The attribute that allows an instrument to pass from person to person like money, giving a holder in due course the right to collect the sum free from personal defenses.
As the instrument is negotiated through indorsement, additional parties (indorsers) become secondarily liable for its payment. Requisites of Negotiability (Section 1) negotiable instruments law de leon pdf new
A negotiable instrument is a written contract for the payment of money that serves as a substitute for currency. De Leon emphasizes two primary features: The attribute that allows an instrument to pass