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 | A legal right to payment or assets which the [[bearer security|bearer]] can, without the consent of the issuer, transfer to a third party (a process known as “negotiating”). These days, [[negotiable instrument]]s 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 12:47, 26 November 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.