(810 ILCS 5/3-201)
(from Ch. 26, par. 3-201)
(a) "Negotiation" 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 indorsement by the holder. If an instrument is payable
to bearer, it may be negotiated by transfer of possession alone.
(Source: P.A. 87-582; 87-1135.)