1. A written legal document that defines rights, duties, entitlements, or liabilities, such as a contract, will, promissory note, or share certificate.
“An ‘instrument’ seems to embrace contracts, deeds, statutes, wills, Orders in Council, orders, warrants, schemes, letters patent, rules, regulations, bye-laws, whether in writing or in print, or partly in both; in fact, any written or printed document that may have to be interpreted by the Courts.” Edward Beal, Cardinal Rules of Legal Interpretation 55 (A.E. Randall ed., 3d ed. 1924).
statutory instrument. See STATUTORY INSTRUMENT.
testamentary instrument. See WILL.
2. Commercial law. An unconditional promise or order to pay a fixed amount of money, with or without interest or other fixed charges described in the promise or order. • Under the UCC, a promise or order must meet several other specifically listed requirements to qualify as an instrument. UCC § 3-104(a). See NEGOTIABLE INSTRUMENT.
3. A means by which something is achieved, performed, or furthered (an instrument of social equality).
inchoate instrument. An unrecorded instrument that must, by law, be recorded to serve as effective notice to third parties. • Until the instrument is recorded, it is effective only between the parties to the instrument.
incomplete instrument. A paper that, although intended to be a negotiable instrument, lacks an essential element. • An incomplete instrument may be enforced if it is subsequently completed. UCC § 3-115. [Cases: Bills and Notes 144. C.J.S. Bills and Notes; Letters of Credit §§ 127, 129–130, 143.]
indispensable instrument. The formal written evidence of an interest in intangibles, so necessary to represent the intangible that the enjoyment, transfer, or enforcement of the intangible depends on possession of the instrument.
perfect instrument. An instrument (such as a deed or mortgage) that is executed and filed with a public registry.
sealed instrument. See SEALED INSTRUMENT.
