The term Negotiable Instrument literally means a written document which creates a legal right in favour of some person and which is freely transferable. In the words of Justice Willis, “a Negotiable Instrument is one, the property in which is acquired by any one who takes it bonafide and for value notwithstanding any defect in the title of the person from whom he took it”.
As per section 13 of the Negotiable Instrument Act, “ a negotiable instrument means a promissory note, bill of exchange or cheque, payable either to order or to bearer whether the words ‘order’ or bearer’ appear on the instrument or not”.
“When a Promissory note, Bill of Exchange or Cheque is transferred to any person so as to constitute that person the holder thereof, the instrument is said to be negotiated”. (NI Act 1881 – Section – 14)”.
Negotiable Instrument means a promissory note, bill of exchange or cheque payable either to order or bearer (Section-13).
As per section 13 of the Negotiable Instrument Act, “ a negotiable instrument means a promissory note, bill of exchange or cheque, payable either to order or to bearer whether the words ‘order’ or bearer’ appear on the instrument or not”.
“When a Promissory note, Bill of Exchange or Cheque is transferred to any person so as to constitute that person the holder thereof, the instrument is said to be negotiated”. (NI Act 1881 – Section – 14)”.
Negotiable Instrument means a promissory note, bill of exchange or cheque payable either to order or bearer (Section-13).
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