514:(a) Except as provided in subsections (c) and (d), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it: (1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder; (2) is payable on demand or at a definite time; and (3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain (i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor. (b) "Instrument" means a negotiable instrument. (c) An order that meets all of the requirements of subsection (a), except paragraph (1), and otherwise falls within the definition of "check" in subsection (f) is a negotiable instrument and a check.
477:
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
224:
31:
180:") 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
550:) 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
469:
262:
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
465:), 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.
682:. 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
289:
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
690:
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
476:
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
261:
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
517:(d) A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this Article.
254:", 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
695:
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
50:, 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 its use in the application of different laws and depending on countries and contexts. The word "negotiable" refers to transferable and "
712:
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
297:
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
156:
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.
198:
During the 1300s, there was an increase in the use of counterfeit
English money, so the aim of the English Crown was to eradicate the exchange of genuine English coins for such forgeries as well as foreign goods. As such, statutes such as the Statute of Money of 1335
691:
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
250:, 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 "
168:
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.
782:
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.
427:, "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".
69:
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
417:, 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.
188:, 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.
545:
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
1049:
203:) and 1379 were implemented to prevent the importation of money that was deemed as counterfeit, and also to prevent the exportation of valuable items like gold and silver in the absence of any special licenses.
728:
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:
286:, 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)
293:
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)
577:
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
195:
Carrying large amounts of coins from one place to the other was deemed unsafe, so the usage of negotiable instruments was to prevent merchants from being robbed of their coins either on land or by sea.
981:
An historical and chronological deduction of the origin of commerce: from the earliest accounts to the present time. Containing, an history of the great commercial interests of the
British empire...
1116:
111:, 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.
866:
123:
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.
1228:
Collins
Dictionary of the English Language, 2nd Edition, London, 1986, pp.504-5; Cassell's Latin Dictionary, Marchant, J.R.V, & Charles, Joseph F., (Eds.), Revised Edition, 1928, p.182
565:
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
720:
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.
107:
Additionally most
Commonwealth jurisdictions have separate Cheques Acts providing for additional protections for bankers collecting unendorsed or irregularly endorsed
770:
Although often considered foundational in business law, the modern relevance of negotiability has been questioned. Negotiability can be traced back to the 1700s and
413:
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
46:, 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
638:– 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.
870:
299:
597:
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
423:
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
246:
and conveyance of consideration. The underlying contract contemplates the right to hold the instrument as, and to negotiate the instrument to, a
497:(UCC) govern the issuance and transfer of negotiable instruments, unless the instruments are governed by Article 8 of the UCC. The various
1004:
314:
Promissory notes and bills of exchange are two primary types of negotiable instruments. The following chart shows the main differences:
173:
678:
being subject to defenses which the maker of the instrument would be able to assert against the original payee, except for certain
172:
Later, such documents were used for money transfer by Middle
Eastern merchants, who had used the prototypes of bills of exchange ("
1117:"Strengthening the Small and Medium Enterprise Sector by Switching to Bills and Notes - Public Finance Quarterly Archive Articles"
223:
1067:
481:. In that case it can still be transferred to a third party, but the third party can have no better right than the transferor.
278:
of a negotiable instrument are qualitatively, as matters of law, superior to those provided by ordinary species of contracts:
1072:
902:
771:
208:
1319:
557:
UCC Article 3 does not apply to money, to payment orders governed by
Article 4A, or to securities governed by Article 8.
740:, a bill of lading may either be a negotiable or 'order' bill of lading or a nonnegotiable or 'straight' bill of lading.
1309:
953:
153:
538:
The instrument must not require the person promising payment to perform any act other than paying the money specified;
1324:
1208:
1053:
554:) and is not payable to order (i.e. if it just reads "pay John Doe") then it is treated as a negotiable instrument.
498:
424:
101:
92:
almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of
Exchange Act, e.g.
17:
184:; the statute mandates the use of such instruments in England, and prohibits the future export of gold and silver
1021:"The Origin, Early History, and Later Development of Bills of Exchange and Certain Other Negotiable Instruments"
333:
The name of the bill or note in the text of the document, in the language in which the document has been issued
1294:
627:(through the inscription of the words "without recourse" as part of the endorsement on the instrument or in
521:
Thus, for a writing to be a negotiable instrument under
Article 3, the following requirements must be met:
1158:
853:
Caesar and Christ: a history of Roman civilization and of Christianity from their beginnings to A.D. 325
824:
The Early History of the Law of Bills and Notes: A Study of the Origins of Anglo-American Commercial Law
242:, albeit perhaps not obvious in contract formation, in terms inherent in and arising from the requisite
97:
93:
980:
976:
238:
A negotiable instrument can serve to convey value constituting at least part of the performance of a
62:
1304:
1299:
1259:
837:
494:
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In England, two of the main reasons why the use of negotiable instruments became so popular was:
89:
1020:
998:
610:
An endorsement which purports to require that the funds be applied in a certain manner (e.g. "
1314:
892:
181:
79:
The transferee acquires a good title, even though the transferor had a defective or no title.
