Negotiable Instruments:A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. According to the Negotiable Instruments Act,...
When endorsed (alt. spelling "indorsed"), a promissory note is a negotiable instrument. This is how banks fund mortgages--the promissory note is endorsed to them, making it a negotiable instrument...
Let me use the example of promissory note where one executes a promissory note as evidence of a promise to pay another person a sum of money at a particular date. If it says in the terms that it is a...