30-3-202. Negotiation. (1) “Negotiation” means a transfer of possession, whether voluntary or involuntary, of an instrument to a person who thereby becomes its holder if possession is obtained from a person other than the issuer of the instrument.

Terms Used In Montana Code 30-3-202

  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Remitter: means a person that purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Montana Code 30-3-102

(2)Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.