|
|
This is only a preview of the paper
Click here to register and get the full text.
Existing members click here to login
|
|
|
... Short title
This Act may be called the Negotiable Instruments Act, 1881. ... , commencement: It extends 1to 2[the whole of India 3[* * *]]; but nothing herein contained affects the 4[Indian Paper Currency Act, 1871 (3 of 1871)], section 21, or affects any local usage relating to any instrument in an oriental language:
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 into force on the first day of March, 1882. ... by the Amending Act, 1891 (12 of 1891), sec. ... Interpretation clause
In this Act-
5[* * *]
"Banker" : 6["banker" includes any person acting as a banker and any post office savings bank]. ...
Illustrations
A signs instruments in the following terms:
(a) "I promise to Pay B or order Rs. ...
The instruments respectively marked (a) and (b) are promissory notes. The instruments respectively marked (c), (d), (e), (f), (g) and (h) are not promissory notes. ... "Negotiable instrument"
11[(1 ) A "negotiable instrument" means a promissory note, bill of exchange or cheque payable either to order or to bearer. ... ]
12[(2)] A negotiable instrument may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. ... Endorsement
When the maker or holder of a negotiable instrument signs the same, otherwise than as such maker, for the purpose of negotiation on the back or face thereof or on a slip of paper annexed thereto, or so signs for the same purpose a stamped paper intended to be completed as a negotiable instrument, he is said to endorse the same, and is called the "endorser".
Approximate Word count = 1294
Approximate Pages = 5.2
(250 words per page double spaced)
|
|
|
|
|
|