1279:
670:
501:
of UCC §§ 3–104(a) through (d) set forth the legal definition of what is and what is not a
275:
243:
736:
and other documents of title, which are governed by Article 7 of the Code. However, under
8:
478:
73:
1238:
1187:
583:
1134:
1097:
1089:
529:
855:. The story of civilization. Vol. 3. New York: Simon & Schuster. p. 749.
1138:
1101:
1050:
Reconsidering the Application of the Holder in Due Course Rule to Home Mortgage Notes
959:
949:
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603:
303:
263:
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which were used to safely transfer money over long distances during the reign of the
30:
590:
An endorsement which purports to transfer the instrument to a specified person is a
1124:
1081:
922:
779:
709:
462:
200:
51:
661:
410:
185:
131:
944:
The Knights Templar : the history and myths of the legendary military order
582:. There are five types of endorsements contemplated by the Code, covered in UCC
120:
119:
In India, during the Mauryan period in the 3rd century BC, an instrument called
802:
733:
443:
437:
126:
The ancient Romans are believed to have used an early form of cheque known as
1288:
993:
737:
490:
283:
231:
1008:. Vol. 3 (11th ed.). Cambridge University Press. pp. 940–943.
963:
449:
387:
The specification of the date and place of the issuance of the bill or note
344:
Unconditional assumption of obligation for the payment of the specified sum
747:
146:
137:
Common prototypes of bills of exchanges and promissory notes originated in
1129:
642:
If a note or draft is negotiated to a person who acquires the instrument
290:
liable party that a different party is to receive payments from then on.
623:
An endorsement purporting to disclaim retroactive liability is called a
1093:
997:
948:(1st Thunder's Mouth Press ed.). New York: Thunder's Mouth Press.
753:
647:
420:
574:
54:" refers to a document giving legal effect by the virtue of the law.
1085:
379:
The name of the person to whose behalf the payment must be effected
746:
and other documents conveying interests in real estate, although a
239:
212:
161:
47:
634:
An endorsement purporting to add terms and conditions is called a
708:
While bearer instruments are rarely created as such, a holder of
697:
628:
547:
1114:
717:
454:
165:
108:
42:
is a document guaranteeing the payment of a specific amount of
218:
797:
775:
713:
original payee has signed a notarized document stating such.
177:
138:
100:
in New Zealand, Bills of Exchange Act 1909 in Australia, the
43:
867:"Ancient Roman IOUs Found Beneath Bloomberg's New London HQ"
750:
may secure a promissory note which is governed by Article 3
743:
551:
207:
The modern emphasis on negotiability may also be traced to
468:
341:
Unconditional order for the payment of the specified sum
104:
in India and the Bills of Exchange Act 1914 in Mauritius.
1260:
Searching for Negotiability in Payment and Credit Systems
535:
The payment must be made on demand or at a definite time;
696:
holder in due course, requiring the latter to resort to
435:
A bill of exchange or "draft" is a written order by the
227:
An 1870 bill of exchange payable in London with British
215:
documents may also have some elements of negotiability.
528:
The payment must be a specific sum of money, although
541:
The instrument must be payable to bearer or to order.
716:
Alternatively, an individual or company may write a
1065:
941:
525:The promise or order to pay must be unconditional;
96:in the UK, Bills of Exchange Act 1890 in Canada,
65:defines the concept of negotiability as follows:
1286:
352:The name of the person obliged to pay (drawee)
130:in the 1st century BC and 2,000-year-old Roman
1068:"The Origin of the Negotiable Promissory Note"
560:
761:, which are governed by Article 5 of the Code
939:
1044:
1042:
1040:
1038:
453:. A common type of bill of exchange is the
269:
219:Distinguished from other types of contracts
57:
1059:
890:
1209:"Articles of the Uniform Commercial Code"
1128:
594:– for example, "Pay to the order of Amy";
282:The rights to payment are not subject to
1035:
992:
826:. Cambridge University Press. p. 3.
467:
386:
378:
370:
362:
332:
222:
29:
27:Contract document exchangeable for money
1048:Greenlee MB, Fitzpatrck IV TJ. (2008).
484:
34:A 1939 promissory note, Rangoon, Burma.
14:
1287:
1159:"THE NEGOTIABLE INSTRUMENTS ACT, 1881"
850:
371:Specification of the place of payment
1280:Bill of Exchange FAQ on TheBenche.com
1188:"Uniform Commercial Code – Article 3"
1073:University of Pennsylvania Law Review
844:
1252:
1115:Szalay Zs. – Vértesy L. – Novák Zs.
