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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]]. | 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]], [[bill of exchange|bills of exchange]], [[promissory note]]s and so on, which did not count as [[securities]] but were nonetheless [[negotiable]]. | ||
{{seealso}} | |||
*[[promissory note]] for an amusing passage from {{author|Anthony Trollope}}’s {{br|The Way We Live Now}}. |