, written by the creditor and accepted by the debtor. There are usually three parties to a bill of exchange drawer, acceptor or drawer and payee.Drawer himself may be the payee. Essential conditions of a bill of exchange: 1. It must be in writing. 2. It must be signed by the drawer. 3. The drawer, drawee and payee must be certain. 4. The sum payable mu st also be certain. 5. It should be properly stamped. 6. It must contain an express order to pay money and money alone. 7. The order must be unconditional. Bills can be classified as: ? Inland and foreign bills. ? Time and demand bills. ? Trade and accommodation bills. 2. 4. 3. Cheques Section 6 of the Act defines â€Å"A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand†.A cheque is bill of exchange with two more qualifications, namely, (i) it is always drawn on a specified banker, and (ii) it is always payable on demand. Consequently, all cheques are bill of exchange, but all bills are not cheque. A cheque must satisfy all the requirements of a bill of exchange; that is, it must be signed by the drawer, and must contain an unconditional order on a specified banker to pay a certain sum of money to or to the order of a certain person or to the bearer of the cheque. It does not require acceptance. 11Specimen of a Cheque ABC Bank Date_____________ Pay ‘A;——————————————————————————–or the bearer sum of rupees———————————————————————————only. Rs——-/A/c No———LF—–Sd/No——————— Distinction between Bills of Exchange and Cheque: 1. A bill of exchange is usually drawn on some person or firm, while a cheque is always drawn on a bank. 2. It is essential that a bill of exchange must be accepted before its payment can be claimed a cheque does not require any such acceptance. . A cheque can only be drawn payable on demand, a bill may be also drawn payable on demand, or on the expiry of a certain period after date or sight. 4. A grace of three days is allowed in the case of time bills while no grace is given in the case of a cheque. 5. The drawer of the bill is discharged from his liability, if it is not presented for payment, but the drawer of a cheque is discharged only if he suffers any damage by delay in presenting the cheque for payment. 6. Notice of dishonor of a bill is necessary, but no such notice is necessary in the case of cheque. . A cheque may be crossed, but not needed in the case of bill. 8. A bill of exchange must be properly stamped, while a cheque does not require any stamp. 9. A cheque drawn to bearer payable on demand shall be valid but a bill payable on demand can never be drawn to bearer. 10. Unlike cheques, the payment of a bill cannot be countermanded by the drawer. 12 2. 4. 4. Hundis A â€Å"Hundi† is a negotiable instrument written in an oriental language. The term hundi includes all indigenous negotiable instruments whether they be in the form of notes or bills.The word ‘hundi’ is said to be derived from the Sanskrit word ‘hundi’, which means â€Å"to collect†. They are quite popular among the Indian merchants from very old days. They are used to finance trade and commerce and provide a fascicle and sound medium of currency and credit. Hundis are governed by the custom and usage of the locality in which they are intended to be used and not by the provision of the Negotiable Instruments Act. In case there is no customary rule known as to a certain point, the court may apply the provisions of the Negotiable Instruments Act.It is also open to the parties to expressly exclude the applicability of any custom relating to hundis by agreement (lndur Chandra vs. Lachhmi Bibi, 7 B. I. R. 682). 2. 5. Parties to Negotiable Instruments 2. 5. 1. a) b) c) d) 2. 5. 2. a) b) c) d) e) f) g) h) i) 2. 5. 3. a) b) c) d) Parties to a Promissory Note Maker Payee Holder The indorser and indorsee (the same as in the case of a bill) Parties to Bill of Exchange Drawer Drawee Acceptor Payee Indorser Indorsee Holder Drawee in case of need Acceptor for honor Parties to a Cheque Drawer Drawee Payee The holder, indorser and indorsee (the same as in the case of a bill or note). 3 2. 6. Functions of Negotiable Instruments Negotiable instruments serve the following functions: ? Substitute for money ? Credit device ? Record-keeping device Most purchases by businesses and many individuals are made by negotiable instruments instead of cash. 2. 7. Endorsement The word ‘endorsement’ in its literal sense means, writing on the back of an instrument. But under the Negotiable Instruments Act it means, the writing of one’s name on the back of the instrument or any paper attached to it with the intention of transferring the rights therein.Thus, endorsement is signing a negotiable instrument for the purpose of negotiation. The person who effects an endorsement is called an ‘endorser’, and the person to whom negotiable instrument is transferred by endorsement is called the ‘endorsee’. Essentials of a valid endorsement: The following are the essentials of a valid endorsement: 1. It must be on the instrument. The endorsement may be on the back or face of the instrument and if no space is left on the instrument, it may be made on a separate paper attached to it called allonage. It should usually be in ink. 2.It must be made by the maker or holder of the instrument. A stranger cannot endorse it. 3. It must be signed by the endorser. Full name is not essential. 