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A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a
contract A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; ...

contract
, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used.


Concept of negotiability

William Searle Holdsworth Sir William Searle Holdsworth Sir William Searle Holdsworth (7 May 1871 – 2 January 1944) was an English legal historian and Vinerian Professor of English Law The Vinerian Professorship of English Law, formerly Vinerian Professorship of Comm ...
defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #
Consideration Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. The court in ''Currie v Mis ...
is presumed. #The transferee acquires a good title, even though the transferor had a defective or no title.


Jurisdictions

In the
Commonwealth of Nations The Commonwealth of Nations, generally known simply as the Commonwealth, is a political association of 54 member states, almost all of which are former territories A territory is an administrative division, usually an area that is under the ...

Commonwealth of Nations
almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g.
Bills of Exchange Act 1882 The Bills of Exchange Act 1882 is a United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the U ...
in the UK, Bills of Exchange Act 1890 in Canada,
Bills of Exchange Act 1908 The Bills of Exchange Act 1908 is an Act of Parliament passed in New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ...
in New Zealand, Bills of Exchange Act 1909 in Australia, the
Negotiable Instruments Act, 1881 Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force largely unchanged. History The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd Indian ...
in India and the Bills of Exchange Act 1914 in Mauritius. Additionally most Commonwealth jurisdictions have separate Cheques Acts providing for additional protections for bankers collecting unendorsed or irregularly endorsed cheques, providing that cheques that are crossed and marked 'not negotiable' or similar are not transferable, and providing for electronic presentation of cheques in inter-bank cheque clearing systems.


History

In India, during the Mauryan period in the 3rd century BCE, an instrument called adesha was in use, which was an order on a banker desiring him to pay the money of the note to a third person, which corresponds to the definition of a bill of exchange as we understand it today. The ancient Romans are believed to have used an early form of cheque known as ''praescriptiones'' in the 1st century BCE and 2,000-year-old Roman
promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument ''Legal instrument'' is a legal Law is a system of rules created and law enforcement, enforced through social or governmental institutions to regulate behav ...
s have been found. Common prototypes of bills of exchanges and promissory notes originated in
China China (), officially the People's Republic of China (PRC; ), is a country in . It is the world's , with a of more than 1.4 billion. China spans five geographical and 14 different countries, the in the world after . Covering an area of ap ...

China
, where special instruments called ''feitsyan'' were used to safely transfer money over long distances during the reign of the
Tang Dynasty The Tang dynasty (, ; ), or Tang Empire, was an imperial dynasty of China that ruled from 618 to 907, with an interregnum An interregnum (plural interregna or interregnums) is a period of discontinuity or "gap" in a government, organizat ...
in the 8th century. In about 1150 the
Knights Templar , colors = White mantle with a red cross A cross is a geometrical figure consisting of two intersecting lines or bars, usually perpendicular to each other. The lines usually run vertically and horizontally. A cross of ...

Knights Templar
issued an early form of bank notes to departing pilgrims in exchange for a deposit of valuables at a local Templar preceptory in a European country, which could be cashed by the pilgrim concerned on arrival in the Holy land, by presenting the note to a Templar preceptory there. In the mid-13th century, the
Ilkhanid The Ilkhanate, also spelled Il-khanate ( fa, ایل خانان, ''Ilxānān''), known to the Mongols as ''Hülegü Ulus'' ( mn, Хүлэгийн улс, , ''Hu’legīn Uls'') was a khanate A khaganate or khanate was a political entity ru ...
rulers of
Persia Iran ( fa, ایران ), also called Persia, and officially the Islamic Republic of Iran, is a country in Western Asia. It is bordered to the northwest by Armenia and Azerbaijan, to the north by the Caspian Sea, to the northeast by Tu ...

Persia
printed the "cha" or "chap" which was used as paper money for limited use for transactions between the court and the merchants for about three years before it collapsed. The collapse was caused by the court accepting the "cha" only at progressive discount. Later, such documents were used for money transfer by Middle Eastern merchants, who had used the prototypes of bills of exchange (" suftadja" or " softa") from the 8th century to present. Such prototypes came to be used later by the Iberian and Italian merchants in the 12th century. In Italy in the 13–15th centuries, bills of exchange and promissory notes obtained their main features, while further phases of their development have been associated with France (16–18th centuries, where the endorsement had appeared) and Germany (19th century, formalization of Exchange Law). The first mention of the use of bills of exchange in English statutes dates from 1381, under
Richard II Richard II (6 January 1367 – c. 14 February 1400), also known as Richard of Bordeaux, was King of England This list of kings and queens of the begins with , who initially ruled , one of the which later made up modern England. Al ...

