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negotiable instrument |
Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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A Commercial Paper, such as a check or promissory note, that contains the signature of the maker or drawer; an unconditional promise or order to pay a certain sum in cash that is payable either upon demand or at a specifically designated time to the order of a designated person or to its bearer. negotiable instrument n. check, promissory note, bill of exchange, security, or any document representing money payable which can be transferred to another by handing it over (delivery) and/or endorsing it (signing one's name on the back either with no instructions or directing it to another such as "pay to the order of Pamela Townsend.") (See: check, promissory note, bill of exchange) negotiable instrument noun bank check, bank note, bank paper, bill, bill of exchange, cashier's check, check, commercial instrument, commercial paper, commercial transition, debenture, draft, negotiable paper, note, personal check, promissory note Associated concepts: dishonor, named payee presentment See also: coupon, debenture, draft, letter of credit, note, security, stock 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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