Bare Act Search Results

Bills of Exchange Act, 1882 Complete Act

State: Central

Year: 1882

.....must be filled up within a reasonable time and, strictly in accordance with the authority given. Reasonable time, for this purpose, is a question of fact: Provided that if any such instrument after completion is negotiated to a holder in due course, it shall be valid and effectual for all purposes in his hands and he may enforce it as if it had been filled up within a reasonable time and strictly in accordance with the authority given. SECTION 21: DELIVERY (1) Every contract on a bill, whether it be the drawer's, the acceptor's, or an indoeser's, is incomplete and revocable until delivery of the instrument in order to give effect thereto : Provided that where an acceptance is written on a bill, and the drawee gives notice to or according to the directions of the persons entitled to the bill that he has accepted it, the acceptance then becomes complete and irrevocable. (2) As between immediate parties, and as regards a remote party other than a holder in due course, the delivery- (a) in order to be effectual must be made either by or under the authority of the party drawing, accepting or indorsing, as the case may be; (b) may be shown to have been conditional or for a.....

Negotiable Instruments Act, 1881 Complete Act

State: Central

Year: 1881

.....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. SECTION 61: PRESENTMENT FOR ACCEPTANCE A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, if he can, after reasonable search, be found, by a person entitled to demand acceptance within a reasonable time after it is drawn, and in business hours on a business day. In default of such presentment, on party thereto is liable thereon to the person making such default. If the drawee cannot, after reasonable search, be found, the bill is dishonoured. If the bill is directed to the drawee at a particular place, it must be presented at that place, and if at the due date for presentment he cannot, after reasonable search, be found thereon, the bill is dishonoured,20[Where authorised by agreement or.....

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 Section 7

Title: "drawer", "drawee"

State: Central

Year: 1881

The maker of a bill of exchange or cheque is called the"drawer"; the person thereby directed to pay is called the"drawee". "drawee in case of need".--When in thebill or in any indorsement thereon the name of any person is given in additionto the drawee to be resorted to in case of need such personis called a "drawee in case of need". "acceptor".--After thedrawee of abill has signed his assent upon the bill, or, if there are more partsthereof than one, upon one of such parts, and delivered the same, or givennotice of such signing to the holder or to some person onhis behalf,he is called the "acceptor". "acceptor for honour".--1 [When a bill of exchangehas been noted or protested for non-acceptance or for better security], ana anyperson accepts it supra protest forhonour of the drawer or of any one of the indorsers, such person iscalled an "acceptor for honour". "Payee".--The person named in theinstrument, to whom or to whose order the money is by theinstrument directed to be paid, is called the "payee". _____________________ 1.Substituted by Act 2 of 1885, sec. 2, for "Whenacceptance is refused and the bill is protested for non-acceptance".

Negotiable Instruments Act, 1881 Chapter IX

Title: Of Noting and Protest

State: Central

Year: 1881

.....a reasonable time, cause a notary public to demand better security of the acceptor, and on its being refused may, with a reasonable time, cause such facts to be noted and certified as aforesaid. Such certificate is called a protest for better security. Section 101 - Contents of protest A protest under section 100 must contain-- (a) either the instrument itself, or a literal transcript of the instrument and of everything written or printed thereupon; (b) the name of the person for whom and against whom the instrument has been protested; (c) a statement that payment or acceptance, or better security, as the case may be, has been demanded of such person by the notary public; the terms of hi s answer, if any, or a statement that he gave no answer, or that he could not be found; (d) when the note or bill has been dishonoured, the place and time of dishonour, and, when better security has been refused, the place and time of refusal; (e) the sub scription of the notary public making the protest; (f) in the event of an acceptance for honour or of a payment for honour, the name of the person by whom, of the person for whom, and the manner in which, such acceptance or.....

Negotiable Instruments Act, 1881 Section 100

Title: Protest

State: Central

Year: 1881

When a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may, within a reasonable time, cause such dishonour to be noted and certified by a notary public. Such certificate is called a protest. Protest for better security.--When the acceptor of a bill of exchange has become insolvent, or his credit has been publicly impeached, before the maturity of the bill, the holder may, within a reasonable time, cause a notary public to demand better security of the acceptor, and on its being refused may, with a reasonable time, cause such facts to be noted and certified as aforesaid. Such certificate is called a protest for better security.

Negotiable Instruments Act, 1881 Section 101

Title: Contents of Protest

State: Central

Year: 1881

A protest under section 100 must contain-- (a) either the instrument itself, or a literal transcript of the instrument and of everything written or printed thereupon; (b) the name of the person for whom and against whom the instrument has been protested; (c) a statement that payment or acceptance, or better security, as the case may be, has been demanded of such person by the notary public; the terms of hi s answer, if any, or a statement that he gave no answer, or that he could not be found; (d) when the note or bill has been dishonoured, the place and time of dishonour, and, when better security has been refused, the place and time of refusal; (e) the sub scription of the notary public making the protest; (f) in the event of an acceptance for honour or of a payment for honour, the name of the person by whom, of the person for whom, and the manner in which, such acceptance or payment was offered and effected. 1[A notary public may make the demand me ntioned in clause (c) of this section either in person or by hi s clerk or, were authorized by agreement or usage, by registered letter.] ____________________ 1. Added by Act 2 of 1885 , sec. 5 .

Negotiable Instruments Act, 1881 Section 102

Title: Notice of Protest

State: Central

Year: 1881

When a promissory note or bill of exchange is required by law to be protested, notice of such protest must be given instead of notice of dishonour, in the same manner and subject to the same conditions; but the notice may be given by the notary public who makes the protest.

Negotiable Instruments Act, 1881 Section 104A

Title: When Noting Equivalent to Protest

State: Central

Year: 1881

1 [104A. When noting equivalentto protest For the purposes of this Act, where a bill of note is required tobe protested within a specified time or before some further proceeding is takenit is sufficient that the bill has been noted for protest before the expirationof the specified time or the taking of the proceeding; and the formal protestmay be extended at any time thereafter as of the date of the noting.] ______________________ 1.Insertedby Act 2 of 1885, sec. 6.

Negotiable Instruments Act, 1881 Section 104

Title: Protest of Foreign Bills

State: Central

Year: 1881

Foreign bills of exchange must be protested for dishonour when such protest is required by the law of the place where they are drawn.