Richard II
; the statute mandates the use of such instruments in England, and prohibits the future export of gold and silver
specie Specie may refer to: * Coin A coin is a small, flat, (usually, depending on the country or value) round piece of metal A metal (from Ancient Greek, Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when fresh ...
, in any form, to settle foreign commercial transactions. English exchange law was different than continental European law because of different legal systems; the English system was adopted later in the United States. The modern emphasis on negotiability may also be traced to
Lord Mansfield William Murray, 1st Earl of Mansfield, PC, SL (2 March 170520 March 1793) was a British barrister A barrister is a type of lawyer in common law jurisdiction (area), jurisdictions. Barristers mostly specialise in courtroom advocacy and litig ...

Lord Mansfield
. Germanic
Lombards The Lombards () or Langobards ( la, Langobardi) were a Germanic people Germanic may refer to: * Germanic peoples The historical Germanic peoples (from lat, Germani) are a category of ancient northern European tribes, first mentioned by G ...
documents may also have some elements of negotiability.


Distinguished from other types of contracts

A negotiable instrument can serve to convey value constituting at least part of the performance of a
contract A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; ...

contract
, albeit perhaps not obvious in contract formation, in terms inherent in and arising from the requisite
offer and acceptance Offer and acceptance are generally recognised as essential requirements for the formation of a contract, and analysis of their operation is a traditional approach in contract law. The offer and acceptance formula, developed in the 19th century, ide ...
and conveyance of consideration. The underlying contract contemplates the right to hold the instrument as, and to negotiate the instrument to, a ''holder in due course'', the payment on which is at least part of the performance of the contract to which the negotiable instrument is linked. The instrument, memorializing: (1) the power to demand payment; and, (2) the right to be paid, can move, for example, in the instance of a "
bearer instrument A bearer instrument is a document which entitles the holder of the document to rights of ownership or title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official posit ...
", wherein the possession of the document itself attributes and ascribes the right to payment. Certain exceptions exist, such as instances of loss or theft of the instrument, wherein the possessor of the note may be a holder, but not necessarily a holder in due course. Negotiation requires a valid ''endorsement'' of the negotiable instrument. The consideration constituted by a negotiable instrument is cognizable as the value given up to acquire it (benefit) and the consequent loss of value (detriment) to the prior holder; thus, no separate consideration is required to support an accompanying contract assignment. The instrument itself is understood as memorializing the right for, and power to demand, payment, and an obligation for payment evidenced by the instrument itself with possession as a holder in due course being the touchstone for the right to, and power to demand, payment. In some instances, the negotiable instrument can serve as the writing memorializing a contract, thus satisfying any applicable
statute of frauds The statute of frauds is the requirement that certain kinds of contract A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties Image:'Hip, Hip, Hurrah! Artist Festival at Skage ...
as to that contract.


The holder in due course

The rights of a
holder in due course In commercial law, a holder in due course is someone who accepts a negotiable instrument in a value-for-value exchange without reason to doubt its legitimacy. A holder in due course acquires the right to make a claim for the instrument's value aga ...
of a negotiable instrument are qualitatively, as matters of law, superior to those provided by ordinary species of contracts: * The rights to payment are not subject to set-off, and do not rely on the validity of the underlying contract giving rise to the debt (for example if a cheque was drawn for payment for goods delivered but defective, the drawer is still liable on the cheque) * No notice need be given to any party liable on the instrument for transfer of the rights under the instrument by negotiation. However, payment by the party liable to the person previously entitled to enforce the instrument "counts" as payment on the note until adequate notice has been received by the liable party that a different party is to receive payments from then on. .C.C. §3-602(b)* Transfer free of equities—the holder in due course can hold better title than the party he obtains it from (as in the instance of negotiation of the instrument from a mere holder to a holder in due course) Negotiation often enables the transferee to become the party to the contract through a contract assignment (provided for explicitly or by operation of law) and to enforce the contract in the transferee-assignee's own name. Negotiation can be effected by endorsement and delivery (
order instrument Order or ORDER or Orders may refer to: * Orderliness, a desire for organization * Categorization, the process in which ideas and objects are recognized, differentiated, and understood * Heterarchy, a system of organization wherein the elements hav ...
s), or by delivery alone (
bearer instrument A bearer instrument is a document which entitles the holder of the document to rights of ownership or title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official posit ...
s).


