Negotiability Requirements I
Gain an overview of the basic requirements for negotiability and learn about the requirement that the instrument be an unconditional promise or order to pay a fixed sum of money.
Transcript
Generally speaking, a negotiable instrument is an easily transferable, written, signed promise or order to pay money that has distinct monetary value. However, not every document meeting this definition qualifies as a negotiable instrument under Articles 3 and 4. Indeed, to qualify as a negotiable instrument, the instrument must meet certain exacting negotiability requirements, which we’ll discuss in this and the next several lessons.
I. Negotiability Requirements
Article 3 outlines four...