4. It may be made either by the endorser merely signing his name on the instrument (it is a blank endorsement) or by any words showing an intention to endorse or transfer the instrument to a specified person (it is an endorsement in full). 5. It must be completed by delivery of the instrument. The delivery must be made by the en dorser himself or by somebody on his behalf with the intention of passing property therein. 6.It must be an endorsement of the entire bill. A partial endorsement i. e. which purports to transfer to the endorse a part only of the amount payable does not operate as a valid endorsement. If delivery is conditional, endorsement is not complete until the condition is fulfilled. 14 The payee of an instrument is the rightful person to make the first endorsement. Thereafter the instrument may be endorsed by any person who has become the holder of the instrument. The maker or the drawer cannot endorse the instrument but if any of them has become the holder thereof he may endorse the instrument (Sec. 51).The maker or drawer cannot endorse or negotiate an instrument unless he is in lawful possession of instrument or is the holder there of. A payee or indorsee cannot endorse or negotiate unless he is the holder there of. 2. 8. Dishonor of a Negotiable Instrument When a negotiable instrument is d ishonored, the holder must give a notice of dishonor to all the previous parties in order to make them liable. A negotiable instrument can be dishonored either by non-acceptance or by non-payment. A cheque and a promissory note can only be dishonored by non-payment but a bill of exchange can be dishonored either by nonacceptance or by non-payment. . 8. 1. Dishonor by non-acceptance (Section 91) A bill of exchange can be dishonored by non-acceptance in the following ways: 1. If a bill is presented to the drawee for acceptance and he does not accept it within 48 hours from the time of presentment for acceptance. When there are several drawees even if one of them makes a default in acceptance, the bill is deemed to be dishonored unless these several drawees are partners. 2. When the drawee is a fictitious person or if he cannot be traced after reasonable search. 3.When the drawee is incompetent to contract, the bill is treated as dishonored. 4. When a bill is accepted with a qualified acceptance, the holder may treat the bill of exchange having been dishonored. 5. When the drawee has either become insolvent or is dead. 6. When presentment for acceptance is excused and the bill is not accepted. 15 2. 8. 2. Dishonor by non-payment (Section 92) A bill after being accepted has got to be presented for payment on the date of its maturity. If the acceptor fails to make payment when it is due, the bill is dishonored by nonpayment.In the case of a promissory note if the maker fails to make payment on the due date the note is dishonored by non-payment. A cheque is dishonored by non-payment as soon as a banker refuses to pay. An instrument is also dishonored by non-payment when presentment for payment is excused and the instrument when overdue remains unpaid (Sec 76). 2. 9. Working Definitions ? Negotiable means transferable. The negotiation that goes on refers to the transfer of the instrument between two people, or from one bank to another, or even from one country to ano ther. In the broadest sense, almost any agreed-upon medium of exchange could be considered a negotiable instrument. In day-to-day banking, a negotiable instrument usually refers to checks, drafts, bills of exchange, and some types of promissory notes. ? A Negotiable Instrument is a written order promising to pay a sum of money. ? Banking is the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. 16 Third chapter: Data Collection and Limitation 17 3. 1. Sources of the Data Secondary Sources: For making this study paper, I have collected necessary data from various secondary sources, where data already exists. Because it is cheaper to use and easy to find than having to carry out the research again. Secondary information such as definitions, instruments insights and functions were collected from books of different authors, internet articles and various researches. 3. 2. Limitations of the Data Collection Every study, no matter how well it is conducted has some limitations. When making this assignment, there were also some unavoidable limitations.First, because of the limited time limit, this study was conducted only on a small amount of data. Therefore, this study is little less informative. Also lack of required data. Lack of in-depth knowledge of the topic. Finally, the complexity of the study, as well as the scarcity of related information might decrease the performance of the research. 18 Fourth chapter: Result and Discussion 19 4. 