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A negotiable instrument is a written document, signed by the maker or drawer, containing an uncondi-tional promise to pay, or order to pay, a certain sum of money on delivery or at a definite time to the bearer, or to the order of. It can be transferred from party to party and accepted as a substitute for money.
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Title: Mastering negotiable instruments (UCC Articles 3 and 4) and other payment systems / Michael D. Floyd. Description: Second edition | Durham, North Carolina : Carolina Academic
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Two Distinctive Features of NI: Negotiability - it is that attribute or property whereby a bill or note or check may pass from hand to hand similar to money, so as to give the holder in due course the right to hold the instrument and to collect the sum payable for himself free from defenses.
The UCC defines a negotiable instrument as an unconditioned writing that promises or orders the payment of a fixed amount of money. Drafts and notes are the two categories of instruments. A draft is an instrument that orders a payment to be made. An example is a check.
A negotiable instrument is a written document, signed by the maker or drawer that contains an unconditional promise to pay a certain sum of money on delivery or at a definite time to the bearer.
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The following is a famous definition of a negotiable instrument as given in the English case of Crouch v Credit Foncier of England Ltd (1873) LR 8 QB 374. “where an instrument is by the custom of trade transferable like cash, by delivery, and is
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This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share ...
