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      Question

      Which of the following is NOT a "Negotiable Instrument"

      by usage or custom?
      A Dividend Warrant. Correct Answer Incorrect Answer
      B Bearer Debenture. Correct Answer Incorrect Answer
      C Share Certificate. Correct Answer Incorrect Answer
      D Circular Notes. Correct Answer Incorrect Answer
      E Hundi. Correct Answer Incorrect Answer

      Solution

      Share certificates are "Documents of Title" but are not negotiable instruments as they cannot be transferred by mere delivery or endorsement to give a better title.

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