Bare Act Search Results

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....operates as notice that the agent has but a limited authority to sign, and the principal is only bound by such signature the agent in so signing was acting within the actual limit of his authority. SECTION 26: PERSON SIGNING AS AGENT OR IN REPRESENTATIVE CAPACITY (1) Where a person signs a bill as drawer, endorser or acceptor, and adds words to his signature, indicating that he signs for or on behalf of a principal, or in a representative character, he is not personally liable thereon ; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability. (2) In determining whether a signature on a bill is that of the principal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted. SECTION 27: VALUE DEFINED (1) Valuable consideration for a bill may be constituted by- (a) any consideration sufficient to support a simple contract ; (b) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time. (2) Where value.....

Negotiable Instruments Act, 1881 Chapter II

Title: Of Notes, Bills and Cheques

State: Central

Year: 1881

.....to the order of, a certain person or to the bearer of the instrument. A promise or order to pay is not "conditional", within the meaning of this section and section 4, by reason of the time for payment of the amount or any instalment thereof being expressed to be on the lapse of a certain period after the occurrence of a specified event which, according to the ordinary expectation of mankind, is certain to happen, although the time of its happening may be uncertain. The sum payable may be "certain", within the meaning of this section and section 4, although it includes future interest or is payable at an indicated rate of exchange, or is according to the course of exchange, and although the instrument provides that, on default of payment of an instalment, the balance unpaid shall become due. The person to whom it is clear that the direction is given or that payment is to be made may be a "certain person", within the meaning of this section and section 4, although he is mis-named or designated by description only. Section 6 - "Cheque" 1[ 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.....

Negotiable Instruments Act, 1881 Complete Act

Title: Negotiable Instruments Act, 1881

State: Central

Year: 1881

Preamble1 - NEGOTIABLE INSTRUMENTS ACT, 1881 Chapter I Section1 - Short title Section2 - Repeal of enactments Section3 - Interpretation clause Chapter II Section4 - "Promissory note" Section5 - "Bill of exchange" Section6 - "Cheque" Section7 - "Drawer", "drawee" Section8 - "Holder" Section9 - "Holder in due course" Section10 - "Payment in due course" Section11 - "Inland instrument" Section12 - "Foreign instrument." Section13 - "Negotiable instrument" Section14 - Negotiation Section15 - Indorsement Section16 - Indorsement "in blank" and "in full"--"Indorsee" Section17 - Ambiguous instruments Section18 - Where amount is stated differently in figures and words Section19 - Instruments payable on demand Section20 - Inchoate stamped instruments Section21 - "At sight", "On presentment", "After sight" Section22 - "Maturity" Section23 - Calculating maturity of bill or note payable so many months after date or sight Section24 - Calculating maturity of bill or note payable so many days after date or sight Section25 - When day of maturity is a holiday Chapter III Section26 - Capacity to make, etc., promissory notes, etc. Section27 - Agency Section28 - Liability of.....

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 Section 20

Title: Inchoate Stamped Instruments

State: Central

Year: 1881

Where one person signs and delivers toanother apaper stamped in accordance with the law relating to negotiable instrumentsthen in force in 1 [India], and either wholly blank or having writtenthereon an incomplete negotiable instrument, he thereby gives prima facie authority to the holderthereof to make or complete, as the case may be, upon it a negotiableinstrument, for any amount specified therein and not exceeding the amountcovered by the stamp. The person so signing shall be liable upon suchinstrument, in the capacity in which he signed the same, to any holder in duecourse for such amount; provided that no person other than a holder in duecourse shall recover from the person delivering theinstrument anything in excess of the amount intended byhim to bepaid thereunder. _____________________ 1.Substituted by Act 3 of 1951, sec. 3 and Sch., for "theStates".