Bare Act Search Results

Negotiable Instruments Act, 1881 Section 7

Title: "drawer", "drawee"

State: Central

Year: 1881

The maker of a bill of exchange or cheque is called the"drawer"; the person thereby directed to pay is called the"drawee". "drawee in case of need".--When in thebill or in any indorsement thereon the name of any person is given in additionto the drawee to be resorted to in case of need such personis called a "drawee in case of need". "acceptor".--After thedrawee of abill has signed his assent upon the bill, or, if there are more partsthereof than one, upon one of such parts, and delivered the same, or givennotice of such signing to the holder or to some person onhis behalf,he is called the "acceptor". "acceptor for honour".--1 [When a bill of exchangehas been noted or protested for non-acceptance or for better security], ana anyperson accepts it supra protest forhonour of the drawer or of any one of the indorsers, such person iscalled an "acceptor for honour". "Payee".--The person named in theinstrument, to whom or to whose order the money is by theinstrument directed to be paid, is called the "payee". _____________________ 1.Substituted by Act 2 of 1885, sec. 2, for "Whenacceptance is refused and the bill is protested for non-acceptance".

Negotiable Instruments Act, 1881 Section 33

Title: Only Drawee Can Be Acceptor Except in Need or for Honour

State: Central

Year: 1881

No person except the drawee of a bill of exchange, or all or some of several drawees, or a person named therein as a drawee in case of need, or an acceptor for honour, can bind himself by an acceptance.

NEGOTIABLE INSTRUMENTS ACT, 1881 Section 63

Title: Drawee's time for deliberation

State: Central

Year: 1881

The holder must, if so required by the drawee of a bill of exchange presented to him for acceptance, allow the drawee 1 [forty-eight] hours (exclusive of public holidays) to consider whether he will accept it. _______________________ 1. Substituted by Act 12 of 1921, sec. 2 for "twenty-four".

Negotiable Instruments Act, 1881 Section 115

Title: Drawee in Case of Need

State: Central

Year: 1881

Where a drawee in case of need is named in a bill of exchange, or in any indorsement thereon, the bill is not dishonoured until it has been dishonoured by such drawee.

Negotiable Instruments Act, 1881 Section 31

Title: Liability of Drawee of Cheque

State: Central

Year: 1881

The drawee of a cheque having sufficient funds of the drawer in his hands properly applicable to the payment of such cheque must pay the cheque when duly required so to do, and, in default of such payment, must compensate the drawer for any loss or damage caused by such default.

Negotiable Instruments Act, 1881 Section 34

Title: Acceptance by Several Drawees Not Partners

State: Central

Year: 1881

Where there are several drawees of a bill of exchange who are not partners, each of them can accept it for himself, but non of them can accept it for another without his authority.

Negotiable Instruments Act, 1881 Section 83

Title: Discharge by Allowing Drawee More Than Forty-eight Hours to Accept

State: Central

Year: 1881

If the holder of a bill of exchange allowsthe drawee more than 1 [forty-eight] hours, exclusive of public holidays, to consider whetherhe will accept the same, all previous parties not consenting to such allowanceare thereby discharged from liability to such holder. _____________________ 1. Substituted by Act12 of 1921, sec. 2, for "twenty-four".

Negotiable Instruments Act, 1881 Complete Act

State: Central

Year: 1881

.....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. SECTION 61: PRESENTMENT FOR ACCEPTANCE A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, if he can, after reasonable search, be found, by a person entitled to demand acceptance within a reasonable time after it is drawn, and in business hours on a business day. In default of such presentment, on party thereto is liable thereon to the person making such default. If the drawee cannot, after reasonable search, be found, the bill is dishonoured. If the bill is directed to the drawee at a particular place, it must be presented at that place, and if at the due date for presentment he cannot, after reasonable search, be found thereon, the bill is dishonoured,20[Where authorised by agreement or.....

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....must be filled up within a reasonable time and, strictly in accordance with the authority given. Reasonable time, for this purpose, is a question of fact: Provided that if any such instrument after completion is negotiated to a holder in due course, it shall be valid and effectual for all purposes in his hands and he may enforce it as if it had been filled up within a reasonable time and strictly in accordance with the authority given. SECTION 21: DELIVERY (1) Every contract on a bill, whether it be the drawer's, the acceptor's, or an indoeser's, is incomplete and revocable until delivery of the instrument in order to give effect thereto : Provided that where an acceptance is written on a bill, and the drawee gives notice to or according to the directions of the persons entitled to the bill that he has accepted it, the acceptance then becomes complete and irrevocable. (2) As between immediate parties, and as regards a remote party other than a holder in due course, the delivery- (a) in order to be effectual must be made either by or under the authority of the party drawing, accepting or indorsing, as the case may be; (b) may be shown to have been conditional or for a.....

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.....