(a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone. ( (1899, c. 733, ss. 30-32; Rev., ss. 2178, 2179, 2181; C.S., ss. 3010, 3011, 3013; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)
Sections: Previous 25-3-113 25-3-114 25-3-115 25-3-116 25-3-117 25-3-118 25-3-119 25-3-201 25-3-202 25-3-203 25-3-204 25-3-205 25-3-206 25-3-207 25-3-301 Next
Last modified: March 23, 2014