1018:
409:Although possibly non-negotiable, a
1211:. Uniformcommercialcode.uslegal.com
765:
430:
141:, where special instruments called
24:
821:
404:
363:The specification of the maturity
25:
1336:
1273:
1054:Federal Reserve Bank of Cleveland
1066:Jacob J. Rabinowitz (May 1956).
927:10.1163/1877-5888_rpp_com_125078
425:Negotiable Instruments Act, 1881
102:Negotiable Instruments Act, 1881
83:
1231:
1222:
1201:
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1151:
1108:
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674:and can enforce the instrument
510:§ 3–104. NEGOTIABLE INSTRUMENT.
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830:
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700:to recover on the instrument.
472:Belgian bill of exchange, 1933
258:of the negotiable instrument.
13:
1:
808:
723:
160:In the mid-13th century, the
1239:"Article 3, Sections 206(b)"
869:. 2016-06-01. Archived from
561:Negotiation and endorsement
398:The signature of the issuer
395:The signature of the drawer
7:
1320:Accounting source documents
891:Moshenskyi, Sergii (2008).
786:
584:Article 3, Sections 204–206
10:
1341:
983:, Vol. I, p.209–210 (1764)
838:Bills of Exchange Act 1909
616:", "for collection") is a
493:, Articles 3 and 4 of the
309:
114:
98:Bills of Exchange Act 1908
94:Bills of Exchange Act 1882
1310:Negotiable instrument law
684:holder-in-due-course rule
573:), that is placing one's
302:), or by delivery alone (
63:William Searle Holdsworth
1325:Money market instruments
1019:Read, Frederick (1926).
999:"Bill of Exchange"
703:
532:may be added to the sum;
270:The holder in due course
58:Concept of negotiability
1005:Encyclopædia Britannica
897:. Xlibris Corporation.
636:conditional endorsement
618:restrictive endorsement
495:Uniform Commercial Code
90:Commonwealth of Nations
1166:Legislative Department
822:Rogers, James Steven.
688:rebuttable presumption
660:without notice of any
519:
473:
235:
35:
1168:. Government of India
1130:10.35551/pfq_2020_3_6
1121:www.penzugyiszemle.hu
940:Martin, Sean (2004).
894:History of the Weksel
851:Durant, Will (1944).
625:qualified endorsement
507:
503:negotiable instrument
471:
266:as to that contract.
226:
40:negotiable instrument
33:
1295:Securities (finance)
671:holder in due course
668:the transferee is a
599:endorsement in blank
499:state law enactments
485:In the United States
447:to pay money to the
276:holder in due course
248:holder in due course
244:offer and acceptance
149:in the 8th century.
1025:Canadian Bar Review
631:to the instrument).
592:special endorsement
479:crossing of cheques
474:
304:bearer instruments
236:
152:In about 1150 the
36:
1241:. Law.cornell.edu
1190:. Law.cornell.edu
904:978-1-4363-0693-5
793:Bearer instrument
759:Letters of credit
604:blank endorsement
402:
401:
368:Place of payment
322:Bill of exchange
300:order instruments
264:statute of frauds
252:bearer instrument
134:have been found.
16:(Redirected from
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1258:Mann RJ (1996).
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613:for deposit only
463:American English
431:Bill of exchange
325:Promissory note
317:
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274:The rights of a
201:9 Edw. 3 Stat. 2
132:promissory notes
21:
18:Bill of exchange
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873:on June 2, 2016
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734:Bills of lading
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411:promissory note
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154:Knights Templar
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1123:(3): 411–429.
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1172:13 November
664:to payment,
580:endorsement
384:Issue date
256:endorsement
211:. Germanic
1289:Categories
1245:2014-06-23
1215:2014-06-23
1194:2014-06-23
1144:2020-12-27
877:2018-06-09
809:References
724:Exceptions
698:litigation
648:good faith
421:Bank notes
392:Signature
182:Richard II
164:rulers of
52:instrument
1139:226460388
1102:152366234
780:liquidity
575:signature
234:attached.
143:fey tsien
964:57175151
787:See also
748:mortgage
662:defenses
530:interest
338:Subject
240:contract
174:suftadja
162:Ilkhanid
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1094:3310431
774:, when
676:without
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548:allonge
489:In the
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349:Drawee
310:Classes
284:set-off
213:Lombard
115:History
109:cheques
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186:specie
176:" or "
166:Persia
121:adesha
70:order.
1162:(PDF)
1135:S2CID
1098:S2CID
1090:JSTOR
841:(Cth)
798:Hundi
776:money
744:Deeds
718:check
704:Usage
686:is a
655:value
459:check
450:payee
415:payee
360:Date
330:Name
178:softa
139:China
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1174:2023
960:OCLC
950:ISBN
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