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Ch 26 Negotiable Instrument Transfers #1

Ch 26 Negotiable Instrument Transfers

Q Negotiation is the way to "magically" transfer a negotiable instrument. Unless done correctly, the transfer would only qualify as an assignment of a contract right. 1) What is the difference between an order instrument and a bearer instrument? Which is safer and why? 2) Can you make order paper into bearer paper? How? 3) Can you make bearer paper into order paper? How?

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1) A payee’s name is present in case of an order instrument (Clarkson, Miller & Cross, 2016). This payee must be an individual who would have the capability to endorse. There is the requirement of delivery of an order instrument. There is also the requirement of a signature to be endorsed by the payee so that the back of the order instrument would contain the signature. In case of a bearer instrument, there is the scope of negotiation by means of delivery. There is no mandatory requirement of the presence of endorsement in case of a bearer instrument because the instrument can be delivered by transferring it to the possession of a another person.