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TeachMeFinance.com - explain Non-negotiable instrument historic definition...
Non-negotiable instrument -- A non-negotiable instrument is
one where the payee has the right to set off or present in partial
or entire liquidation of it a claim against the original owner
of it or where there is a stipulation that payment of it shall
or may be made in a representative of money (as a bill of exchange
or draft or a check) or that payment shall or may be
made in property.
Also see Negotiable instrument.
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