Classes

Promissory notes and bills of exchange are two primary types of negotiable instruments. The following chart shows the main differences:


Promissory note

Although possibly non-negotiable, a
promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument ''Legal instrument'' is a legal Law is a system of rules created and law enforcement, enforced through social or governmental institutions to regulate behav ...
may be a negotiable instrument if it is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand to the ''payee'', or at fixed or determinable future time, a sum certain in money, to order or to bearer. The law applicable to the specific instrument will determine whether it is a negotiable instrument or a non-negotiable instrument.
Bank notes A banknote (often known as a bill (in the US and Canada), paper money, or simply a note) is a type of negotiable promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument ''Legal instrument'' is a l ...
are frequently referred to as promissory notes, a promissory note made by a bank and payable to bearer on demand. According to section 4 of India's
Negotiable Instruments Act, 1881 Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force largely unchanged. History The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd Indian ...
, "a Promissory Note is a writing (not being a bank note or currency note), containing an unconditional undertaking, signed by the maker to pay a certain sum of money only to or to the order of a certain person or the bearer of the instrument".


Bill of exchange

A bill of exchange or "draft" is a written order by the ''
drawer Image:Drawer.png, Artist's illustration of a drawer box A drawer is a box-shaped container that fits into a piece of furniture in such a way that it can be drawn out horizontally to reach its contents. Drawers are built into numerous types of fu ...
'' to the '' drawee'' to pay money to the ''
payee A payment is the voluntary tender of money or its equivalent or of things of value Value or values may refer to: * Value (ethics) it may be described as treating actions themselves as abstract objects, putting value to them ** Values (Western p ...
''. A common type of bill of exchange is the
cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of variety (linguistics), varieties of the English language native to the Unit ...
(''check'' in
American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of variety (linguistics), varieties of the English language native to the United States. Currently, American English is the m ...
), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. Prior to the advent of paper currency, bills of exchange were a common means of exchange. They are not used as often today. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party. The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay. He becomes an acceptor when he indicates his willingness to pay the bill. The party in whose favor the bill is drawn or is payable is called the payee. The parties need not all be distinct persons. Thus, the drawer may draw on himself payable to his own order. A bill of exchange may be endorsed by the payee in favour of a third party, who may in turn endorse it to a fourth, and so on indefinitely. The "holder in due course" may claim the amount of the bill against the drawee and all previous endorsers, regardless of any counterclaims that may have disabled the previous payee or endorser from doing so. This is what is meant by saying that a bill is negotiable. In some cases a bill is marked "not negotiable"—see crossing of cheques. In that case it can still be transferred to a third party, but the third party can have no better right than the transferor.


In the United States

In the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United States
, Articles 3 and 4 of the
Uniform Commercial Code The Uniform Commercial Code (UCC), first published in 1952, is one of a number of Uniform Act In the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous ...

Uniform Commercial Code
(UCC) govern the issuance and transfer of negotiable instruments, unless the instruments are governed by Article 8 of the UCC. The various state law enactments of UCC §§ 3–104(a) through (d) set forth the legal definition of what is and what is not a ''negotiable instrument'': Thus, for a writing to be a negotiable instrument under Article 3, the following requirements must be met: # The promise or order to pay must be unconditional; # The payment must be a specific sum of money, although
interest In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money availa ...
may be added to the sum; # The payment must be made on demand or at a definite time; # The instrument must not require the person promising payment to perform any act other than paying the money specified; # The instrument must be payable to bearer or to order. The latter requirement is referred to as the "words of negotiability": a writing which does not contain the words "to the order of" (within the four corners of the instrument or in endorsement on the note or in
allonge An allonge (from French ''allonger'', "to draw out") is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional negotiable instrument, endorsements for which there may not be sufficient spac ...

allonge
) or indicate that it is payable to the individual holding the contract document (analogous to the holder in due course) is not a negotiable instrument and is not governed by Article 3, even if it appears to have all of the other features of negotiability. The only exception is that if an instrument meets the definition of a cheque (a bill of exchange payable on demand and drawn on a
bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

bank
) and is not payable to order (i.e. if it just reads "pay John Doe") then it is treated as a negotiable instrument. UCC Article 3 does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.


