Cheque - Law Dictionary Search Results
Home Dictionary Name: cheque Page: 3 Page 3 of about 58 results (0.002 seconds)Holder
Holder, a payee or indorse in possession of a bill of exchange or a promissory note.The 'holder' of a promissory note, bill of exchange or cheque means any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction. [Negotiable Instruments Act, 1881 (26 of 1881), s. 8]A person who has legal possession of a negotiable instrument and is entitled to receive payment on it, Black's Law Dictionary, 7th Edn.Holder, in relation to any operating right, means the lessee, licensee or permittee, as the case may be, in respect of such operating right, the Offshore Areas Mineral (Development and Regulation) Act, 2002, s. 4(f)....
Negotiation by delivery
Negotiation by delivery, [See Negotiable Instru-ments Act, 1881 (26 of 1881), s. 47]Subject to the provision of s. 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...
Banker
Banker, one who receives money to be drawn out again as the owner has occasion for it, the customer being lender, and the banker borrower, with the superadded obligation of honouring the customer's cheques up to the amount of the money received and still in the banker's hands.A customer's money may become irrecoverable if six years have elapsed without payment by the banker of principal or interest after demand. The relation of banker and customer is merely that of debtor and creditor, with a superadded obligation on the banker to honour the customer's cheques, so that the Limitations Act, 1623, (21 Jac. 1, c. 16), runs against the customer. See UNCLAIMED PROPERTY.A cheque is not an assignment to the payee of the customer's balance, so that if a customer having a balance of 99l. give a cheque for 100l., the banker is legally justified in dishonouring it by refusing payment altogether, Schroeder v. Central Bank of London, (1876) 34 LT 735. If a customer overdraws his account, this amoun...
False pretence, obtaining property
False pretence, obtaining property, this offence, though allied to larceny, is distinguishable from it, as being perpetrated through the medium of a mere fraud; it is a misdemeanour at Common Law. By the Larceny Act, 1916, s. 32:-Every person who, by any false pretence:(1) with intent to defraud, obtains from any other person any chattel, money or valuable security, or causes or procures any money to be paid or any chattel or valuable security to be delivered to himself or to any other person for the use or benefit or on account of himself or any other person; or(2) with intent to defraud or injure any other person fradulently causes or induces any other person:(a) to execute, make, accept, endorse or destroy the whole or any part of any valuable security; or(b) to write, impress or affix his name or the name of any other person, or the seal of any corporate body or society, upon any paper or parchment in order that the same may be afterwards made or converted into, or used or dealt wi...
Maker and drawer
Maker and drawer, a clear distinction appears to have been made between 'maker' and 'drawer', the former word being used in a more general sense as applying to promissory notes, negotiable instru-ments and cheques, while the word 'drawer' is restricted to bills of exchange or cheques only, and is nowhere used in connection with promissory notes, Firm Sheikh Mohammad Ismail Maula Bakhsh v. Mian Abdul Majid Khan, AIR 1937 Lah 259....
Foreign exchange
Foreign exchange, means foreign currency and includes--(i) deposits, credits and balances payable in any foreign currency,(ii) drafts, travellers cheques, letters of credit or bills of exchange, expressed or drawn in Indian currency but payable in any foreign currency,(iii) drafts, travellers cheques, letters of credit or bills of exchange drawn by banks, institutions or persons outside India, but payable in Indian currency. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (n)]The process of making international monetary trans-actions; esp. the conversion of one currency to that of a different country, Black's Law Dictionary, 7th Edn....
Currency
Currency, coin; bank notes, or other paper money issued by authority, and which re continully passing as and for coin. See the (English) Coinage Act, 1870 (33 & 34 Vict. c. 18), repealing 56 Geo. 3, c. 68, and other enactments; and COIN and TENDER.It includes all currency notes, postal notes, postal orders, money orders, cheques, drafts, travellers cheques, letters of credit, bills of exchange and promissory notes, credit cards or such other similar instruments, as may be notified by the Reserve Bank. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (h)]...
Sunday
Sunday [fr. sunnan daeg, Sax., the day of the sun], the first day of the week, the Lord's Day, termed in the Sunday Observance Act, 1677 (29 Car. 2, c. 7, infra), 'the Lord's Day, commonly called Sunday.' It is a dies non juridicus, but an arrest for crime can be effected on this day; and bail can arrest their principal, and a sergeant-at-arms can apprehend; but no other law proceedings can be taken. By the Sunday Observance Act, 1677, it is enacted that:-No tradesmen, artificers, workmen, labourers, or other person whatsoever shall do or exercise any worldly labour, business, or work of their ordinary callings [barbers are not within the enactment: Palmer v. Snow, (1900) 1 QB 725] upon the Lord's Day, or any part thereof (works of necessity and charity only excepted).The (English) Hairdressers and Barbers Shops (Sunday Closing) Act, 1930 (20 & 21 Geo. 5, c. 35), prohibits opening on Sundays (Jewish hairdressers may open on Sunday but must close on Saturday).The (English) Shops (Sunday...
Restrictive indorsement
Restrictive indorsement, prohibits the further nego-tiation of a bill of exchange or promissory note, or cheque, by expressing that 'it is a mere authority to deal with the bill, etc., as thereby directed, and not a transfer of the ownership thereof, as, for example, if a bill be endorsed. ' pay D. only,' or ' pay D. for the account of X.,' or ' pay D. or order for collection.' [Bills of Exchange Act, 1882, s. 35]...
Liability of legal representative signing
Liability of legal representative signing, a legal representative of a deceased person who signs his name to a promissory note, bill of exchange or cheque is liable personally thereon unless he expressly limits his liability to the extent of the assets received by him as such. (Negotiable Instruments Act, 1881 (26 of 1881), s. 29)...
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