5103.5. '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.(Added by Stats. 1984, Ch. 225, Sec. 1. Effective June 21, 1984.)
California Legal Code