{"id":34559,"date":"2024-04-15T09:32:36","date_gmt":"2024-04-15T09:32:36","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=34559"},"modified":"2024-04-15T09:32:36","modified_gmt":"2024-04-15T09:32:36","slug":"when-all-the-rights-under-a-negotiable-instrument-are-extinguished-and-instrument-cannot-be-further-negotiated-it-is-called-of-instrument","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/when-all-the-rights-under-a-negotiable-instrument-are-extinguished-and-instrument-cannot-be-further-negotiated-it-is-called-of-instrument\/","title":{"rendered":"When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument."},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Release&#8221; option2=&#8221;Completion&#8221; option3=&#8221;Discharge&#8221; option4=&#8221;All of these&#8221; correct=&#8221;option3&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>C. Discharge<\/strong><\/p>\n<p>A negotiable instrument is a document that can be transferred from one person to another by endorsement and delivery. The rights under a negotiable instrument are extinguished when the instrument is discharged. Discharge can occur in a number of ways, including payment, cancellation, or merger.<\/p>\n<ul>\n<li><strong>Payment<\/strong> is the most common way to discharge a negotiable instrument. When the payee or holder of the instrument receives payment, the instrument is discharged and the rights of the payee or holder are extinguished.<\/li>\n<li><strong>Cancellation<\/strong> is another way to discharge a negotiable instrument. Cancellation occurs when the instrument is intentionally destroyed or mutilated. Once an instrument is cancelled, it cannot be further negotiated and the rights of the parties under the instrument are extinguished.<\/li>\n<li><strong>Merger<\/strong> is a third way to discharge a negotiable instrument. Merger occurs when the obligation under the instrument is merged into another obligation. For example, if a note is given in exchange for a mortgage, the note is discharged when the mortgage is paid off.<\/li>\n<\/ul>\n<p>When all the rights under a negotiable instrument are extinguished and the instrument cannot be further negotiated, it is said to be discharged.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Release&#8221; option2=&#8221;Completion&#8221; option3=&#8221;Discharge&#8221; option4=&#8221;All of these&#8221; correct=&#8221;option3&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[704],"tags":[],"class_list":["post-34559","post","type-post","status-publish","format-standard","hentry","category-legal-aspects-of-business","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/when-all-the-rights-under-a-negotiable-instrument-are-extinguished-and-instrument-cannot-be-further-negotiated-it-is-called-of-instrument\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Release&#8221; 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