Negotiable Instruments – HBM & CO
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Negotiable Instruments

Negotiable Instruments:


Document of title or evidence of indebtedness that is freely (unconditionally) transferable in trading as a substitute for money. Negotiable instruments are unconditional orders or promise to pay, and include checks, drafts, bearer bonds, some certificates of deposit, promissory notes, and bank notes (currency).

A negotiable instrument has three principal attributes:

(1) an asset or property (that is the subject matter of the instrument) passes from the transferor to the transferee by mere delivery and/or endorsement of the instrument,

(2) a transferee accepting the instrument in good faith and for value (and who has no notice of any defect in the title of the transferor) obtains an indefeasible title and may sue on the instrument in his or her name, and

(3) no notice of the transfer need to be given to the party liable in the instrument.

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