Bare Act Search Results

Negotiable Instruments Act, 1881 Complete Act

State: Central

Year: 1881

.....When the holder of an accepted bill of exchange enters into any contract with the acceptor which, under section 134 or 135 of the Indian Contract Act, 1872 (9 of 1872), would discharge the other parties, the holder may expressly reserve his right to charge the other parties, and in such case they are not discharged. SECTION 40: DISCHARGE OF INDORSER'S LIABILITY Where the holder of a negotiable instrument, without the consent of the indorser, destroys or impairs the indorser's remedy against a prior party, the indorser is discharged from liability to the holder to the same extent as if the instrument had been paid at maturity. Illustration A is the holder of a bill of exchange made payable to the order of B, which contains the following indorsements in blank- First indorsement, "B". Second indorsement, "Peter Williams". Third indorsement "Wright & Co." Fourth indorsement "John Rozario". This bill A puts in suit against John Rozario and strikes out, without John Rozario's consent, the indorsements by Peter Williams and Wright & Co. A is not entitled to recover anything from John Rozario. SECTION 41: ACCEPTOR BOUND, ALTHOUGH INDORSEMENT FORGED An acceptor of a bill of.....

Negotiable Instruments Act, 1881 Chapter VII

Title: Of Discharge from Liability on Notes, Bills and Cheques

State: Central

Year: 1881

..... ( 2 ) In determining what is a reasonable time, regard sh all be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case. ( 3 ) The holder of the cheque as to which such dr awer or person is so discharged sh all be a creditor, in lieu of such dr awer or person, of such banker to the extent of such discharge and entitled to recover the amount from hi m. Illustrations (a) A draws a cheque for Rs. 1, 000, and, when the cheque ought to be presented, has funds at the bank to meet it. The bank fails before the cheque is presented. The drawer is discharged, but the holder can prove against the bank for the amount of the cheque. (b) A draws a cheque at Ambala on a bank in Calcutta. The bank fails before the cheque could be presented in ordinary course. A is not discharged, for he has not suffered actual damage through any delay in presenting the cheque.] _____________________ 1. Substituted by Act 6 of 1897, sec. 3, for section 84. Section 85 - Cheque payable to order 1 [(1)]Where a cheque payableto order purports to be indorsed by or on behalf of the payee, thedrawee isdischarged by payment in due course. 2.....

Negotiable Instruments Act, 1881 Section 87

Title: Effect of Material Alteration

State: Central

Year: 1881

Any material alteration of a negotiable instrument renders the same void as against any one who is a party thereto at the time of making such alteration and does not consent thereto, unless it was made in order to carry out the common intention of the original parties; Alteration by indorsee.--And any such alteration, if made by an indorsee, discharges his indorser from all liability to him in respect of the consideration thereof. The provisions of this section are subject to those of sections 20, 49, 86 and 125.

Obstructions in Fairways Act, 1881 Complete Act

State: Central

Year: 1881

.....previous to the passing of this Act, such removal, destruction, regulation or prohibition shall be deemed to have been effected under this Act. SECTION 12: SAVING OF OTHER POWERS POSSESSED BY CENTRAL GOVERNMENT Nothing herein contained shall be deemed to prevent the exercise by 20 [the Central Government] of any other powers possessed by it in this behalf. SECTION 13: APPLICATION TO FAIRWAYS IN INLAND WATERWAYS All references in this Act to the Central Government shall, in relation to fairways in inland waterways, be construed as references to the 22 [State Government]]. Footnotes: 2. The words 'and it shall come into force at once' were omitted by the Repealing and Amending Act. 1914(10 of 1914), S. 3 and Schedule II. 3. Substituted for the words 'belonging to Her Majesty or hired by Her Majesty or by the Secretary of State for India in Council', by A.O., 1937 (1-4-1937). 4. Substituted for the word 'Crown' by A.L.O.. 1950. 5. Substituted for the words 'a Part A State and a Part C State, 'by 2 A.L.O., 1956 (1-11-1956). 6. Substituted for the words 'the Local Government of the part of British India in which such port is situate' by A.O., 1937(1-4-1937). 7......

Obstructions in Fairways Act, 1881 Section 7

Title: Vessel to Include Tackle, Cargo, Etc

State: Central

Year: 1881

For the purposes of this Act, the term "vessel" shall be deemed to include also every article or thing or collection of things being or forming part of the tackle, equipment, cargo, stores or ballast of a vessel; and any proceeds arising from the sale of a vessel, and of the cargo thereof, or of any other property recovered there from, shall be regarded as a common fund.

