All such bonds shall have, and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state to the extent provided in section 8 of article 31 of the Annotated Code of Maryland, 1957, as amended from time to time and in title 8 of the Commercial Law Article of the Annotated Code of Maryland, 1957, as amended from time to time. (Mont. Co. Code 1965, §2-116; 1971 L.M.C., ch. 23, § 6.)