nonnegotiable instrument

nonnegotiable instrument
According to a well understood meaning in the law of bills and notes, a term of art which refers only to commercial paper. An instrument which is not negotiable, that is, any instrument which does not meet the requirements laid down to qualify an instrument as a negotiable one, or an instrument which in its inception was negotiable but has lost its quality of negotiability. Edgar v Haines, 109 Ohio St 159, 141 NE 837. An instrument which meets all requirements as to form of a negotiable instrument except that it is not payable to order or bearer. UCC § 3-805. An instrument which, according to the underlying theory of the Uniform Commercial Code, should be governed by all sections of the Code except as to matters concerned with holders in due course. 11 Am J2d B & N §§ 7, 47.

Ballentine's law dictionary. . 1998.

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