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Negotiable 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.

Negotiable Instruments Act, 1881 Section 45

Title: Partial Failure of Consideration Not Consisting of Money

State: Central

Year: 1881

Where a part of the consideration for which a person signed a promissory note, bill of exchange or cheque, though not consisting of money, is ascertainable in money without collateral enquiry, and there has been a failure of that party, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced.

Negotiable Instruments Act, 1881 Section 58

Title: Instrument Obtained by Unlawful Means or for Unlawful Consideration

State: Central

Year: 1881

When a negotiable instrument has been lost, or has been obtained from any maker, acceptor or holder thereof by means of an offence or fraud, or for an unlawful consideration, no possessor or indorsee who claims through the person who found or so obtained the instrument is entitled to receive the amount due thereon from such maker, acceptor or holder, or from any party prior to such holder, unless such possessor or indorsee is, or some person through whom he claims was, a holder thereof in due course.

Negotiable Instruments Act, 1881 Section 44

Title: Partial Absence or Failure of Money-consideration

State: Central

Year: 1881

When the consideration for which a person signed a promissory note, bill of exchange or cheque consisted of money, and was originally absent in part or has subsequently failed in part, the sum which a holder standing in immediate relation with such signer is entitled to receive from him is proportionally reduced. Explanation.--The drawer of a bill of exchange stands in immediate relation with the acceptor. The maker of a promissory note, bill of exchange or cheque stands in immediate relation with the payee, and the indorser with his indorsee. Other signers may by agreement stand in immediate relation with a holder. Illustration A draws a bill on B for Rs. 500 payable to the order of A. B accepts the bill, but subsequently dishonours it by non-payment. A sues B on the bill, B proves that it was accepted for value as to Rs. 400, and as an accommodation to the plaintiff as to the residue. A can only recover Rs. 400.

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 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.....

Calcutta Burial Boards Act, 1881 Complete Act

State: West Bengal

Year: 1881

..... This Act may be called the Calcutta Burial 11. Word subs, for the word "Board's" by Ben. Act 1G of 1946. [Boards] Act, 1881. (Commencement) Rep. by Act 1 of 1903. Section 2 State Government may appoint a Burial Board The 22. Words subs, by the Government of India [Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950. [State Government] of 2a2a. Words subs, for the word "Bengal" by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948. [West Bengal] may, by a notification published in the 33. Words subs, for the words "Calcutta Gazette" by the Government of India (Adaptation of Indian Laws) Order, 1937. [Official Gazette], appoint a Burial Board for the Town and Suburbs of Calcutta. Section 3 Constitution of Board The Board shall be constituted as follows: 44. Words subs, for the words "Chairman of the Calcutta Corporation" by Ben. Act 1 of 1939. [the Executive Officer of the Corporation of Calcutta] the Health Officer of Calcutta an Officer of the Public Works Department, to be appointed by the 22. Words subs, by the Government of India [Adaptation of Indian Laws) Order, 1937 and the Adaptation of Laws Order, 1950. [State.....

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 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 Chapter XIII

Title: Special Rules of Evidence

State: Central

Year: 1881

.....- Presumption on proof of protest In a suit upon an instrument which has been dishonoured, the Court shall, on proof of the protest, presume the fact of dishonour, unless and until such fact is disproved. Section 120 - Estoppel against denying original validity of instrument No maker of a promissory note, and no drawer of a bill of exchange or cheque, and no acceptor of a bill of exchange for the honour of the drawer shall, in a suit thereon by a holder in due course, be permitted to deny the validity of the instrument as originally made or drawn. Section 121 - Estoppel against denying capacity of payee to indorse No maker of a promissory note and no acceptor of a bill of exchange1[payable to ord er] sh all, in a suit thereon by a holder in due course, be permitted to deny the payee's capacity, at the rate of the note or bill, to indorse the same. ___________________ 1. Substituted by Act 8 of 1919, sec. 5, for "payable to, or to the order of, a specified person". Section 122 - Estoppel against denying signature or capacity of prior party No indorser of a negotiable instrument shall, in a suit thereon by a subsequent holder, be permitted to deny the.....