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+{{d|Negotiable instrument|/nɪˈgəʊʃiəbəl ˈɪnstrʊmənt/|n|}}An instrument conferring a right to a payment of money or the delivery assets which the [[bearer security|bearer]] can, without the [[issuer]]’s consent, transfer to a third party (a process known as, confusingly, as “[[negotiate|negotiating]]”).
+{{quote|
+''So I took my [[Negotiable cow|cow]] <br>
+''And I cashed it against the wall. <br>
+''I cashed it against the floor. <br>
+''I cashed it against the body of a varsity cheerleader. <br>
+''Cashed it against the hood of a car. <br>
+''Cashed it against a 1981 Harley-Davidson. <br>
+''And I ran upstairs to my parents’ bedroom, where<br>
+''Mommy and Daddy were sleeping quietly in the moonlight.
+''Slowly I opened the door — <br>
+''Creeping into the shadows, right up to the foot of their bed,  <br>
+''I raised the cow high above my head, <br>
+''And just as I was about to bring it crashing down —<br>
+''My father woke up, screaming “STOP!!” <br>
+''“Wait a minute! Stop it, boy! What do you think you’re ''doing''?” <br>
+''“That’s no way to treat an [[Negotiable cow|expensive negotiable instrument]]!” <br>
+''And I said, “Goddamn it, Daddy: you ''know'' I love you,” <br>
+''“But you’ve got a hell of a lot to learn about Rock ’n’ Roll.” <br>
+:—Jim Steinman,  ''Love, Death and an American Milking Devon''}}
 ===Bills of exchange and cheques===
 A [[bill of exchange]] is a primordial means of extending [[credit]], whose antecedents one would do well to understand, as quite a lot of contemporary business of extending credit depends on them. This stuff is not immediately intuitive, but when you get in to it, it has a logic of its own, and is rather fun. We recommend it.
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 At a high level, debt securities closely resemble promissory notes. They are a form of securitised [[loan]].
-====Negotiability====
+===Negotiability===
-All this is further confused if the holder of a bill of exchange is entitled to negotiate it — to sell it, effectively, in the secondary market to a random third party.
+All this is further confused if the holder of a bill of exchange is entitled to [[negotiate]] it — to sell it, effectively, in the secondary market to a random third party.
-If it is a bearer bill, one can negotiate it by simple delivery. If the bill is made out to specified payee, the payee can “indorse” it, by signing it.
+If it is a “bearer” bill, one can negotiate it by simple delivery. If the bill is made out to specified payee, the payee can “indorse” it, by signing it.
-You might think there is some scope for fraud here, and you might be right. There are many provisions on the Bills of Exchange act about that.
+You might think there is some scope for fraud here, and you might be right. There are many provisions on the Bills of Exchange Act to manage that contingency.
-===History: Lord Mansfield and all that===
-Historian Jane Samson<ref>[https://sites.ualberta.ca/~janes/cv.htm Jane Samson at University of Alberta]</ref> wrote an excellent article in the Dalhousie Law Journal in 1988, from which some of this history is taken.<ref>[https://digitalcommons.schulichlaw.dal.ca/cgi/viewcontent.cgi?article=1518 Jane D. Samson, ''Lord Mansfield and Negotiable Instruments'' (1988) 11:3 Dal LJ 931]</ref>
-In {{cite|Heylyn|Adamson}} Lord Mansfield drew a distinction betweem “inland [[bill of exchange|bills of exchange]]” where the drawee is to pay, and  “[[Promissory note|notes of hand]]” (now called [[promissory note|promissory notes]]) where the drawer is to pay (that is, drawer and drawee are the same person.
-''Addressed'' promissory notes — those not made out to bearer — are bilateral arrangements, until they are negotiated to a third party, at which point they look exactly like bills of exchange — the act of “negotiating” and “drawing” being economically equivalent.