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Chapter 5 - Negotiable instruments. In this chapter you should understand: the historical origins of negotiable instruments; the difference between ‘negotiability’ and ‘assignability’; the parties to, uses for and liabilities pertaining to and processes surrounding: bills of exchange, promissory notes, cheques. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 5- Copyright © 2000 McGraw-Hill Australia Negotiable instruments Chapter 5 Negotiable instrument A contract that can be transferred from one person to another. e.g. Cheques Bills of exchange 5- Copyright © 2000 McGraw-Hill Australia Nemo dat rule You cannot transfer better title to goods than what you already have. Exception: Negotiable instruments - can be transferred from one person to another and that person receives good title, even if the transferor did not have good title. 5- Copyright © 2000 McGraw-Hill Australia Negotiability Assignability (transferability): Capable of being transferred from one person to another. Negotiability: Assignable and allows good title to pass to the transferee. 5- Copyright © 2000 McGraw-Hill Australia Bill of exchange An unconditional order In writing Addressed by one person (drawer) to another (the drawee) Signed by the person giving it (the drawer) Pay on demand, or at a fixed or determinable future time Involves a certain sum of money To the order of a specified person, or to bearer 5- Copyright © 2000 McGraw-Hill Australia Bill of exchange Advantages Proof of debt Easily transferred Safely transferred 5- Copyright © 2000 McGraw-Hill Australia Parties to a bill of exchange Drawer: Person responsible for creating bill (creditor). Drawee: Person to whom bill addressed (acceptor). Payee: Person to whom payment is to be made. Endorser: Person who transfers rights of payment. Endorsee: Person to whom bill is transferred. Bearer: Person in possession of bearer bill. 5- Copyright © 2000 McGraw-Hill Australia Parties to a bill of exchange - holders Holder: Person in possession of a bill “to bearer” wPayee or wEndorsee. Holder for value: Person in possession of bill for which value has been given. Holder in due course: Person in possession of bill - that is complete and regular - taken in good faith and for value - no . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 5- Copyright © 2000 McGraw-Hill Australia Negotiable instruments Chapter 5 Negotiable instrument A contract that can be transferred from one person to another. e.g. Cheques Bills of exchange 5- Copyright © 2000 McGraw-Hill Australia Nemo dat rule You cannot transfer better title to goods than what you already have. Exception: Negotiable instruments - can be transferred from one person to another and that person receives good title, even if the transferor did not have good title. 5- Copyright © 2000 McGraw-Hill Australia Negotiability Assignability (transferability): Capable of being transferred from one person to another. Negotiability: Assignable and allows good title to pass to the transferee. 5- Copyright © 2000 McGraw-Hill Australia Bill of exchange An unconditional order In writing Addressed by one person (drawer) to another (the drawee) Signed by the person giving it (the .
