A two party instrument stating on its face "Pay to the order of Tom Smith" is:
A)A promissory note with Tom Smith as the payee.
B)A quitclaim deed with Tom Smith a grantor
C)A mortgage with the bank as the beneficiary
D)A deed of trust with Smith as the beneficiary

Question

A two party instrument stating on its face "Pay to the order of Tom Smith" is: ​
A)A promissory note with Tom Smith as the payee.
B)A quitclaim deed with Tom Smith a grantor
C)A mortgage with the bank as the beneficiary
D)A deed of trust with Smith as the beneficiary

Quizplus · Accepted Answer

This is a description of a promissory note, where "Pay to the order of Tom Smith" indicates that Tom Smith is the payee, meaning the person to whom the payment is to be made.

A Two Party Instrument Stating on Its Face "Pay to the Order