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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".

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Negotiable Instruments Act, 1881 Section 126

Title: Payment of Cheque Crossed Generally

State: Central

Year: 1881

Where a cheque is crossed generally, the banker on whom it is drawn shall not pay it otherwise than to a banker. Payment of cheque crossed specially.--Where a cheque is crossed specially, the banker on whom it is drawn shall not pay it otherwise than to the banker to whom it is crossed, or his agent for collection.

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Negotiable Instruments Act, 1881 Section 117

Title: Rules as to Compensation

State: Central

Year: 1881

.....the two places; (e) the party entitled to compensation may dr aw a bill upon the party liable to compensate hi m, payable at sight or on demand, for the amount due to hi m, together with all expenses properly incurred by hi m. Such bill must be accompanied by the instrument dishonoured and the protest thereof (if any). If such bill is dishonoured, the party dishonouring the same is liable to make compensation thereof in the same manner as in the case of the original bill. ____________________ 1 . The words, figures and brackets "(except in cases provided for by the Code of Civil Procedure, section 532 ,)" omitted by Act 30 of 1926 , sec. 3 . 2 . Substituted b y Act 66 of 1988 , sec. 3 , for "six per centum" (w .e.f . 30 - 12 - 1988 ).

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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.

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Negotiable Instruments Act, 1881 Section 119

Title: Presumption on Proof of Protest

State: Central

Year: 1881

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.

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Negotiable Instruments Act, 1881 Section 120

Title: Estoppel Againstdenying Original Validity of Instrument

State: Central

Year: 1881

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.

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Negotiable Instruments Act, 1881 Section 121

Title: Estoppel Against Denying Capacity of Payee to Indorse

State: Central

Year: 1881

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".

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Negotiable Instruments Act, 1881 Section 122

Title: Estoppel Against Denying Signature or Capacity of Prior Party

State: Central

Year: 1881

No indorser of a negotiable instrument shall, in a suit thereon by a subsequent holder, be permitted to deny the signature or capacity to contract of any prior party to the instrument.

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Negotiable Instruments Act, 1881 Section 123

Title: Cheque Crossed Generally

State: Central

Year: 1881

Where a cheque bears across its face an addition of the words "and company" or any abbreviation thereof, between two parallel transverse lines, or of two parallel transverse lines simply, either with or without the words "not negotiable", that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed generally.

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Negotiable Instruments Act, 1881 Section 124

Title: Cheque Crossed Specially

State: Central

Year: 1881

Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable", that addition shall be deemed a crossing, and the cheque shall be deemed to be crossed specially, and to be crossed to that banker.

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