PROMISSORY NOTE | Characteristics Of Negotiability| Types & Features Of Negotiable Instrument| CSEB
Автор: The White Paper
Загружено: 2025-12-15
Просмотров: 49
Описание:
A negotiable instrument is a signed, written promise or order to pay a specific sum of money, freely transferable by delivery or endorsement, allowing a new holder to acquire good title free from prior defects, with key examples being cheques, promissory notes, and bills of exchange. These instruments act like formal IOUs, ensuring payment, with laws like India's Negotiable Instruments Act, 1881, governing their use and transferability, emphasizing written form, unconditional payment, and clear parties involved.
Key Characteristics
Written & Signed: Must be in writing and signed by the creator (maker/drawer).
Unconditional: Contains an unconditional promise or order to pay.
Specific Amount: Payment must be a fixed sum of money only.
Freely Transferable: Can be passed from person to person.
Good Title: A "holder in due course" (good faith buyer) gets a better, defect-free title.
Common Examples
Cheques: Orders to a bank to pay.
Promissory Notes: Written promises to pay.
Bills of Exchange: Orders from one party to another to pay.
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