1. Findings In this study I have found a lot of essential knowledge about Negotiable Instruments that are used in banking sectors. Some of them are given below? The instruments should be freely transferable.An instrument cannot be negotiable unless it is such and in such state that the true owner could transfer by simple delivery or endorsement and delivery. ? Negotiability involves two elements namely, transferability free from e quities and transferability by delivery or endorsement. ? The holder of the instrument is presumed to be the owner of the property contained in it. ? ? All Negotiable Instruments are freely transferable. The instrument is transferable till maturity and in case of cheques till it becomes stale (on the expiry of 6 months from the date of issue). Certain equal presumptions are applicable to all negotiable instruments unless the contrary is proved. ? Finally, every negotiable instrument was made or drawn for consideration irrespective of the consideration mentioned in the instrument or not. 20 Fifth chapter: Conclusion 21 5. 1. Final decision: In this study we have understood the concept of Negotiable Instruments and how different negotiable instruments are supporting Banking Sectors. A negotiable instrument is a piece of paper which entitles a person to a sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.The characteristic s of a negotiable instrument are easy negotiability, transferee gets good title, and also transferee gets a right to sue in his own name and certain presumptions which apply to all negotiable instruments. There are two types of negotiable instruments (a) Recognized by statue: Promissory notes, Bill of exchange and cheques and (b) Recognized by usage: Hundis, Bill of lading, Share warrant, Dividend warrant, Railway receipts, Delivery orders etc.The parties to bill of exchange are drawer, drawee, acceptor, payee, indorser, indorsee, holder, drawee in case of need and acceptor for honor. The parties to a promissory note are maker, payee, holder, indorser and indorsee while parties to cheque are drawer, drawee, payee, holder, indorser and indorsee. Negotiation of an instrument is a process by which the ownership of the instrument is transferred by one person to another. There are two methods of negotiation: by mere delivery and by endorsement.In its literal sense, the term ‘indors ement’ means writing on an instrument but in its technical sense, under the Negotiable Instrument Act, it means the writing of a person’s name on the face or back of a negotiable instrument or on a slip of paper annexed thereto, for the purpose of negotiation. A bill may be dishonored by non-acceptance (since only bills require acceptance) or by non-payment, while a promissory note and cheque may be dishonored by non-payment only. Noting means recording of the fact of dishonor by a notary public on the bill or paper or both partly.Protest is a formal notarial certificate attesting the dishonor of the bill. The term ‘discharge’ in relation to negotiable instrument is used in two senses, viz. , (a) discharge of one or more parties from liability thereon, and (b) discharge of the instrument. 22 References Michael D. Floyd. â€Å"Mastering Negotiable Instruments: Ucc Articles 3 and 4 and Other Payment Systems (Mastering Series)†. Published Jun 30, 2008 Law of Negotiable Instruments, 6th edition 2007 – By Tan Peng Chin LLC Chapter 73 — Negotiable Instruments: http://www. eg. state. or. us/ors/073. html DocsFiles: http://docsfiles. com/pdf_ negotiab le_instruments. html Ethiopian Legal Brief: http://chilot. me/teaching-materials/insurance-banking-and-negotiable-instruments/ FindThatDoc: http://www. findthatdoc. com/search-95781382-hPDF/download-documents-bltch19pdf. htm Wikipedia, the free encyclopedia: http://en. wikipedia. org/wiki/Negotiable_instrument Wikipedia, the free encyclopedia: http://en. wikipedia. org/wiki/Negotiable_Instruments_Act,_1881 23

The Effects of Alcohol on the Body Essay - 1555 Words

The Effects of Alcohol on the Body You are in college, you are at a party, and you are drunk. You, and the people around you, know you are drunk by your disorientated behavior but do they know what is causing you to act in this manner? Most likely not. Most people do not think about what the alcohol inside them is doing, the only thing they are worried about is the buzz that they get from it. Moderate drinking is alright but drinking excessively can wear out the body. Three important things to know about alcohol are how it enters and leaves the body, the effects of alcohol, and how the body responds to alcohol. After the drink is consumed, the alcohol enters the blood stream. After it enters the blood stream it dissolves in the†¦show more content†¦After the alcohol in the alveolar is exhaled, a breathalyzer can detect the blood alcohol content of the individual. Lastly, the liver takes care of whatever alcohol is left in the body. Alcohol in beverages is known as ethyl alcohol, more commonly known as ethanol. This ethanol is chemically broken down in the liver. The enzyme, alcohol dehydrogenase, strips electrons from the ethanol to form acetaldehyde. Another enzyme, aldehyde dehydrogenase, with the help of oxygen, will convert the acetaldehyde into acetic acid. The acetic acid can be used for to form fatty acids or if further broken down into carbon dioxide and water. The rate at which alcohol affects the body is determined by three things: the concentration of the alcohol, the type of drink, and whether the stomach is full or empty. The higher the concentration the faster the body absorbs it in the blood. When drinking carbonated beverages it tends to speed up the rate for