                                 CODE OF VIRGINIA

NEGOTIATION (§ 8.3A-201)

a. &#8220;Negotiation&#8221; means a transfer of possession, whether voluntary
or involuntary, of an instrument by a person other than the issuer to a person
who thereby becomes its holder.

b. 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 endorsement by the holder. If an instrument is payable to bearer, it may
be negotiated by transfer of possession alone.

HISTORY: Code 1950, §§ 6-382 through 6-384; 1964, c. 219, § 8.3-202; 1992, c.
693.