in138MEANING AND DEFINITION OF NI. The word ‘negotiable’ means transferable from one person to another, and the term ‘instrument’ means a document of title of money (as described by Prof. Goode).. A NI is required toIn M.S. Narayana Menon v State of Kerala and Sudhir Kumar Bhalla v Jagdish Chand, the Supreme Court expounded that cheques issued for security purposes would