the body to absorb the alcohol. Lastly, the more food in the stomach, the more time it takes for the alcohol to get absorbed. First off, the body responds to alcohol in a series of stages which correspond to an increase in the blood alcohol content (BAC). Blood alcohol content is the amount of alcohol that can be found in the bloodstream. The first stage is euphoria, which has a BAC of .03 to .12 percent. In this stage the person loses their judgment, they mayShow MoreRelatedEffects Of Alcohol On The Body1486 Words   |  6 PagesBilly Creger Judge Guffee Juvenile Court 9 November 2015 Effects of Alcohol on the Body By the time this paper has been read approximately twenty-five people will be seriously injured in an alcohol-related accident. Alcohol can be very harmful in many ways if used incorrectly. The following is just a few of the many ways it can negatively affect one s health. In 1994 a survey was taken among one hundred and forty nationwide college campuses. 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Key Components Of School Strategy - 1031 Words

Key components of school strategy are â€Å"based on behavioral theory and knowledge of risk and protective factors, developmentally appropriate information about alcohol and other drugs, development of personal, social, and resistance skills, emphasis on normative education†¦Ã¢â‚¬ ¦, and culture sensitivity. (â€Å"School Strategies†)† Schools play an important role in the prevention of drinking because this is where peer pressure and trying to fit in really comes in to play. Along with school strategy there is also extracurricular activities strategy. Involvement in extracurricular activities have been shown to â€Å"better development of life skills, greater communication skills, fewer psychosocial problems, decreased involvement in risky behaviors, decreased juvenile delinquency and violence, decrease risk of dropping out of school, increased academic achievement, and increased safety. (â€Å"Extracurricular Strategies†)† Students that keep busy d oing extracurricular activities spend more time thinking about activities and less time on trying to fit in. College is a new experience for many students and they are trying to fit in. As college students try to fit drinking becomes a temptation because it is considered the social norm. When students are involved in extracurricular activities it makes them more responsible and more active members in their community and/or school. Along with school strategy and extracurricular activities strategy there is family strategy. 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Kayleigh Poudrier. Hist 221-002. Professor Marram. 31 March

Kayleigh Poudrier HIST 221-002 Professor Marram 31 March 2017 It is hard to imagine what it must have felt like to be the Cherokee Indians in the year of 1838. However, in order for one to try to come to some sort of empathetic conclusion, it may be necessary to imagine themselves living and growing up somewhere their whole lives in a place that they love. They would need to imagine having such strong connections to the place that they have called their home and the land surrounding it, and being unable to even comprehend what they would do if they lost their home. For one to attempt an understanding they must imagine that this meaningful home of theirs is being taken away and is no longer theirs to call home. They need to preview images†¦show more content†¦Settlers would often steal their livestock, kicking Native Americans out of their homes and taking them, and harming any single person who opposed to their invasive tactics.(Thornton290). The Trail of Tears began when white settlers found themselves in favor of the land that belon ged to a plethora of Native American tribes such as the Choctaw, Chicasaw, Seminole, and the Cherokee. The United States had been expanding, and was working towards expanding into the southern land. According to the white settlers who were after this land the Indians â€Å"were standing in the way of progress†(â€Å"Indian Removal† para. 1). The white settlers were after large, vast, and fertile stretches of land and did not care as to whether or not the land was already inhabited. Andrew Jackson was the president during the 1830’s when this need for settlement had been occurring. According to the article â€Å"The Age of Jackson† published on the website U.S History, President Jackson’s democracy was not an inclusive system to everyone who made the United States their home. The article states that Jackson had no desire to include woman as equals in politics and made no effort to deal with the slavery that was going on in the country. Since Jackson did not include woman and slaves in his democracy, Native Americans were to receive no special treatment, especially when they were viewed to be interfering with the main goal of settlement(â€Å"The Trail of

Amityville Horror Essay Example For Students

