Negotiable

The word “negotiation,” as used by writers upon mercantile =a law, means the act by which a bill of exchange or promissory note is put into cireulation, by being passed by one of the original parties to another person. ‘“Nevotiable” means that which is capable of being trans- SE ferred by assignment; a thing which may be transferred by a sale and indorsement or delivery. This negotiable quality transfers the ee debt from the party to whom it was originallg ly owing, to the holder, when the instrument is properly indorsed, so as to enable the Jatter to suc, in his own name, cither the maker of a promissory note or the acceptor of a bill of exchange, and the other parties to such instruments, such as the drawer of a bill, or the indorser of a bill or note, unless the holder has been guilty of laches in giving the required notice. It must, however, be pay. able to order or bearer, and, at all events, in money only, and not out of any particular fund.

60 Ind, 250. ee NEGOTIABLE INSTRUMENTS.

A general name for bills, notes, checks, trans- SS ferable bonds or coupons, lettera of credit, and other negotiable written securities. Any written securities which may be trans- SS ferred by indorsement and delivery or by delivery merely, 80 a3 to vest in the indorsea the legal title, and thus enable him to sue thereon in his own hame. Or, more technically, those instruments which not only carry the lecal title with them by indorsement or delivery, but carry as well, when transferred before maturity, the right of the transferve to demand the full amounts which their faces callfor. Daniel, Neg. inst. § la. A negotiable instrument ig a written promise or request for the payment of a certain sum of money toorder or bearer.

Civil Code Cal. § 3087.