Drawer - Law Dictionary Search Results
Home Dictionary Name: drawerLiability of drawer
Liability of drawer, the drawer of a bill of exchange or cheque is bound, in case of dishonour by the drawee thereof, to compensate the holder, provided due notice of dishonour has been given to, or received by, the drawer as hereinafter provided. (Negotiable Instruments Act, 1881 (26 of 1881), s. 30)...
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....
Drawer, Drawee
Drawer, Drawee, the maker of a bill of exchange or cheque is called the 'drawer'; the person thereby directed to pay is called the 'drawee'. [Negotiable Instruments Act, 1881 (26 of 1881), s. 7]...
drawer
drawer : the party that draws a draft compare drawee, payee ...
Drawer
Drawer, the person making a bill of exchange and addressing it to the drawee.By the Bills of Exchange Act, 1882, s. 21, capacity to draw is co-extensive with capacity to contract (except that a corporation is not, by virtue of that section, capable), and by s. 23 signature is essential to liability....
recourse
recourse 1 a : the act of turning to someone or something for assistance esp. in obtaining redress b : a means to a desired end esp. in the nature of a remedy or justice ;also : the end itself 2 : the right or ability to demand payment or compensation ;specif : the right to demand payment from the endorser or drawer of a negotiable instrument see also recourse note at note compare non-recourse NOTE: Under Article 3 of the Uniform Commercial Code, the phrase without recourse on a negotiable instrument limits the liability of the endorser or drawer. If an endorsement states that it is made without recourse, the endorser is not liable to pay, subject to various conditions, if the instrument is dishonored. Similarly, if a draft states that it is drawn without recourse, the drawer is not liable to pay, subject to various conditions, if the draft is dishonored, provided that it is not a check. ...
Lost Bill of Exchange, Cheque, or Promissory Note
Lost Bill of Exchange, Cheque, or Promissory Note. The (English) Bills of Exchange Act, 1882, s. 69, replacing the repealed 9 & 10 Wm. 3, c. 17, s. 3, enacts that if a bill of exchange, or cheque, or note, be lost before it is overdue, 'the person who was the holder of it may apply to the drawer to give him another bill (or cheque, or note) of the same tenor, giving security to the drawer, if required, to indemnify him against all persons whatever in case the bill (or cheque, or note) alleged to have been lost shall be found again'; and that 'if the drawer on request as aforesaid refuses to give such duplicate bill (or cheque, or note), he may be compelled to do so.' By s. 70 of the same Act, re-enacting 17 & 18 Vict. c. 125, s. 87, 'in any action or proceeding on' a bill (or cheque, or note), the Court may order that the loss of the instrument shall not be set up, provided an indemnity be given to the satisfaction of the Court against the claims of any other person upon the instrument...
Noting
Noting, when a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument, or upon a paper attached thereto, or partly upon each.Such notes must be made within a reasonable time after dishonour, and must specify the date of dishonour, the reason, if any, assigned for such dishonour, or if the instrument has not been expressly dishonoured, the reason why the holder treats it as dishonoured, and the notary's charges. [Negotiable Instruments Act, 1881 (26 of 1881), s. 99]--The making of a memorandum or note on a bill of exchange by a notary which states that he has presented the bill for payment or acceptance, and that it has been dishonoured. It is usual, in cases of non-payment of bills of exchange, for London bankers, after six o'clock on the day upon which the bills fall due, to cause inland bills to be noted. The duty of a notary in protesting a bill consists in thre...
Presetment of Bill of Exchange, Cheque, or Pro-missory Note
Presetment of Bill of Exchange, Cheque, or Pro-missory Note, the presenting of a bill by the holder to the drawee for acceptance, or to the acceptor or an indorser for payment of, a cheque to the banker for payment, and of a note to the maker or indorser for payment.The law on this subject is regulated by the (English) Bills of Exchange Act, 1882, as follows:-Presentment of Bill for Acceptance.--Presentment is necessary if the bill be payable after sight or if it be expressly stipulated for by the bill, or if it be drawn payable elsewhere than at the residence or place of business of the drawee, but in no other case (s. 39). When a bill payable after sight is negotiated, the holder must either present or negotiate it within a reasonable time (s. 40).'The presentment must be made by or on behalf of the holder to the drawee or to some person authorized to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue.' Presentment must be ...
Pajamas
Originally in India loose drawers or trousers such as those worn tied about the waist by Mohammedan men and women by extension a similar garment adopted among Europeans Americans etc for wear in the dressing room and during sleep also a suit consisting of drawers and a loose upper garment for such wear...
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