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SS3: COMMERCE - 2ND TERM

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  1. History of the Nigerian Capital Market | Week 1
    3 Topics
  2. Stock Exchange (SE) | Week 2
    4 Topics
  3. Capital Market | Week 3
    4 Topics
  4. Second Tier Securities Market (SSM) | Week 4
    5 Topics
  5. Economic Grouping in West Africa | Week 5
    2 Topics
  6. Niger Basin Commission (NBC) | Week 6
    1 Topic
  7. Lake Chad Basin Commission (LCBC) | Week 7
    2 Topics
  8. West African Clearing House (WACH) | Week 8
    2 Topics
  9. Mano River Union (MRU) | Week 9
    1 Topic
  10. Negotiable Instrument | Week 10
    3 Topics




  • Kofa Study
SS3: COMMERCE – 2ND TERM Negotiable Instrument | Week 10 Negotiable Instrument (Definition, Types, Characteristics)
Lesson 10, Topic 1
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Negotiable Instrument (Definition, Types, Characteristics)

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A negotiable instrument is a document evidencing an obligation which is transferable by mere delivery or by delivery and endorsement. Such delivery, operating to transfer all legal rights to the obligation evidenced, free from defects in the transferor’s title.

Characteristics of Negotiable Instrument

  1. The title passes by delivery
  2. The holder can sue in his name
  3. No notice is necessary to the debtor or other oblige
  4. The instrument must be recognized as a negotiable instrument by law

Types of Negotiable Instrument

  1. Bills of exchange
  2. Banknotes
  3. Cheques
  4. Promissory notes
  5. Dividend warrant
  6. Share warrant
  7. Bearer debenture
  8. Bearer Bond
  9. Treasury bills

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