Document ID: chunk:federal_register_of_legislation:C2012C00128:section:13
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 13
Character Range: 10270–11189

13  What bills are negotiable

 (1) When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not negotiable.

 (2) A negotiable bill may be payable either to order or to bearer.

 (3) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.

 (4) A bill is payable to order which:
 (a)  is expressed to be so payable; or
 (b) is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.

 (5) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to the person or his or her order, it is nevertheless payable to the person or his or her order at his or her option.