Non-Power-Consuming, or Power-Passing, Devices Are Commonly Referred to as ____________________

question 27

Short Answer

Non-power-consuming, or power-passing, devices are commonly referred to as ____________________.

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Definitions:

Instrument

In legal and financial contexts, a formal document, such as a contract, will, or security, that has a legal effect or is meant to convey rights or obligations.

Original Payee

The initial recipient to whom a financial instrument, such as a check or promissory note, is made payable.

Revised Article 3

An update or modification to Article 3 of the Uniform Commercial Code (UCC), which governs negotiable instruments including checks and promissory notes.

Holder by Negotiation

Holder by negotiation refers to a person who has obtained possession of a negotiable instrument, such as a check, in a manner consistent with the statute's requirements for transfer, thereby acquiring the right to payment.