quasi-negotiable instruments

Modern world revolutions have created some instruments known as quasi-negotiable instruments which are different from negotiable ones، despite having some similarities to them. Commercial custom recognizes them as quasi-negotiable instruments. The principle is that we don’t need new legal regime for this new category because they are rights in personam when they are created and rights in rem when they are circulating in the second market but if they needed new rules according to the custom or market needs، it should be satisfied. The transactions of these instruments are explained according to the assignment in the stage of creation and estoppel when they are circulating in the market in common law. In Iran law، we try to analyze them according to legal fiction and a quasi-estoppel rule.