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.....

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......

Negotiable Instruments Act, 1881 Chapter VI

Title: Of Payment and Interest

State: Central

Year: 1881

.....is on payment entitled to have it delivered up, to hi m, or if the instrument is lost or cannot be produced, to be indemnified against any further claim thereon against hi m. 2[( 2 ) Where the cheque is an electronic image of a truncated cheque, even after the payment the banker who received the payment sh all be entitled to retain the truncated cheque. ( 3 ) A certificate issued on the foot of the printout of the electronic image of a truncated cheque by the banker who paid the instrument, sh all be prima facie proof of such payment.] _____________________ 1. Section 81 renumbered as sub-section ( 1) thereof by Act 55 of 2002, sec. 4 (w .e.f. 6- 2- 2003). 2. Inserted by Act 55 of 2002, sec. 4 (w .e.f. 6- 2- 2003).

Negotiable Instruments Act, 1881 Section 81

Title: Delivery of Instrument on Payment or Indemnity in Case of Loss

State: Central

Year: 1881

1[( 1 )] Any person liable to pay, and called upon by the holder thereof to pay, the amount due on a promissory note, bill of exchange or cheque is before payment entitled to have it sh own, and is on payment entitled to have it delivered up, to hi m, or if the instrument is lost or cannot be produced, to be indemnified against any further claim thereon against hi m. 2[( 2 ) Where the cheque is an electronic image of a truncated cheque, even after the payment the banker who received the payment sh all be entitled to retain the truncated cheque. ( 3 ) A certificate issued on the foot of the printout of the electronic image of a truncated cheque by the banker who paid the instrument, sh all be prima facie proof of such payment.] _____________________ 1. Section 81 renumbered as sub-section ( 1) thereof by Act 55 of 2002, sec. 4 (w .e.f. 6- 2- 2003). 2. Inserted by Act 55 of 2002, sec. 4 (w .e.f. 6- 2- 2003).

Negotiable Instruments Act, 1881 Amending Act 1

Title: Amendment Act

State: Central

Year: 1881

..... P RAEMBLE An Act further to amend the Negotiable Instruments Act, 1881 , the B ankers' B ooks Evidence Act, 1891 and the Information Technology Act, 2000 . BE it enacted by Parliament in the Fifty-third year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1 . Sh ort title and commencement ( 1 ) This Act may be called the Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002 . ( 2 ) It sh all come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act. CHAPTER II AMENDMENTS TO THE NEGOTIA B LE INSTRUMENTS ACT, 1881 2 . Sub stitution of new section for section 6 For section 6 of the Negotiable Instruments Act, 1881 ( 26 of 1881 ) (h ereinafter in this Chapter referred to as the principal Act), the following section sh all be sub stituted, namely:-- ' 6 . "Cheque".--A "cheque" is a bill of exchange dr awn on a specified banker and not expressed to be payable other wise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form. Explanation I.--For the.....

Negotiable Instruments Act, 1881 Chapter III

Title: Parties to Notes, Bills and Cheques

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.....

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 27

Title: Agency

State: Central

Year: 1881

Every person capable of binding himself or of being bound, as mentioned in section 26, may so bind himself or be bound by a duly authorized agent acting in his name. A general authority to transact business and to receive and discharge debts does not confer upon an agent the power of accepting or indorsing bills of exchange so as to bind his principal. An authority to draw bills of exchange does not of itself import an authority to indorse.

Negotiable Instruments Act, 1881 Chapter IV

Title: Of Negotiation

State: Central

Year: 1881

.....party. Illustration The acceptor of a bill of exchange, when he accepted it, deposited with the drawer certain goods as a collateral security for the payment of the bill, with power to the drawer to sell the goods and apply the proceeds in discharge of the bill if it were not paid at maturity. The bill not having been paid at maturity, the drawer sold the goods and retained the proceeds, but indorsed the bill to A. A's title is subject to the same objection as the drawer's title. Section 60 - Instrument negotiable till payment or satisfaction A negotiable instrument may be negotiated (except by the maker, drawee or acceptor after maturity) until payment or satisfaction thereof by the maker, drawee or acceptor at or after maturity, but not after such payment or satisfaction.

Negotiable Instruments Act, 1881 Section 89

Title: Payment of Instrument on Which Alteration is Not Apparent

State: Central

Year: 1881

.....of such electronic image and the truncated cheque sh all be a material alteration and it sh all be the duty of the bank or the clearing house, as the case may be, to ensure the exactness of the apparent tenor of electronic image of the truncated cheque while truncating and transmitting the image. ( 3 ) Any bank or a clearing house which receives a transmitted electronic image of a truncated cheque, sh all verify from the party who transmitted the image to it, that the image so transmitted to it and received by it, is exactly the same.] _____________________ 1. Section 89 renumbered as sub-section ( 1) thereof by Act 55 of 2002, sec. 5 (w .e.f. 6- 2- 2003). 2. Inserted by Act 55 of 2002, sec. 5 (w .e.f. 6- 2- 2003).