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negotiable instrument |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.04 sec. |
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negotiable instrument, bill of exchange, check, promissory note, or other written contract for payment that may serve as a substitute for money. It is simple in form and easy to transfer. Transfer of a negotiable instrument, accomplished by delivery or endorsement and delivery, gives the new holder of the contract the right to enforce fulfillment in his own name. Negotiable instruments made payable to bearer are transferred by delivery; those made payable to order are transferred by endorsement and delivery. Like commercial paper commercial paper, type of short-term negotiable instrument, usually an unsecured promissory note, that calls for the payment of money at a specified date. Because it is not backed by collateral, commercial paper is usually issued by major firms whose credit-rating is ..... Click the link for more information. , negotiable instruments were developed to meet the needs of trade. They are used by businessmen to facilitate long-distance transactions and to avoid the constant exchange of large amounts of cash. negotiable instrumentTransferable document (e.g., a bank note, check, or draft) containing an unconditional promise or order to pay a specified amount to its holder upon demand or at a specified time. In the U.S., the Uniform Commercial Code governs negotiable instruments. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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To facilitate check truncation and electronic check exchange, the Check 21 Act authorizes a new negotiable instrument called a "substitute check" and provides that a properly prepared substitute check is the legal equivalent of the original check for all purposes. Agents have seized several of Furmanski's airplanes, and hundreds of thousands of dollars in cash and negotiable instruments from his Los Angeles residence, which the FBI has linked to the allegedly fraudulent profits. The Walters relied on the negotiable instruments law as stated in Kahler, 18 TC 31 (1952). |
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