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A 'bearer instrument' under Section 13 is one which:
ARequires indorsement and delivery to negotiate
BIs payable to a named person and his order
CCannot be transferred
DIs payable to bearer, or whose last indorsement is in blank, and is negotiated by mere delivery
Answer & Solution
Correct answer: D. Is payable to bearer, or whose last indorsement is in blank, and is negotiated by mere delivery
A bearer instrument is payable to bearer or has a blank last indorsement and is negotiated by delivery alone.
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