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Code · California · Financial Code

§ 5103.5

63 words·~1 min read·/ca/financial-code/5103-5

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“Commercial paper” means any note, draft, or bill of exchange which arises out of a current transaction or the proceeds of which have been or are to be used for current transactions, and which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.
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