ABSTRACT
An instrument is a document of title to money. It is a documentary intangible and is the physical embodiment of the payment obligation. The person in possession of the instrument (with endorsement in favour of the possessor where required) is the best evidence of entitlement to the money it represents. The right to receive payment, which belongs to the holder, is exercised by production of the instrument to the obligee or his authorised agent and is transferred by delivery, with any requisite endorsement.67
