47-3201. Negotiation


A. "Negotiation" means a transfer of possession, whether voluntary or involuntary,
of an instrument by a person other than the issuer to a person who thereby becomes its
holder.


B. Except for negotiation by a remitter, if an instrument is payable to an
identified person, negotiation requires transfer of possession of the instrument and its
indorsement by the holder. If an instrument is payable to bearer, it may be negotiated
by transfer of possession alone.