Negotiable instrument: Difference between revisions
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A legal right to payment or assets which the bearer can, without the consent of the issuer, transfer to a third party (a process known as “negotiating”). These days, negotiable instruments are more or less the same as [[transferable securities]], but in the good old days [[banker’s draft]]s, [[cheque|cheques]] and so on, which did not count as securities but were nonetheless [[negotiable]]. | |||
Revision as of 13:11, 6 April 2018
A legal right to payment or assets which the bearer can, without the consent of the issuer, transfer to a third party (a process known as “negotiating”). These days, negotiable instruments are more or less the same as transferable securities, but in the good old days banker’s drafts, cheques and so on, which did not count as securities but were nonetheless negotiable.