The primary benefit of a negotiable instrument is that it can be used as a substitute for money.

The drawee of a check is the financial institution where the drawer has an account.

A draft is an unconditional promise by the drawer to pay the drawee a fixed amount of money.

A promissory note that does not meet the requirements of negotiability is not enforceable.

Presentment is a demand for payment of a negotiable instrument upon the maker, drawee or other payor.

The transfer of a negotiable instrument by a person other than the issuer to the holder is

A promissory note that does not meet the requirements of negotiability is not enforceable.

As a holder, the payee of a note can either demand payment or indorse the note to another person.

Assuming that the check meets the requirements of negotiability, did Mary properly negotiate (transfer the right to receive the $50 as evidenced by the check) to Ben? Explain.

Wayne issues a note payable to Molly. Molly indorses the note in blank on the back and gives it to Jerry. Which of the following statements correctly describes the status of this instrument?