Non-Negotiable just means that the instrument CANNOT be assigned/negotiated to another party, BUT it is still a binding contract or agreement between the 2 parties.
That’s why Publishers Clearing House STOPPED sending out checks to people that said “NON-NEGOTIABLE” on them because someone figure that out & cashed a check sent by Publishers Clearing House which said “NON-NEGOTIABLE” on it and they actually received the face amount of money that was written on that Publishers Clearing House Check.
“Negotiability” just means “Assignability”, BUT the offer and acceptance between the 2 original parties are STILL BINDING between those 2 parties.
This is the mistake the majority of people believe, just because a check says “NON-Negotiable” on it that it is No Good, NOT SO!
It just can’t be negotiated/assigned /sold further to a 3rd party.. That’s what NON-NEGOTIABLE really means.
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