NEGOTIABLE

An instrument embodying an obligation for the payment of money is called “negotiable” when the legal title to the instrument itself and to the whole amount of money expressed upon its face, with the right to sue therefor in his own name, may be transferred from one person to another without a formal assignment, but by mere indorsement and delivery by the holder or by delivery only. See 1 Daniel, Nego. Inst, f 1; Walker v. Ocean Bank, 19 Ind. 247; Robinson v. Wilkinson, 38 Mich. 299; Odell v. Gray, 15 Mo. 337, 55 Am. Dec. 147. Negotiable instruments. A general name for bills, notes, checks, transferable bonds or coupons, letters of credit, and other negotiable written securities. Any written securities which may be transferred by indorsement and delivery or by delivery merely, so as to vest in the indorsee the legal title, and thus enable him to sue thereon in his own name. Or, more technically, those instruments which not only carry the legal title with them by indorsement or delivery, but carry as well, when transferred before maturity, the right of the transferee to demand the full amounts which their faces call for. Daniel, Neg. Inst.