Negotiation and endorsement

Persons other than the original obligor and obligee can become parties to a negotiable instrument. The most common manner in which this is done is by "endorsing" (from Latin ''dorsum'', the back + ''in''), that is placing one's
signature A signature (; from la, signare, "to sign") is a handwritten (and often stylized) depiction of someone's name, nickname, or even a simple "X" or other mark that a person writes on documents as a proof of identity and intent. The writer of a s ...

signature
on the back of the instrument—if the person who signs does so with the intention of obtaining payment of the instrument or acquiring or transferring rights to the instrument, the signature is called an ''endorsement''. There are five types of endorsements contemplated by the Code, covered in UC
Article 3, Sections 204–206
*An endorsement which purports to transfer the instrument to a specified person is a ''special endorsement'' – for example, "Pay to the order of Amy"; *An endorsement by the payee or holder which does not contain any additional notation (thus purporting to make the instrument payable to bearer) is an ''endorsement in blank'' or '' blank endorsement;'' *An endorsement which purports to require that the funds be applied in a certain manner (e.g. "", "for collection") is a ''restrictive endorsement''; and, *An endorsement purporting to disclaim retroactive liability is called a ''qualified endorsement'' (through the inscription of the words "without recourse" as part of the endorsement on the instrument or in
allonge An allonge (from French ''allonger'', "to draw out") is a slip of paper affixed to a negotiable instrument, as a bill of exchange, for the purpose of receiving additional negotiable instrument, endorsements for which there may not be sufficient spac ...

allonge
to the instrument). *An endorsement purporting to add terms and conditions is called a ''conditional endorsement'' – for example, "Pay to the order of Amy, if she rakes my lawn next Thursday November 15th, 2007". The UCC states that these conditions may be disregarded. If a note or draft is negotiated to a person who acquires the instrument #in
good faith Good faith ( la, bona fides), in human interactions, is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. While some Latin phrases have lost their literal meaning over centuries, this is not the cas ...
; #for
value Value or values may refer to: * Value (ethics) In ethics Ethics or moral philosophy is a branch of philosophy Philosophy (from , ) is the study of general and fundamental questions, such as those about Metaphysics, existence, reason, E ...
; #without notice of any
defense Defense or defence may refer to: Tactical, martial, and political acts or groups * Defense (military) A military, also known collectively as armed forces, is a heavily armed, highly organized force primarily intended for warfare. It is ...
s to payment, the transferee is a ''
holder in due course In commercial law, a holder in due course is someone who accepts a negotiable instrument in a value-for-value exchange without reason to doubt its legitimacy. A holder in due course acquires the right to make a claim for the instrument's value aga ...
'' and can enforce the instrument ''without'' being subject to defenses which the maker of the instrument would be able to assert against the original payee, except for certain ''real defenses''. These real defenses include (1) forgery of the instrument; (2) fraud as to the nature of the instrument being signed; (3) alteration of the instrument; (4) incapacity of the signer to contract; (5) infancy of the signer; (6) duress; (7) discharge in bankruptcy; and, (8) the running of a statute of limitations as to the validity of the instrument. The ''holder-in-due-course rule'' is a ''rebuttable presumption'' that makes the free transfer of negotiable instruments feasible in the modern economy. A person or entity purchasing an instrument in the ordinary course of business can reasonably expect that it will be paid when presented to, and not subject to dishonor by, the maker, without involving itself in a dispute between the maker and the person to whom the instrument was first issued (this can be contrasted to the lesser rights and obligations accruing to mere holders). Article 3 of the Uniform Commercial Code as enacted in a particular State's law contemplate ''real defenses'' available to purported holders in due course. The foregoing is the theory and application presuming compliance with the relevant law. Practically, the obligor-payor on an instrument who feels he has been defrauded or otherwise unfairly dealt with by the payee may nonetheless refuse to pay even a holder in due course, requiring the latter to resort to
litigation A lawsuit is a proceeding by a party or parties against another in the civil Civil may refer to: *Civic virtue, or civility *Civil action, or lawsuit *Civil affairs *Civil and political rights *Civil disobedience *Civil engineering *Civil ...
to recover on the instrument.


