negotiability. The capability of commercial paper to have its title transferred by indorsement and delivery, or by delivery alone, so that the transferee has a rightful claim on it. • Negotiability (which pertains to commercial paper) differs from assignability (which pertains to contracts in general) because an assignee traditionally takes title subject to all equities, […]
A type of defense that is good against any possible claimant, so that the maker or drawer of a negotiable instrument can raise it even against a holder in due course. • The ten real defenses are (1) fraud in the factum, (2) forgery of a necessary signature, (3) adjudicated insanity that, under state law,
intangible, adj. Not capable of being touched; impalpable; INCORPOREAL. intangible, n. Something that lacks a physical form; an abstraction, such as responsibility; esp., an asset that is not corporeal, such as intellectual property. general intangible. Any intangible personal property other than goods, accounts, chattel paper, documents, instruments, investment property, rights to proceeds of written letters