Illustrate Negotiable Instruments
Illustrate what do you mean by Negotiable Instruments?
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Negotiation is a process of assigning a negotiable instrument, likely a cheque/ promissory note. The law for negotiation differs in 3 very important aspects from law for assignment in general:
1. Notice doesn’t give to the promisor.
2. Assignee may stand in a superior position than assignor in either suing the assignor or defending an action by assignor.
3. Assignee can sue in his or her own name without joining the assignor as a party to the action.
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