- A bona fide holder for value takes free from any defect in the title of his predecessors.
- A check cannot be accepted.
- An endorsement by the deawee is null and void.
- An instrument is a document of title to money.
- Every instrument constitutes an independent contract embodying a payment obligation.
- The bill of exchange was in its inception confine largely to the financing of foreign trade.
- The check is payable to bearer.
- The promissory note is a document in which A promises to pay a sum of money to B.
- They would almost certainly be held by the court to be negotiable instruments, albeit outside the scope of the Bills of Exchange Act.
- This autonomy of the payment obligation is essential to the marketability of instrument.