Types of Negotiable Instrument
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TOPIC- Types of Negotiable Instrument
According to Sec (13) of negotiable instrument act 1881, Type negotiable instrument are :
(a) A bill of exchange.
(b) A promissory note or.
(c) A cheque.
Above three types of negotiable instrument are mentioned in the said section.
However of instrument to be treated as negotiable instrument
(i) If it is in such a form which entitles the holder to sue in his own name.
(ii) If it is transferable.
Examples:
(i) Bill of exchange
(ii) Promissory notice.
(iii) Cheques
(iv) Divident warrants
(v) Share warrants.
(vi) Bearer debentures
(vii) Bank drafts
(viii) Railway receipts
Documents which are not considered negotiable instruments:
Following documents are not considered negotiable instruments:
(i) Money orders
(ii) Postal orders
(iii) Deposit receipts
(iv) Share certificate
(v) Bill of lading
(vi) Fixed deposit
(vii) Dock warrant
Conditions
(i) The instrument should be freely transferable.
(ii) The person who obtains it in good faith and for gets it free from all defects and is entitled to sue upon.
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