What is the meaning of negotiable instrument explain its features?
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They are documents used to execute a contarct for which the payment be made afterwards on demand or on a set date without conditions . Not all the negotiable instruments are legal , but all are bindings . Example - Cheques , drafts , bills of exchamge , etc
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“A negotiable instrument is one which is, by a legally recognized custom of trade or by law, transferable by delivery or by endorsement and delivery in such circumstances that (a) the holder of it for the time being may sue on it in his own name and (b) the property in it passes, free from equities, to a bonfire
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