Characteristics of a Negotiable Instruments
These are the characteristics of a negotiable instrument:
a) Property
As a general rule, the possessor of a negotiable instrument is presumed to be the owner of the property contained therein. The possession of a negotiable instrument is not the same as right to property. Using a negotiable instrument, you can transfer property without any formalities. Upon delivery of a bearer instrument, the property passes to the recipient. The transfer of property via an order instrument requires endorsement and delivery.