Negotiable Instrument
A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or bearer.
Characteristics of Negotiable Instrument
- Easy transferability
- Rights of the holder
- Better title to transferee
- Unconditional promise or order
- Certain amount
- Presumptions
Examples of Negotiable Instruments
Bill of exchange, promissory notes, cheques, Dividend warrants, share warrants, bearer debentures, banks drafts etc.
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