What is COMMERCIAL PAPER

The term ” commercial paper ” means bills of exchange, promissory notes, bank-checks, and other negotiable instniments for the payment of money, enloswhich, by their form and on their face, purport to be such instruments as are. by the law- merchant. recognized as falling under the designation of ” commercial paper.” In re Hercules Mut. L. Assur. Soc., 6 Ben. 35, 12 Fed. Cas. COMMERCIAL 222 COMMISSION 12. Commercial paper means negotiable paper given in due course of business , whether the element of negotiability be given it by the law- merchant or by statute. A note given by a merchant for money loaned is within the meaning. In re Sykes, 5 Biss. 113, Fed. Cas. No. 13.708