Sec. 14. The Negotiable Instruments Herein Considered

The negotiable instruments hereinafter discussed are only those properly falling under the uniform negotiable instruments law, that is, bills, notes, and checks, and special varieties thereof. These are the instruments which constitute the proper subject-matter of "The Law of Negotiable Paper."

While various statutes in different states have attempted to confer upon various instruments a negotiable or quasi-negotiable character, the discussion of them does not fall properly under a treatment of the law of commercial paper. "Commercial paper" or "negotiable paper" or "negotiable instruments" as they are commonly understood mean paper evidencing a debt ultimately reducible to money, and not calling for the delivery of other property. They are bills, notes, and checks. We shall hereafter consider only those three forms of instruments. What is said shall refer to bonds, certificates of deposit, bank drafts or any instrument payable in money, simply for the reason that such instruments are bills, notes or checks. The discussion will have nothing to do with and will not apply to warehouse receipts, bills of lading, or any instrument which does not contain a promise or order to pay money. The Uniform Negotiable Instrument Act does not refer to such documents and it is serious error to think of them as negotiable instruments. For purposes of distinction those instruments should be called "Documents of Title" - not "Negotiable Instruments."