0
Material alterations in a negotiable instrument are alterations on the face of the instrument altering how the instrument is paid or negotiated, and to whom negotiated. A material alteration to a negotiable instrument could also be the entry of a court order regarding the instrument that changes these aspects of the instrument.
Generally, the laws affecting negotiable instruments are:
(1) the provisions of Article 3 of the Uniform Commercial Code as enacted in State statute; and,
(2) the common law interpreting the statutes; and,
(3) common-law principles as to negotiable instruments exclusive of Article 3 of the UCC, if allowed for in State statute.
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoAny change in an instrument which causes it to speak a different language in legal effect from that which it originally spoke or which changes legal character of the instrument is a material alteration.
Gajanan Bhat
Add your answer:
Earn +20 pts
What is material alteration in discharge of contract?
essential of negotiable instrument say's that a negotiable instrument must be unconditional so when we will alter any condition in it then it will be discharged.
Is share certificate a negotiable instrument?
yes, its a non negotiable instrument
Is share certificate a non negotiable instrument?
yes, its a non negotiable instrument
Can you cash a check that has had one name on then crossed out and then a different name on?
YES - If the cheque issuer has countersigned after the name alteration NO - If the cheque issuer has not counter signed after the name alteration Any modification in a negotiable instrument like a cheque has to be attested/countersigned by the issuer
Is a wire transfer a negotiable instrument?
No You are asking if the medium of transfer is a negotiable instrument It is not. A wire transfer represents the medium (or method) of transfer. It is like asking if the stage coach transporting the money is a negotiable instrument, it is not. Money itself is a negotiable instrument, the medium itself is not.
Does a post dated check comply with the definition of a check and is such a check a valid negotiable instrument?
no it does not complt with the definition of a cheque and its not a valid negotiable instrument
Is a mortgage a negotiable instrument?
No, a mortgage is a contract.
Is a certificate of deposit a negotiable instrument?
yes
Is a cheque negotiable instrument?
No. A cheque is a non-negotiable monetary instrument. The value of the cheque cannot be modified or negotiated and hence the term non-negotiable. The amount filled up by the cheque issuer is the value of the cheque and it would not change.
Is a variable interest rate a negotiable instrument?
No, an instrument is something like a bond or cd.
Why credit card is not a negotiable instrument?
A credit card is not a negotiable instrument because it does not meet the legal requirements to be classified as one. Negotiable instruments must be unconditional promises to pay a fixed amount of money, which credit cards do not fulfill. Additionally, credit cards involve the extension of credit rather than a direct payment.
What are the features of negotiable instrument?
A negotiable instrument is capable of being transferred by delivery or indorsement when the transferee takes the instrument for value, in good faith, and without notice of conflicting title claims or defenses. A negotiable instrument could be a check made out to another person, because that person could endorse it for payment or transfer it to someone else as payment to them.
