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A negotiable instrument is a document guaranteeing the payment of a specific amount of money, ... Negotiable instruments are transferable under the following ...
Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India. The word "negotiable" means transferable and an "instrument" is a document giving legal effect by the virtue of the law
Because the transaction operates on a negotiable instrument, it is the document itself which holds the value - not the goods to which the reference. This means that the bank need only be concerned with whether the document fulfils the requirements stipulated in the letter of credit.
The traditional definition of a security, which includes shares, bonds and similar, is a "fungible, negotiable instrument", where "instrument" refers to its status as a legal document and "negotiable" means that the owner can transfer it with good title, even though it itself may have had defective title.
Bearer instruments can be used in certain jurisdictions to avoid transfer taxes, although taxes may be charged when bearer instruments are issued. In the United States, under the Uniform Commercial Code , a negotiable instrument (such as a check or promissory note ) that is payable to the order of "bearer" or "cash" may be enforced (i.e ...
It uses negotiable instruments as an example of formal contracts, such as: checks, drafts, promissory notes, and certificates of deposit. These examples are all required to have special formation under the Uniform Commercial Code. [3]
The job market is pretty weird right now, but your transferable skills can help you navigate it. Career experts say that by identifying and emphasizing your transferable skills, you can find work ...
The elements of the financial revolution rested basically on the financial techniques developed in the Netherlands: the bill of exchange, both foreign and inland, which as a negotiable instrument became part of the medium of exchange; transferable shares in the permanent capital stock of corporations that were traded in an active secondary ...