Usage

While bearer instruments are rarely created as such, a holder of
commercial paper Commercial paper, in the global financial market, is an Unsecured debt, unsecured promissory note with a fixed Maturity (finance), maturity of rarely more than 270 days. In layperson terms, it is like an "wikt:IOU, IOU" but can be bought and so ...
with the holder designated as payee can change the instrument to a bearer instrument by an endorsement. The proper holder simply signs the back of the instrument and the instrument becomes bearer paper, although in recent years, third party checks are not being honored by most banks unless the original payee has signed a notarized document stating such. Alternatively, an individual or company may write a
check Check or cheque, may refer to: Places * Check, Virginia Check is an unincorporated community in Floyd County, Virginia, Floyd County, Virginia, United States. Check is located on U.S. Route 221 northeast of Floyd, Virginia, Floyd. Check has a pos ...
payable to "cash" or "bearer" and create a bearer instrument. Great care should be taken with the security of the instrument, as it is legally almost as good as cash.


Exceptions

Under the Code, the following are not negotiable instruments, although the law governing obligations with respect to such items may be similar to or derived from the law applicable to negotiable instruments: * Bills of lading and other documents of title, which are governed by Article 7 of the Code. However, under
admiralty law Admiralty law or maritime law is a body of law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influen ...
, a bill of lading may either be a negotiable or 'order' bill of lading or a nonnegotiable or 'straight' bill of lading. *
Deed In common law In law, common law (also known as judicial precedent or judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions. ''Black's Law Dictiona ...

Deed
s and other documents conveying interests in real estate, although a
mortgage A mortgage loan or simply mortgage () is a loan In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e., the borrower) incurs a ...
may secure a promissory note which is governed by Article 3 *
IOU An IOU (abbreviated An abbreviation (from Latin ''brevis'', meaning ''short'') is a shortened form of a word or phrase, by any method. It may consist of a group of letters, or words taken from the full version of the word or phrase; for exa ...
s *
Letters of credit . to bank in exchange for payment. Seller's bank then provides the bill to buyer's bank, who provides the bill to buyer. Image:Letter of credit 4.png, Image 4:Buyer provides the bill of lading to carrier and takes delivery of the goods. A letter ...
, which are governed by Article 5 of the Code


Modern relevance

Although often considered foundational in business law, the modern relevance of negotiability has been questioned.Mann RJ (1996)
Searching for Negotiability in Payment and Credit Systems
''UCLA Law Review''.
Negotiability can be traced back to the 1700s and
Lord Mansfield William Murray, 1st Earl of Mansfield, PC, SL (2 March 170520 March 1793) was a British barrister A barrister is a type of lawyer in common law jurisdiction (area), jurisdictions. Barristers mostly specialise in courtroom advocacy and litig ...

Lord Mansfield
, when
money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a ...

money
and
liquidity Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include: * Market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can qui ...
was relatively scarce. The holder in due course rule has been limited by various statutes. Concerns have also been raised that the holder in due course rule does not align the incentives of the mortgage originators and the assignees efficiently.Greenlee MB, Fitzpatrck IV TJ. (2008)
Reconsidering the Application of the Holder in Due Course Rule to Home Mortgage Notes
Federal Reserve Bank of Cleveland#REDIRECT Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland Cleveland ( ), officially the City of Cleveland, is a major city in the U.S. state of Ohio, and the county seat A county seat is an administ ...
.


See also

*
Bearer instrument A bearer instrument is a document which entitles the holder of the document to rights of ownership or title A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official posit ...
* Hundi * Negotiable cow


References


External links


Bill of Exchange FAQ on TheBenche.com
{{DEFAULTSORT:Negotiable Instrument Securities (finance) Legal documents Payment systems Negotiable instrument law Business law Accounting source documents Money market instruments