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negotiable instrument

A document that constitutes an obligation to pay a sum of money and is transferable by delivery so that the holder for the time can sue upon it in his own name. The transferee can enforce the obligation even if the transferor’s title is defective, provided that he accepted the document in good faith and for value and had no notice of the defect. The most important classes of negotiable instruments are *bills of exchange (including cheques) and *promissory notes.

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