Amityville Horror Essay I did my book report on the Book ,The Amityville Horror. Let me justsay that this is one of the scariest books I have ever read. Its about a housein Amityville, New York that has some thing very terribly evil and wrong in it.They moved there to get away from city life, and brought themselves straight intowhat I think was the very heart of evil. Things go wrong, people get sick, hurt,and nearly killed. Things seem to appear when they arent there, or stuff willmove. Sometimes a violent force would shove someone or knock things over, andstuff would appear somewhere else. One thing that scared me most was a creaturethat the youngest daughter called, Judy would run around outside ofthe house. Sometimes it would be in the basement, or looking into windows. Itwas a pig looking beast that walked on two hoofed feet and had red eyes, Ishudder to think about such a thing. One part that was REALLY bad was when theyfound a secret room in the basement. It was small, and the walls were blood red,maybe even painted with blood. They think that a cult may have lived there firstand used that room for something, that I will not go into. There was this onetime, a pastor came to exercise the house, but when he tried a deep rough voicescreamed GET OUT. Afterwards, he became very sick, he had the flu and a badrash. He couldnt hold down his food and felt bad for days. But in the end hebecame well again. This book is scary, I would not recommend it to any one under13. I personally love books like this and if you do too I suggest to get a copy.

Managing Financial Information

Introduction The modern day business environment is characterized by many challenges that require the management to be apt in making decisions that will ensure that the businesses achieve their set goals and objectives (Ambrose Schminke, 2003, p. 56). The performance of management is measured by its ability to steer the organization to the right direction in line with the set strategy mission and vision.Advertising We will write a custom assessment sample on Managing Financial Information specifically for you for only $16.05 $11/page Learn More There are numerous means of measuring the success or failure of organizations. These range from the traditionally known financial measures such as profitability to the modern day combination of both the financial and the non-financial measures (Allen Gregory, 2011, p. 180). This consultancy report provides an analysis of J Sainsbury Plc. The Statements Consulted In this analysis of J Sainsbury Plc, there were tw o financial statements that were consulted in order to come up with the financial analysis. The income statement is the premier financial statement that indicates whether a company is making profits or not (Madura, 1999, p. 48). The second financial statement that was consulted is the balance sheet. This is a financial statement that indicates the financial position of a business entity at a given time. The essence of a balance sheet is to point out the sources and uses of funds that have been invested by owners and indicate the health position of the company in terms of cash availability, debt ratios and the returns on the capital employed (Supranyam, Hasley, 2007, p. 86). Ratios to Measure the Performance of the Company There are three main ratios that are used to indicate the financial performance of a company. The ratios are the current ratio, the net profit ratio, and the return on capital employed (ROCE). The importance of the current ratio is that it allows the business to k now its ability to meet its current liabilities using the current assets available (Wendy Mayer, 2003, p. 88). The non-current assets are the most illiquid assets and in a situation where the business wants to pay off the liabilities owed, it would be almost impossible to the business to convert these fixed assets to cash at their market prices (Vance, 2003, p. 102). It is therefore admirable that a business maintain current assets that are more than the current liabilities so as to ensure that the business is able to fund the liabilities as they fall due. From the calculation below, the current ratio of J Sainsbury Plc seems okay since the company can pay off its currents liabilities using the current assets and as such, the liquidity position is healthy.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The other financial ratio used is the net profit ratio, which measures the Net pr ofit over sales and shows the percentage of net profit per a unit of sales. For Sainsbury Plc, it is given by the following formula. The net profit percentage of the company is very low. A 4% net profit margin means that there could be other viable options where money can earn better returns than investing in J Sainsbury Plc. The final financial ratio to be used in the appraisal of the viability of Sainsbury Plc is the return on Capital Employed (ROCE). This shows the amount of benefit the capital contributors gain for the returns by the company and is used to evaluate the appropriateness of investing in that particular company (Baker, 1998, p. 113). Investors like putting their money of projects or investment options that given a higher rate of return that the market cost of capital or even the interest earned by depositing money in banks savings (Elspeth Peter, 2002, p. 201). The return on capital employed of 16% is a good indicator that the company is performing well. This is b ecause not many other investment options can guarantee a 16% return on investment and as such, the ‘predator’ company may be interested in taking over the company. Non