Cheque - Law Dictionary Search Results
Home Dictionary Name: cheque Page: 2Holder in due course
Holder in due course is 'a holder who has taken a bill of exchange [cheque or note], complete and regular on the face of it,' under the following conditions, namely:-(a) That he became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact.(b) That he took the bill [cheque or note] in good faith and for value, and that at the time it was negotiated to him he had no notice of any defect in the title of the person who negotiated it, Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 29.A person who in good faith has given value for a negotiable instrument that is complete and regular on its face, is not overdue, and, to the possessor's knowledge has not been dishonoured, Black's Law Dictionary, 7th Edn.In R. E. Jones Ltd. v. Warning and Gillow Ltd., 1926 AC 670, it was held that the original payee of a cheque is not a holder in due course within the meaning of the Bill of Exchange Act, 1882.Means any person who for cons...
Negotiable instruments
Negotiable instruments, those the right of action upon which is, by exception from the common rule, freely assignable from one to another, such as bills of exchange and promissory notes. Any person acquiring a negotiable instrument for value and in good faith can enforce the contract contained in it against the person liable on it, although the person from whom he has obtained it had no title. See also CHOSE.Promissory notes were made negotiable by 3 & 4 Anne, c. 9. and 7 Anne, c. 25, and placed in all respects upon the same footing with inland bills of exchange. [s. 13(1), Negotiable Instrument Act]The (English) Bills of Exchange Act, 1882, contains the law as to negotiation of bills of exchange, promissory notes, and cheques. S. 31 declares that these instruments are negotiated when they are transferred from one person to another in such a manner as to constitute the transferee the holder of them, and s. 32 enumerates the conditions under which an indorsement may operate as a negotia...
Disposition of the company's property
Disposition of the company's property, where a company pays a creditor by cheque between the date of petition and the winding up order against the company, it is illogical to hold that there is an additional disposition in favour of the bank where the company is in credit prior to payment of the cheque and the bank, in paying the cheque, debits the cheque against the company's credit balance with the bank, Hollicourt (Contracts) Ltd. v. Bank of Ireland (CA), (2001) Ch LR 555.A control for the disposition of land and an effected disposition; that the expression 'sold, leased or otherwise disposed of by a disposition' was not apt to include a contract to make a disposition of land but referred only to a disposition which had actually been effected, Boyoumi v. Women's Total Abstinence Union Ltd., (2003) 2 WLR (Charities Act, 1993, s. 37)...
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Indorsement
Indorsement [fr. in, Lat., upon, and dorsum, a back], anything written or printed upon the back of a deed or writing. The requisites of a valid indorsement of a bill of exchange, promissory note, or cheque, are laid down by the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 32, the principal requisites being that the indorsement must be written on the bill itself (except in the case of an 'allonge' or 'copy' in a country where 'copies' are recognized) and signed by the indorser, his simple signature, without additional words, being sufficient; that it be an indorsement of the entire bill [though indorsement of a blank form may be valid, Glenie v. Tucker, (1908) 1 KB 263]; and that where there are two or more indorsements, each is deemed to have been made in the order in which it appears on the bill, cheque, or note, until the contrary is proved. As to the recovery of the amount of the cheque by the drawer, after payment obtained by a forged indorsement, see North and S...
Not negotiable
Not negotiable. These words are sometimes added as part of the crossing of a cheque, with the result that no one who takes the cheque can have or can give a better title than the person had from whom he took it, see Bills of Exchange Act, 1882, s. 81; G.W. Ry. Co. v. London and County Bank, 1901 AC 422. [S. 130, Negotiable Instrument Act]A warrant for interest on War Stock signed by the Chief Accountant of the Bank of England and crossed '& Co.,' not negotiable, directing the bank's cashiers to pay a certain sum to the order of a certain person is a cheque within the meaning of the Bills of Exchange Act, 1882, and a 'warrant for payment of a dividend' within s. 95 of the same Act. A banker in good faith and without negligence receiving payment for a customer who has no title is entitled to the protection of s. 82 of the Act [Slingsby v. Westminster Bank Ltd., (1931) 1 KB 173; see also Imports Company Ltd. v. Westminster Bank Ltd., (1927) 2 KB 297; and R.E. Jones Ltd. v. Waring and Gill...
Wager
Wager, a contract by A. to pay money to B. on the happening of a given event, in consideration of B. paying money to him on the event not happening; and see the elaborate definition of 'wagering contract' in Carlill v. Carbolic Smoke Ball Co., (1892) 2 QB 490, by Hawkins. J.1. Money or other consideration risked on an uncertain event; a bet or gamble 2. A promise to pay money or other consideration on occurrence of an uncertain event, Black's Law Dictionary, 7th Edn., p. 1573.At Common Law a wager was a legal contract, which the courts were bound to enforce, so long as it was not against morality, decency, or sound policy, Johnson v. Lumley, (1852) 12 CB 468. But by the (English) Gaming Act, 1845, s. 18:All contracts or agreements, whether by parol or in writing, by way of gaming or wagering, shall be null and void; and no suit shall be brought or maintained in any court of law or equity for recovering any sum of money or valuable thing alleged to be won upon any wager, or which shall ...
Payee
Payee, means person named in a negotiable instru-ment, to whom or to whose order the money is, by the instrument, directed to be paid, Negotiable Instruments Act, 1881, s. 7.One to whom a bill of exchange or promissory note or cheque is made payable; he must be named or otherwise indicated therein, with reasonable certainty. The bill, note, or cheque may be made payable to one or more payees jointly, or in the alternative to one of two or one or some of several payees, or to the holder of an office for the time being; but where the payee is a fictitious or non-existing person, it may be treated as payable to bearer, Bills of Exchange Act, 1882, s. 7; and see Bank of England v. Vagliano, 1891 AC 107.The person named in the instrument to whom or to whose order the money is by the instrument directed to be paid, is called the 'payee'. (Negotiable Instruments Act, 1881 (26 of 1881), s. 7)...
Receipt
Receipt, an acknowledgment in writing of having received a sum of money, which is prima facie but not conclusive evidence of payment, Skaife v. Jackson, (1824) 3 B&C 421.The act of receiving something; a written acknow-ledgment that something has been received, Black's Law Dictionary, 7th Edn.A stamp duty first imposed in 1783 was progressively ad valorem, until 1853, when the uniform 1d. rate was imposed; this was increased to 2d. by the Finance Act, 1920.For the purposes of the Stamp Act, 1891, the expression 'receipt' is defined (s. 101) as including--(1) Any note, memorandum, or writing whereby any money amounting to two pounds or upwards, or any bill of exchange or promissory note for money amounting to two pounds or upwards, is acknow-ledged or expressed to have been received or deposited or paid, or whereby any debt or demand, or any part of a debt or demand, of the amount of two pounds or upwards, is acknowledged to have been settled, satisfied, or discharged, or which signifie...
Post-dated
Post-dated, a cheque which is dated subsequent to the actual date on which it is drawn, and which is issued before the date it bears, is called a post-dated cheque, Thomson's Dictionary of Banking, 12th Edn., p. 463....
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