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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]]. | |||