The definition for Inchoate Instrument:
An unrecorded instrument (such as a deed) which is valid only between the parties and those having actual notice: but not against "the world" as it would be after recording.
Negotiable InstrumentNegotiable Instrument
According to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money, on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee.
Unrecorded InstrumentUnrecorded Instrument
A deed, mortgage, etc., which is not recorded in the county recorder's office and, therefore, not protected under recording statutes. Valid between the parties involved, but not against innocent third parties.
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