Why would the whole definition have been quoted? Because you just made some rule up? This is what I said about that text: "Presumably the quoted text--which is from those pages in the original source--is a definition of "negotiable instrument.""
Unfortunately for you, this question is easily settled because the text of the book is actually available on the internet. So I present to you the actual answer, which shows that I was 100% correct: "What are called 'negotiable instruments,' or 'paper to bearer,' such as bills of exchange, or promissory notes, do really pass from hand to hand, either by delivery or indorsement, giving to each successive recipient a right against the debtor..."
http://books.google.com/books?id=HVAOAAAAYAAJ&pg=PA255&lpg=PA255&dq=holland+elements+of+jurisprudence+negotiable+instruments&source=bl&ots=GBEb-uMAci&sig=7FOPsdaIcYmmvsdeckC3DzLUvRs&hl=en&sa=X&ei=SMXxUZXOKIP7qAGJhoCYAg&ved=0CC8Q6AEwAA#v=onepage&q=holland elements of jurisprudence negotiable instruments&f=false.
Again, this is the text from the opinion: "A Federal Reserve note is a negotiable instrument-it can pass from hand to hand, either by delivery or indorsement, giving to each successive recipient a right against the debtor.   Thomas E. Holland, The Elements of Jurisprudence 315-16 (13th ed.1924)."