Financial Factors In doing investment appraisal, the financial analysis may not be the only basis for making decisions (Henry, 2007, p. 95). This is because of the fact that the business entities operate in vast environments some which are non-quantifiable.Advertising We will write a custom assessment sample on Managing Financial Information specifically for you for only $16.05 $11/page Learn More While a business premier aim is to maximize the shareholders’ wealth and/ or profit maximization, there are other important considerations that the business must put in place before undertaking the various projects that it intends to or making the decisions that spell out the investment path. These factors include: Training requirements; machine B may be cheaper than machine A yet it requires specialized manpower that may be very expensive to recruit and train. Because of this, an expensive machine can be selected if it has less training requirements. Availability of spare parts and Servicing costs; some machines are quite expensive to service, in addition, their spare parts may not be readily available and this influences the choice of which machine the organization selects (Pauline Sidney, 2007, p. 154). Availability of after sales service; some companies may have favorable terms of sale for their machine. For instance, they can offer after sales services and training to staff on how to use the machine. This influences the choice of the machine to be acquired. The machines useful life; one machine may provide service to the organization for a long period compared to the other. For example, machine A may be more expensive but it provides 10 years of service. This will definitely influence the choice of the machine to be bought. Recommendation From th e above analysis, the overall performance of Sainsbury Plc is indicative of healthy operations and the takeover process can commence. The main indicator of this is the return on Capital employed (ROCE) which indicates a 16% return in the year. This is a good performance and with the right strategic measures put in place, the company health performance can be predicted with a high degree of certainty that it will be healthy. Investment Appraisal Net Present Value Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The net present value is a discounted cash flow method appraisal that takes into considerations the present value of the future cash flows to choose an investment decision that is acceptable (Buckley, 2000, p. 206). A project that offers maximum net present value of returns is considered the most preferred and as such, it is chosen as the preferable one. The importance of using the net present value is that it takes into consideration the cost of capital and also the all the cash flows involved (Eitemann Stonehill, 1998, p. 128). Using the net present value investment appraisal technique, the best machine to purchase will be machine A since it results in a higher net present value of  £ 17,912.00 compare to machine B’s  £ 16,185.00. Payback Method This is an investment appraisal method that is used to indicate the investment option that will recover the amount of money invested soonest (Shaprio, 2000, p. 188). This is used more so because businesses operate and decisio ns are made under uncertainty and as such, when finances are invested, the option that pays back earlier is considered less risky and hence preferable. When appraising a single project, the management sets a predetermined payback period where the project’s viability is determined by its ability to pay back the money invested within the predetermined period otherwise the project is rejected (Shleifer Vishny, 1992, p. 136). Using the payback period method the following information is obtained Using the payback period method, the company should purchase machine B since its payback period is shorter than that of machine A. Average Rate of return This is an investment appraisal method that looks at the investment cash outlay as a deposit and the net cash flows as an interest thus evaluating the amount the outlay generates (Van-Lelyveld Knot, 2008, p. 108). To obtain this, the net cash flow is divided by the total investment and the rate is obtained. Machine A Machine B Unde r the rate of return method project B is preferable since it offers a higher rate of return of 47% compared to the one of 43% on project A. Implications of the Differences between Machine A and Machine B The two machines are mutually exclusive meaning if we choose A, we reject B and if we select â€Å"B† we reject â€Å"A†. The company will have to pay more in the acquisition of machine â€Å"A† compared to machine â€Å"B†. Machine A costs 20,000 while machine â€Å"B† costs 15,000 even though both machines perform the same function. Even though Machine A is relatively expensive compared to â€Å"B†, the cash flows it generates in year 1, year 3, year 4 and year 5 are higher than the cash flows generated by machine B. for year 2, the cash flows from both machines are equal. Machine â€Å"A† compensates for its higher price by yielding a higher cash flow to the company. Similarly, when we take into account the terminal cash flow that both machines will yield at the end of their useful lives, we observe that machine