DEFINATION OF NEGOTIABLE INSTRUMENTS
=negotible instruments are a class of document used in commercial andfinancial transaction=It is a form of transfer of property (owership) from one person to another in adocument evidencing a contractual obligation to pray money.Section 13 Act 1949.Consent.Two or more person are said to consent when they agree upon the same thingin the same sense.
CHARACTERISTIC OF NEGOTIABLE INSTRUMENTS.
A negotiable instrument may be transferred bydelivery if it is a bearer instrument or by endorsement and delivery if it isan instrument payable to order.(2)
TITLE TO TRANSFEREE:
The transferee, who takes the instrument
and for valuable consideration, obtains a good title despite any defects in thetitle of the transferor.(3)
ENTITLEMENT TO SUE :
The holder can sue in his own name.(4)
That every negotiable instrument is made or drawn fora consideration. Thus, this need not necessarily be mentioned