13. Negotiable instrument
.- (1) A negotiable instrument means a promissory
note, bill of exchange or cheque payable either to order or
to bearer.
Explanation 1 —A promissory note, bill of exchange or
cheque is payable to order which is expressed to be so payable
or which is expressed to be payable to a particular person,
and does not contain words prohibiting transfer or indicating
an intention that it shall not be transferable.
Explanation 2—A promissory note, bill of exchange or
cheque is payable to bearer which is expressed to be so payable
or on which the only or last endorsement is an endorsement
in blank.
Explanation 3—Where a promissory note, bill of exchange
or cheque, either originally or by endorsement, is expressed
to be payable to the order of a specified person, and not
to him or his order, it is nevertheless payable to him or
his order at his option.
(2) A negotiable instrument may be made payable to two or
more payees jointly, or it may be made payable in the alternative
to one of two, or one or some of several payees.
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