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negotiable instrument

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Legal Dictionary

Main Entry: negotiable instrument
Function: noun
: a transferable instrument (as a note, check, or draft) containing an unconditional promise or order to pay to a holder or to the order of a holder upon issue, possession, demand, or at a specified time negotiable instrument> —see also BEARER, HOLDER IN DUE COURSE
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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