PART 2. 
NEGOTIATION, TRANSFER, AND INDORSEMENT



 



§490:3-201  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. [L 1991, c 118, pt of §1]