“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.
Cal. Fin. Code § 5103.5
General Definitions
Known as the Savings Association Law
The act spans §§ 5000–10009 (387 sections).
Added by Stats. 1984, Ch. 225, Sec. 1
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.