Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Assignable, adj. That can be assigned; transferable from one person to another, so that the transferee has the same rights as the transferor had <assignable right>. Cf. Negotiable. Assignable lease
see lease.
Negotiable
adj. 1. (Of a written instrument) capable of being transferred by delivery or endorsement when the transferee takes the instrument for value, in good faith, and without notice of conflicting title claims or defenses. 2. (Of a deal, agreement, etc.) capable of being accomplished. 3. (Of a price or deal) subject to further bargaining and possible change. Cf. NONNEGOTIABLE; ASSIGNABLE. "The term 'negotiable,' in its enlarged signification, is used to describe any written security 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 bring a suit thereon in his own name. But in a strictly commercial classification, and as the term is technically used, it applies only to those instruments which, like bills of exchange, 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. 'Assignable' is the more appropriate term to describe bonds, and ordinary notes, or notes of hand as they are most commonly called; as 'negotiable' is the more fitting term to describe the peculiar instruments of commerce." 1 John W. Daniel, A Treatise on the Law of Negotiable Instruments § 2, at 3 (Thomas H. Calvert ed., 7th ed. 1933).
Nonnegotiable
adj. 1. (Of an agreement or term) not subject to change <the kidnapper's demands were nonnegotiable>. 2. (Of an instrument or note) incapable of transferring by indorsement or delivery. Cf. NEGOTIABLE INSTRUMENT.
negotiable bill of lading
See BILL OF LADING
negotiable bill of lading.
A bill of lading calling for the delivery of goods to the bearer or to a named person's order. UCC § 7-104.
negotiable bond
See BOND (2).
negotiable bond.
A bond that can be transferred from the original holder to another.
negotiable certificate of deposit
A security issued by a financial institution as a short-term source of funds, usu. with a fixed interest rate and maturity of one year or less.
negotiable document of title
See DOCUMENT OF TITLE.
negotiable instrument
A written instrument that (1) is signed by the maker or drawer, (2) includes an unconditional promise or order to pay a specified sum of money, (3) is payable on demand or at a definite time, and (4) is payable to order or to bearer. UCC § 3-104(a). - Also termed negotiable paper; negotiable note. Among the various types of negotiable instruments are bills of exchange, promissory notes, bank checks, certificates of deposit, and other negotiable securities.
negotiable note
See NEGOTIABLE INSTRUMENT.
negotiable order of withdrawal
A negotiable instrument (such as a check) payable on demand and issued against funds deposited with a financial institution. - Abbr. NOW.
negotiable paper
See NEGOTIABLE INSTRUMENT.
negotiable words
The terms and phrases that make a document a negotiable instrument. -Also termed words of negotiability. See NEGOTIABLE INSTRUMENT.
negotiable-order-of-withdrawal account
See NOW account.
negotiable-order-of-withdrawal account.
See NOW account under ACCOUNT.
nonnegotiable bill of lading
See straight bill of lading under BILL OF LADING.
nonnegotiable document of title
A document of title that merely serves as evidence of the goods it covers. UCC 7-104(2).
renegotiable-rate mortgage
A government-sponsored mortgage that requires the mortgagee to renegotiate its terms every three to five years, based on market conditions. - Also termed flexible-rate mortgage; rollover mortgage.