88. Instruments creating or acknowledging indebtedness

(1) Subject to sub-paragraph (2), such of the following as do not fall within paragraph 90 —
(a) debentures;
(b) debenture stock;
(c) loan stock;
(d) bonds;
(e) certificates of deposit;
(f) any other instrument creating or acknowledging indebtedness.
(2) If and to the extent that they would otherwise fall within sub-paragraph (1), there are excluded from that sub-paragraph —
(a) an instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;
(b) a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);
(c) a banknote, a statement showing a balance on a current, deposit or savings account or a lease or other disposition of property; and
(d) a Contract of Insurance;
(3) An instrument excluded from sub-paragraph (1) of paragraph 90 by sub-paragraph (2)(b) of that paragraph is not thereby to be taken to fall within sub-paragraph (1) of this paragraph.