A signed document that guarantees payments to a certain person or transferee is referred to as a negotiable instrument. A transferable, signed document that guarantees the payment of a certain amount to the recipient at a specified time or upon demand.
Cheque’s, promissory notes, bills of exchange hundi’s are typical types of negotiable instruments. The written document must contain a name or other indication of the transfree, often known as the recipient of the payment. Negotiable Instrument is readily assignable in a fast moving market.
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