negotiable instrument

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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 papercommercial 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 so good
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, 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.
References in periodicals archive ?
The proposed amendments to the Negotiable Instruments Act, 1881 ( The NI Act ) are focused on clarifying the jurisdiction related issues for filing cases for offence committed under section 138 of the NI Act.
The court needed to decide whether electronic transfers were similar to negotiable instruments.
In New York, the loss of negotiable instruments, such as promissory notes, are addressed in, and protected by, the Uniform Commercial Code.
This may include negotiable instruments such as stocks, bonds, insurance policies, savings accounts, registered patents, dowry policies, and other intangible personal property.
The regulations regarding the declaration of cash and bearer negotiable instruments was issued through a resolution by the Central Bank's Board of Directors on October 5, 2010, in order to meet the requirements of the Mutual Evaluation Report prepared by the team of experts from the IMF and the World Bank, under the Financial Sector Assessment Programme.
The successful application in the New York Courts follows filings by the Administrator of a $720 million foreign exchange claim against AHAB at the Saudi Arabian Monetary Agency (SAMA) Committee in Saudi Arabia last week and the earlier filings with the Negotiable Instruments Committee (NIC) in Saudi Arabia to recover $235 million in loan defaults by Saad Trading and Abdulaziz Al Sanea.
In addition, the administrator recently filed cases with the Negotiable Instruments Committee (NIC) in Saudi Arabia against Saad Trading, part of the Saad Group, for $117m, as well as against Abdulaziz Al Sanea for $54m for defaults on loans advanced by TIBC.
In addition the Administrator recently filed cases with the Negotiable Instruments Committee (NIC) in Saudi Arabia against Saad Trading (US$ 117 million), which is part of the Saad Group, as well as Abdulaziz Al Sanea (US$54 million) for defaults on loans advanced by TIBC.
Once converted into negotiable instruments, the original loan portfolio can then be used as security for ECB loans.
The airline has told him that they are not liable for damage to "jewellery, items of value, money, keys, perishable items, electronic equipment, pocket computers, cameras, cellular telephones, negotiable instruments, fragile items, metals, silverware, business documents, securities, medications, medical documents, passports and other identication documents or samples.
West (Eagan, MN) has published "Nickle's Payment Law in a Nutshell," a softbound book that explains the fundamentals of negotiable instruments, including promissory notes, drafts, checks, and certificates of deposit.
Flint Ink Corporation, Ann Arbor, MI, and the SICPA Group, Lausanne, Switzerland, have finalized several business transactions in which Flint Ink has acquired SICPA's worldwide heatset and coldset ink business and SICPA has acquired Flint Ink's worldwide business for security inks used on currency and other negotiable instruments.