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LSDefine

Simple English definitions for legal terms

negotiability

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A quick definition of negotiability:

Term: Negotiability

Definition: Negotiability means that a special kind of paper, called commercial paper, can be transferred to someone else by simply giving it to them or by signing it over to them. This means that the new owner has the right to use it and claim it as their own. This is different from regular contracts, where the new owner takes on any problems or issues that the original owner had with the contract. With negotiability, the new owner is protected from these problems and doesn't need to tell the person who owes the money that they now own the paper.

A more thorough explanation:

Definition: Negotiability refers to the ability of commercial paper to be transferred by endorsement and delivery or by delivery alone, allowing the transferee to have a rightful claim on it. This means that the transferee can become the legal owner of the commercial paper and can enforce its terms against the issuer.

For example, a check is a type of commercial paper that is negotiable. If someone endorses and delivers a check to another person, that person becomes the legal owner of the check and can deposit it into their own bank account. The bank will then credit the funds to the new owner's account, and the original issuer of the check will be obligated to pay the new owner.

Another example of negotiable commercial paper is a promissory note. If someone endorses and delivers a promissory note to another person, that person becomes the legal owner of the note and can enforce its terms against the issuer. This means that the new owner can demand payment from the issuer according to the terms of the note.

Overall, negotiability is an important feature of commercial paper because it allows for easy transfer of ownership and provides a level of security for the new owner.

négoce | negotiable

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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