Negotiable Instruments Act, 1881 Chapter I

Title: Preliminary

State: Central

Year: 1881

.....Act, 1881. Local extent, saving of usage relating to hundis, etc., Commencement. It extends* to **[the whole of India ***[***]]; but nothing herein contained affects the @Indian Paper Currency Act, 1871 (3 of 1871), section 21,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. Section 2 - Repeal of enactments [Rep. by the Amending Act, 1891 (12 of 1891), sec. 2 and Sch. I]. Section 3 - Interpretation clause In this Act-- 1 [***] "Banker".--2 ["banker" includes any person acting as a banker and any post office savings bank]. 3 [* * *] _____________________ 1. Definition of "India" omitted by Act 62 of 1956, sec. 2 and Sch (w.e.f. 1-11-1956). 2. Substituted by Act 37 of 1955, sec. 2, for the definition of the word "banker" (w.e.f. 1-4-1956). 3. Definition of "notary public" omitted by Act 53 of 1952, sec. 16 (w.e.f. 14-2-1956).

Negotiable Instruments Act, 1881 Section 1

Title: Short Title

State: Central

Year: 1881

1. Short title.This Act may be called the Negotiable Instruments Act, 1881. Local extent, saving of usage relating to hundis, etc., Commencement. It extends* to **[the whole of India ***[***]]; but nothing herein contained affects the @Indian Paper Currency Act, 1871 (3 of 1871), section 21,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.

Negotiable Instruments Act, 1881 Chapter V

Title: Of Presentment

State: Central

Year: 1881

.....so demanded bythe drawee bank shall be retained by it, ifthe payment is made accordingly.] ____________________ 1. Section 64 renumbered assub-section (1) thereof by Act 55 of 2002, sec. 3 (w.e.f. 6-2-2003). 2. Insertedby Act 2 of 1885, sec. 4. 3. Insertedby Act 55 of 2002, sec, 3 (w.e.f. 6-2-2003). Section 65 - Hours for presentment Presentment for payment must be made during the usual hours of business and, if at a banker's, within banking hours. Section 66 - Presentment for payment of instrument payable after date or sight A promissory note or bill of exchange, made payable at a specified period after date or sight thereof, must be presented for payment at maturity. Section 67 - Presentment for payment of promissory note payable by instalments A promissory note payable by instalments must be presented for payment on the third day after the date fixed for payment of each instalment; and nonpayment on such presentment has the same effect as non-payment of a note at maturity. Section 68 - Presentment for payment of instrument payable at specified place and not elsewhere A promissory note, bill of exchange or cheque made, drawn or accepted payable at.....

Negotiable Instruments Act, 1881 Section 76

Title: When Presentment Unnecessary

State: Central

Year: 1881

No presentment for payment is necessary, and the instrument is dishonoured at the due date for presentment, in any of the following cases:-- (a) if the maker, drawee or acceptor intentionally prevents the presentment of the instrument, or if the instrument being payable at his place of business, he closes such place on a business day during the usual business hours, or if the instrument being payable at some other specified place, neither he nor any person authorized to pay it attends at such place during the usual business hours, or if the instrument not being payable at any specified place, he cannot after due search be found; (b) as against any party sought to be charged therewith, if he has engaged to pay notwithstanding non-presentment; (c) as against any parly if, after maturity, with knowledge that the instrument has not been presented-- he makes a part payment on account of the amount due on the instrument, or promises to pay the amount due thereon in whole or in part, or otherwise waives his right to take advantage of any default in presentment for payment; (d) as against the drawer, if the drawer could not suffer damage from the want of such presentme

Negotiable Instruments Act, 1881 Section 82

Title: Discharge from Liability

State: Central

Year: 1881

The maker, acceptor or indorser respectively of a negotiable instrument is discharged from liability thereon-- (a) By cancellation.--to a holder thereof who cancels such acceptor's or indorser's name with intent to discharge him, and to all parties claiming under such holder; (b) By release.--to a holder thereof who otherwise discharges such maker, acceptor or indorser, and to all parties deriving title under such holder after notice of such discharge; (c) By payment.--to all parties thereto, if the instrument is payable to bearer, or has been indorsed in blank, and such maker, acceptor or indorser makes payment in due course of the amount due thereon.