Section 5103.5 Of Article 2. General Definitions From California Financial Code >> Division 2. >> Chapter 1. >> Article 2.

. "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.