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Home Bare Acts Phrase: negotiabilityNegotiable 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.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Complete Act
Title: Negotiable Instruments Act, 1881
State: Central
Year: 1881
.....for unlawful consideration Section59 - Instrument acquired after dishonour or when overdue Section60 - Instrument negotiable till payment or satisfaction Chapter V Section61 - Presentment for acceptance Section62 - Presentment of promissory note for sight Section63 - Drawee's time for deliberation Section64 - Presentment for payment Section65 - Hours for presentment Section66 - Presentment for payment of instrument payable after date or sight Section67 - Presentment for payment of promissory note payable by instalments Section68 - Presentment for payment of instrument payable at specified place and not elsewhere Section69 - Instrument payable at specified place Section70 - Presentment where no exclusive place specified Section71 - Presentment when maker, etc., has no known place of business or residence Section72 - Presentment of cheque to charge drawer Section73 - Presentment of cheque to charge any other person Section74 - Presentment of instrument payable on demand Section75 - Presentment by or to agent, representative of deceased, or assignee of insolvent Section75A - Excuse for delay in presentment for acceptance or payment Section76 - When presentment.....
List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 118
Title: Presumptions as to Negotiable Instruments
State: Central
Year: 1881
.....bearing a date was made or drawn on such date; (c) as to time of acceptance--that every accepted bill of exchange was accepted within a reasonable time after its date and before its maturity; (d) as to time of transfer--that every transfer of a negotiable instrument was made before its maturity; (e) as to order of indorsements--that the indorsements appearing upon a negotiable instrument were made in the order in which they appear thereon; (f) as to stamps--that a lost promissory note, bill of exchange or cheque was duly stamped; (g) that holder is a holder in due course--that the holder of a negotiable instrument is a holder in due course: provided that, where the instrument has been obtained from its lawful owner, or from any person in lawful custody thereof, by means of an offence or fraud, or has been obtained from the maker or acceptor thereof by means of an offence or fraud, or for unlawful consideration, the burden of proving that the holder is a holder in due course lies upon him.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 47
Title: Negotiation by Delivery
State: Central
Year: 1881
Subject to the provisions of section 58, a promissory note, bill of exchange or cheque payable to bearer is negotiable by delivery thereof. Exception.--A promissory note, bill of exchange or cheque delivered on condition that it is not to take effect except in a certain event is not negotiable (except in the hands of a holder for value without notice of the condition) unless such event happens. Illustrations (a) A, the holder of a negotiable instrument payable to bearer, delivers it to B's agent to keep for B. The instrument has been negotiated. (b) A, the holder of a negotiable instrument payable to bearer, which is in the hands of A's banker, who is at the time the banker of B, directs the banker to transfer the instrument to B's credit in the banker's account with B. The banker does so, and accordingly now possesses the instrument as B's agent. The instrument has been negotiated, and B has become the holder of it.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 51
Title: Who May Negotiate
State: Central
Year: 1881
Every sole maker, drawer, payee or indorsee, or all of several joint makers, drawers, payees or indorsees, of a negotiable instrument may, if the negotiability of such instrument has not been restricted or excluded as mentioned in section 50, indorse and negotiate the same. Explanation.--Nothing in this section enables a maker or drawer to indorse or negotiate an instrument, unless he is in lawful possession or is holder thereof; or enables a payee or indorsee to indorse or negotiate an instrument, unless he is holder thereof. Illustration A bill is drawn payable to A or order. A indorses it to B, the indorsement not containing the words "or order" or any equivalent words. B may negotiate the instrument.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 43
Title: Negotiable Instrument Made, Etc., Without Consideration
State: Central
Year: 1881
A negotiable instrument made, drawn, accepted, indorsed, or transferred without consideration, or for a consideration which fails, creates no obligation of payment between the parties to the transaction. But if any such party has transferred the instrument with or without indorsement to a holder for consideration, such holder, and every subsequent holder deriving title from him, may recover the amount due on such instrument from the transferor for consideration or any prior party thereto. Exception I.--No party for whose accommodation a negotiable instrument has been made, drawn, accepted or indorsed can, if he has paid the amount thereof, recover -thereon such amount from any person who became a party to such instrument for his accommodation. Exception II.--No party to the instrument who has induced any other party to make, draw, accept, indorse or transfer the same to him for a consideration which he has failed to pay or perform in full shall recover therein an amount exceeding the value of the consideration (if any) which he has actually paid or performed.
View Complete Act List Judgments citing this sectionNegotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002 Preamble 1
Title: Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002
State: Central
Year: 2002
THE NEGOTIABLE INSTRUMENTS (AMENDMENT AND MISCELLANEOUS PROVISIONS) ACT, 2002 [Act, No. 55 of 2002] PREAMBLE An Act further to amend the Negotiable Instruments Act, 1881, the Bankers' Books 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:--
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Preamble 1
Title: Negotiable Instruments Act, 1881
State: Central
Year: 1881
THE NEGOTIABLE INSTRUMENTS ACT, 18811 [Act, No. 26 of 1881] [9th December, 1881] PREAMBLE An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:-- _____________________ 1. For the Statement of Objects and Reasons, see Gazette of India, 1876, p. 1836; for the Reports of the Select Committee, see Gazette of India, 1877, Pt. V, p. 321; 1878, Pt. V, p. 145; 1879, Pt.V, p. 75; 1881, Pt.V, p. 85; for discussions in Council, see Gazette of India, 1876 Supplement, p.1081; and Gazette of India, 1881, Supplement, p. 1409.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 14
Title: Negotiation
State: Central
Year: 1881
When a promissory note, bill of exchange or cheque is transferred to any person, so as to constitute the person the holder thereof, the instrument is said to be negotiated.
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Section 48
Title: Negotiation by Indorsement
State: Central
Year: 1881
Subject to the provisions of section 58 , a promissory note, bill of exchange or cheque1[payable to ord er], is negotiable by the holder by indorsement and delivery thereof. ______________________ 1 . Substituted b y Act 8 of 1919 , sec. 4 , for "payable to the ord er of a specified person, or to a specified person or ord er".
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