Negotiable Instrument
From Open Risk Manual
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Definition
Negotiable Instrument is a written order or unconditional promise to pay a fixed sum of money on demand or at a future date. A negotiable instrument can be transferred from one party to another by Endorsement.
Once the instrument is transferred, the holder obtains full legal title to the instrument. Examples also include bills of exchange, promissory notes, checks/cheques, drafts, certificates of deposit, and negotiable bills of lading
