Bare Act Search Results

Negotiable Instruments Act, 1881 Section 130

Title: Cheque Bearing "not Negotiable"

State: Central

Year: 1881

A person taking a cheque crossed generally or specially, bearing in either case the words "not negotiable", shall not have and shall not be capable of giving, a better title to the cheque than that which the person from whom he took it had.

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 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.

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.....

Warehousing (Development and Regulation) Act 2007 Section 12

Title: Negotiability of Warehouse Receipts

State: Central

Year: 2007

(1) The words in a negotiable warehouse receipt limiting its negotiability shall be void. (2) A warehouseman who issues a non-negotiable warehouse receipt shall cause to be plainly marked upon its face the words "non-negotiable" or "not negotiable" in English or in the language in which it is issued. (3) In case of non-compliance of sub-section (2), a holder of the warehouse receipt who purchases it for valuable consideration believing it to be a negotiable warehouse receipt may, at his option, treat the receipt as vesting in him all rights attaching to a negotiable warehouse receipt and imposing upon the warehouseman the same liabilities which he would have incurred had the receipt been a negotiable warehouse receipt and the warehouseman shall be liable accordingly. (4) A negotiable warehouse receipt shall be valid for delivery till the date of expiry of the declared shelf-life of the goods for which it is issued.

Negotiable 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.

Negotiable 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.

Negotiable Instruments Act, 1881 Chapter XIV

Title: Of Crossed Cheques

State: Central

Year: 1881

.....such payment.1 [ 2 [Explanation I]--A bankerreceives payment of a crossed cheque for a customer within the his customer's account with the amount of the cheque before receiving payment thereof.]3 [Explanation II.--It him, to verify the prima facie genuineness of the chequeto be truncated and any fraud, forgery or tampering apparent on the face of the instrument that can be verified with due diligence and. _______________________ 1. Added by Act 18 of 1922, sec. 22. Explanation re-numbered as Explanation I thereof by Act 55 of , sec. (w. --).3. Inserted55 of , sec. (w. --). Section 131A - Application of Chapter to drafts 1 [A. Application of Chapterto draftsThe provisions of this Chapter shall apply to any85A, as if the draft were a cheque.]___________________1. Added by Act of , sec. .

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.