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NEGOTIABLE INSTRUMENT

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1 NEGOTIABLE INSTRUMENT on Tue Sep 23, 2008 5:25 pm

barrister

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Reclusion Perpetua
Written contracts for the payment of money; by its form, intended as a substitute for money and
intended to pass from hand to hand, to give the holder in due course the right to hold the same and
collect the sum due.

CHARACTERISTICS OF NEGOTIABLE INSTRUMENTS:
1. Negotiability - right of transferee to hold the instrument and collect the sum due
2. Accumulation of secondary contracts - instrument is negotiated from person to person

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