Negotiable Instruments Act, is an act in India dating from the British colonial rule, that is .. 4 of Negotiable instrument Act; ^ Universal law guide pg, Section 5 of Negotiable instrument Act; ^ "Section 6 of Negotiable Act" (PDF). This Act may be called the Negotiable Instruments Act, Commencement. It extends to the whole of Bangladesh; but nothing herein contained affects the. Explain capacity and liability parties to a negotiable instruments; and. •. Understand various provisions of negotiable instrument Act,. regarding negotiation.
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An Act to define and amend the law relating to Promissory Notes, Bills of. Exchange Short title: This Act may be called the Negotiable Instruments Act, CHAPTER I PRELIMINARY. 1. Short title. Local extent Saving of usages relating to hundis, etc. Commencement. 1A. Application of the Act. 2. [Repealed]. 3. Jun 28, PDF | This research paper deals with the following constellation of Instruments Act, , for at the most, Section 13 of the Negotiable.
Instruments payable on demand. Section21 - "At sight", "On presentment", "After sight". Negotiation by indorsement. Drawee in case of need. Section18 - Where amount is stated differently in figures and words. Cheque payable to order. Section - Payment of cheque crossed generally.
Section41 - Acceptor bound, although indorsement forged. Section42 - Acceptance of bill drawn in fictitious name.
Section43 - Negotiable instrument made, etc. Section44 - Partial absence or failure of money-consideration. Section45 - Partial failure of consideration not consisting of money.
Section45A - Holder's right to duplicate of lost bill. Section49 - Conversion of indorsement in blank into indorsement in full. Section52 - Indorser who excludes his own liability or makes it conditional. Section53 - Holder deriving title from holder in due course. Section55 - Conversion of indorsement in blank into indorsement in full.
Section58 - Legal representative cannot by delivery only negotiate instrument indorsed by deceased. Section58 - Instrument obtained by unlawful means or for unlawful consideration. Section59 - Instrument acquired after dishonour or when overdue. Section60 - Instrument negotiable till payment or satisfaction.
Section62 - Presentment of promissory note for sight. Section66 - Presentment for payment of instrument payable after date or sight.
Section67 - Presentment for payment of promissory note payable by instalments. Section68 - Presentment for payment of instrument payable at specified place and not elsewhere. Section69 - Instrument payable at specified place. Section70 - Presentment where no exclusive place specified.
Section71 - Presentment when maker, etc. Section72 - Presentment of cheque to charge drawer. Section73 - Presentment of cheque to charge any other person. Section74 - Presentment of instrument payable on demand.
Section75 - Presentment by or to agent, representative of deceased, or assignee of insolvent. Section75A - Excuse for delay in presentment for acceptance or payment. Section77 - Liability of banker for negligently dealing with bill presented for payment. Excuse for delay in presentment for acceptance or payment.
When presentment unnecessary. Liability of banker for negligently dealing with bill presented for payment.
To whom payment should be made. Interest when rate specified or not specified. Interest when no rate specified. Delivery of instrument on payment, or indemnity in case of loss.
Discharge from liability-. Discharge by allowing drawee more than forty-eight hours to accept. When cheque not duly presented and drawer damaged thereby. Cheque payable to order.
Drafts drawn by one branch of a bank on another payable to order. Parties not consenting discharged by qualified or limited acceptance. Effect of material alteration. Alteration by indorsee. Acceptor or indorser bound notwithstanding previous alteration. Payment of instrument on which alteration is not apparent. Dishonour by non-acceptance.
Dishonour by non-payment. By and to whom notice should be given. Mode in which notice may be given. Party receiving must transmit notice of dishonour. Agent for presentment. When party to whom notice given is dead. When notice of dishonour is unnecessary. Protest for better security. Contents of protest.
Notice of protest. Protest for non-payment after dishonour by non-acceptance. Protest of foreign bills. When noting equivalent to protest. Reasonable time. Reasonable time of giving notice of dishonour. Reasonable time for transmitting such notice.
Acceptance for honour. How acceptance for honour must be made.
Acceptance not specifying for whose honour it is made. Liability of acceptor for honour. When acceptor for honour may be charged. Payment for honour. Right of payer for honour. Drawee in case of need.
Acceptance and payment without protest. Rules as to compensation. Presumptions as to negotiable instruments- a of consideration; b as to date; c as to time of acceptance; d as to time of transfer; e as to order of indorsements; f as to stamp; g that holder is a h.
Presumption on proof of protest. Estoppel against denying original validity of instrument. Estoppel against denying capacity of payee to indorse.
Estoppel against denying signature or capacity of prior party. Cheque crossed generally. Cheque crossed specially. Crossing after issue. Payment of cheque crossed generally. Payment of cheque crossed specially. Payment of cheque crossed specially more than once.
Payment in due course of crossed cheque. Payment of crossed cheque out of due course. Non-liability of banker receiving payment of cheque. According to Section 13 of the Negotiable Instruments Act, "A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.
Provided that such usages may be excluded by any words in the body of the instrument, which indicate an intention that the legal relations of the parties thereto shall be governed by this Act; and it shall come.
We prefer to carry a small piece of paper known as Cheque rather than carrying the currency worth the value of the Cheque. Before there being no provision to restrain the person issuing the Cheque without having sufficient funds in his account.
Of course on Dishonoured cheque there is a civil liability accrued. In order to ensure promptitude and remedy against the defaulters of the Negotiable Instrument a criminal remedy of penalty was inserted in Negotiable Instruments Act, by amending it with Negotiable Instruments Act, With the insertion of these provisions in the Act the situation certainly improved and the instances of dishonour have relatively come down but on account of application of different interpretative techniques by different High Courts on different provisions of the Act it further compounded and complicated the situation although on dishonour of cheques the trends of the verdicts of the Supreme Court of India.
Parliament enacted the Negotiable Instruments Amendment and Miscellaneous Provisions Act, 55 of , which is intended to plug the loopholes. This amendment Act inserts five new sections from to touching various limbs of the parent Act and Cheque truncation through digitally were also included and the amendment Act has been recently brought into force on Feb. Another very important section is presumptions as to Negotiable Instruments under Section of the Act.
By change in N. It is manifest that to constitute an offence under Section of the Act, the following ingredients are required to be fulfilled: From Wikipedia, the free encyclopedia. In force Negotiable Instruments Act, is an act in India dating from the British colonial rule, that is still in force largely unchanged.