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Negotiable instrument: Difference between revisions
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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 “[[negotiate|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]]. | {{a|glossary|}}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 “[[negotiate|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]]. | ||
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. | 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. | ||