â€Å"A† gives a total of 6000 while machine â€Å"B† gives only 2000. Similarly, if we take into account the total cash flows generated by each machine over their useful lives, machine â€Å"A† generates a total of 43,000 while machine B generates a total of 35,000. Machine A yields 8,000 more compared to machine â€Å"B†. The 8000 is greater than 5000 (20,000-15,000) which is the initial difference in the cost of the two machines. Investment Recommendation The NPV suggests that machine â€Å"A† is the best, while the payback period and the average rate of return indicates that machine â€Å"B† should be purchased. All investments are affected by time yet both the payback period and average rate of return ignore the time value of money. The payback period ignores the total return from machine â€Å"A†, and the timing of return before the payback period . It is true that machine â€Å"B† pays back in a shorter time, however, machine â€Å"A†, produces slow but significant returns. It should therefore not be rejected on the basis that it delays in producing returns. Similarly, the average rate of return gives a yearly average. Even though machine â€Å"B† has a high average return, machine â€Å"A† is much superior because its returns at the later stages are quite high compared to â€Å"B†. The method ignores the fluctuations in profits from year to year. Machine A should be selected based on the NPV results because it recognizes the fact that a dollar today is worth more than a dollar tomorrow, it takes into account absolute changes in cash flows, and can be effectively applied on non conventional cash flows. Machine A should be purchased. Public Sector Investment Decisions As opposed to the private sector, Public sector finance management is not a profit oriented undertaking. This therefore diffe rs from the business activities where the investment appraisal is geared towards making profit. In the public sector, finance decisions are made based on the investment option that will result into a better and a more valuable social benefit to the public (Alan, 1963, p. 102). Cost-Benefit Analysis Benefit Values Value of travel time savings $60.1 Reduced auto operating/ownership costs 14.4 Reliability 7.9 Road capacity for drivers 4.6 Reduction in car-related accidents 4.0 Reduction in auto-related accidents 3.0 Non-Financial Factors Relief of Congestion Traffic incidences account many of the much congestion on the road. For each minute that a road is blocked during a peak-hour travel, more than four minutes of travel delay. The traffic system may be economically unviable but its potential in reducing travel delay is a key benefit that can compel the police to invest in the computer aided traffic management system. Life Saving Similarly, computer-aided traffic sy stems increase the efficiency in detecting highway incidents. Such a system can save lives especially for individuals who are seriously injured in an accident. If these systems can help the hospital personnel to arrive at the scene within the shortest time possible, then more lives can be saved. For example in incidences of head trauma, the quick arrival of medical personnel can dramatically increase survival chances. List of References Alan, H 1963, Public finance and budgetary policy, Praeger Publishers, New York. Allen, N Gregory U 2011, ‘The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle’, Journal of Banking Finance , vol.7, pp. 236-49. Ambrose, M Schminke, M 2003, ‘Organizational structure as a moderator of the relationship between procedural justice, interactional justice, perceived organizational support, and supervisory trust’, Journal of Applied Psychology , vol. 5, no. 3, pp. 60-8 8. Baker, J 1998, International finance, Prentice Hall, New York. Buckley, A 2000, Multinational finance, Prentice Hall, New York. Eitemann, Stonehill, A 1998, Multinational business finance, Addison-Wesley, London. Elspeth, J Peter, R 2002, Fast forward: organizational change in a 100 days, Oxford University Press, London. Henry, A 2007, The internal environment of an organization, Oxford University Press, London. Madura, J 1999, International financial management, International thomson, New Jersey. Pauline, W Sidney, J 2007, ‘International financial analysis and comparative corporative performance’, Journal of International Financial Management and Accounting ,vol. 3,no. 10, pp. 111-30. Shaprio, A 2000, Multinational financial management, Wiley Sons, New York. Shleifer, A Vishny, R 1992, ‘Liquidation values and debt capacity: a market equilibrium approach’, The Journal of Finance ,vol. 6, no. 3, pp. 1343-66. Supranyam, K Hasley, R 2007, Financial st atement analysis, Mc Graw Hill, New York. Vance, D 2003, Financial analysis decision making: tools and techniques to solve management problems and make effective business decisions, McGraw Hill, New York. Van-Lelyveld, I Knot, K 2008, ‘Do financial conglomerates create or destroy value? Evidence for the EU’, Journal of Banking and Finance , vol.8, pp. 2312-21. Wendy, C Mayer, C 2003, ‘Finance investment and growth’, Journal of Financial Economics , vol. 69, pp. 110-326. This assessment on Managing Financial Information was written and submitted by user Alyvia N. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.