Negotiable instruments

Discussion Topic

In light of the discussion this week, and the quote by Alan Greenspan on the first page of your book, how do negotiable instruments make business easier? What would the consequence be if we didn't allow negotiable instruments?

Should we allow people to transfer negotiable instruments? What limitations should we put on people transferring these instruments. What is a holder in due course? What defenses can you think of with regard to not having to pay on a negotiable instrument?