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| {{essay|repack|negotiable instrument|{{image|Stradivarius|jpg|An expensive musical instrument, yesterday}} }}{{quote| | | {{essay|repack|negotiable instrument|{{image|Stradivarius|jpg|An expensive musical instrument, yesterday}}{{image|Negotiable cow|jpg|A [[negotiable instrument]] yesterday.}} }} |
| ''So I took my [[Negotiable cow|cow]] <br>
| | ==The way we lived then== |
| ''And I cashed it against the wall. <br>
| | Used to some comic effect in {{author|Anthony Trollope}}’s amusing Victorian door-stop, {{br|The Way We Live Now}}: |
| ''I cashed it against the floor. <br>
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| ''I cashed it against the body of a varsity cheerleader. <br>
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| ''Cashed it against the hood of a car. <br>
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| ''Cashed it against a 1981 Harley-Davidson. <br>
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| ''And I ran upstairs to my parents’ bedroom, where<br>
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| ''Mommy and Daddy were sleeping quietly in the moonlight.
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| ''Slowly I opened the door — <br>
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| ''Creeping into the shadows, right up to the foot of their bed, <br>
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| ''I raised the cow high above my head, <br>
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| ''And just as I was about to bring it crashing down —<br>
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| ''My father woke up, screaming “STOP!!” <br>
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| ''“Wait a minute! Stop it, boy! What do you think you’re ''doing''?” <br>
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| ''“That’s no way to treat an [[Negotiable cow|expensive negotiable instrument]]!” <br>
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| ''And I said, “Goddamn it, Daddy: you ''know'' I love you,” <br>
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| ''“But you’ve got a hell of a lot to learn about Rock ’n’ Roll.” <br>
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| :—Jim Steinman, ''Love, Death and an American Milking Devon''}}
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| {{d|Negotiable instrument|/nɪˈgəʊʃiəbəl ˈɪnstrʊmənt/|n|
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| [[File:Negotiable cow.jpg|450px|thumb|center|A [[negotiable instrument]] yesterday.]]
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| }}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]]”). | |
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| 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]], [[bill of exchange|bills of exchange]], [[promissory note]]s and — well, [[Negotiable cow|large ruminant herbivores]]<ref>[[Mansuetae naturae]], needless to say.</ref> — which did not count as [[securities]] but were nonetheless [[negotiable]].
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| === “A/C payee only” === | |
| The [[JC]] used to keep his chequebook in a draw with spare batteries, mousetraps and dried cannelloni. It is still there, as far as I know. | |
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| Fellow senior citizens may remember diligently “crossing” their cheques “not negotiable, account payee only”.
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| This was, at the time, automatic behaviour. It felt somehow prudent; the sort of thing a [[reasonable person]] would do, though thinking back on it now, for the life of me, I can’t remember why. Why constrain what a fellow merchant would do with ones’s banker’s drafts once they have been handed over?
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| === Crypto ===
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| The new generation of [[crypto-currency|crypto-currencies]] (you know, like [[bitcoin]]) may just usher in a new golden era for [[negotiable instrument]]s. We’ll see.
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| An old-fashioned form of [[negotiable instrument]] — a fancy way of saying [[IOU]] really — where in lieu of paying something, a fellow issues a piece of paper with a promise to pay it at a later date. Used to some comic effect in {{author|Anthony Trollope}}’s amusing Victorian door-stop, {{br|The Way We Live Now}}:
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| “I dare say they did, but they are all good against these other fellows.” Then Fisker, with most perfect good humour, extracted one from the mass which indicated Dolly Longestaffe’s indebtedness to the amount of £50. “That’s Longestaffe,” said Felix, “and I’ll change that of course.” Then out of his pocket-book he extracted other minute documents bearing that M. G. which was so little esteemed among them, — and so made up the sum. “You seem to have £150 from Grasslough, £145 from Nidderdale, and £322 10s. from Grendall,” said the baronet. Then Sir Felix got up as though he had paid his score. Fisker, with smiling good humour, arranged the little bits of paper before him and looked round upon the company.}} | | “I dare say they did, but they are all good against these other fellows.” Then Fisker, with most perfect good humour, extracted one from the mass which indicated Dolly Longestaffe’s indebtedness to the amount of £50. “That’s Longestaffe,” said Felix, “and I’ll change that of course.” Then out of his pocket-book he extracted other minute documents bearing that M. G. which was so little esteemed among them, — and so made up the sum. “You seem to have £150 from Grasslough, £145 from Nidderdale, and £322 10s. from Grendall,” said the baronet. Then Sir Felix got up as though he had paid his score. Fisker, with smiling good humour, arranged the little bits of paper before him and looked round upon the company.}} |
| {{sa}}
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| *[[Bills of Exchange Act 1882]]
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| *[[Legal instrument]]
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| *[[Financial instrument]]
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| *[[Stratocaster|Expensive musical instrument]]
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| *The [[negotiable cow]]
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| *[[promissory note]] for an amusing passage from {{author|Anthony Trollope}}’s {{br|The Way We Live Now}}.
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| *[[Rome II]] which excludes from its ambit [[non-contractual dispute]]s arising out of the negotiable nature of [[negotiable instrument|negotiable instruments]].
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| *[[Bitcoin]]
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| {{ref}}
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