Not Negotiable - Law Dictionary Search Results
Home Dictionary Name: not negotiableNot 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...
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...
Negotiable
Negotiable, as a term of art describes an instrument which can give to a transferee a better title than that possessed by the transferor. A bill of lading is not 'negotiable' in this sense: the indorsee does not get a better title than his assignor. Indeed a bill of lading is 'negotiable' only in a popular, and not in a technical, sense. For it is 'negotiable' only in a popular, and not in a technical, sense. For it is 'negotiable' to the same extent as a cheque marked 'not negotiable', i.e. it is 'transferrable', Scrutton on Charterparties and Bills of Lading, 20th Edn., (1996), p. 185....
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...
contract
contract [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com- with, together + trahere to draw] 1 : an agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other's duty or a remedy for the breach of the other's duty ;also : a document embodying such an agreement see also accept, bargain, breach, cause, consent, consideration, duty, meeting of the minds, obligation, offer, performance, promise, rescind, social contract, subcontract Uniform Commercial Code in the Important Laws section NOTE: Contracts must be made by parties with the necessary capacity (as age or mental soundness) and must have a lawful, not criminal, object. Except in Louisiana, a valid contract also requires consideration, mutuality of obligations, and a meeting of the minds. In Louisiana, a valid contract requires the consent of the parties and a cause for the contract in addition to c...
Crossed cheques
Crossed cheques. It is very usual for the drawer of a cheque to write across it, between two parallel lines, the name of the payee's banker, in which case the banker on whom the cheque is drawn should only pay to that banker; in other cases, as when the drawer is unaware of the payee's banker, it is usual for himto write merelythe words 'and Co.,' leaving it to the payee to add the ename of his banker if the payee so intends, or if the parallel lines are left in blank except of the words 'and Co.' the cheque canonly be paid by the Bank on whom it is drawn to or through a Bank. This serves as some security in case the cheque is lost, since it can only be paid through a banker, and moreover postpones in some measure the payment until the clearing hours in the afternoon. See Bills of Exchange Act, 1882 (45 & 46 Vict. c. 50), ss. 76-80; and (English) Bills of Exchange (Crossed Cheques) Act, 1906 (6 Edw. 7, c. 17) passed in consequence of Capital and Counties Bank v. Gordon, 1903 AC 240), b...
Cheque crossed generally
Cheque crossed generally, 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 Negotiable Instruments Act, 1881 (26 of 1881), s. 123...
Cheque Crossed Specially
Cheque Crossed Specially, 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. [Negotiable Instruments Act, 1881 (26 of 1881), s. 124]...
I.O.U
I.O.U., a written acknowledgement of a debt, so called because it commences with those letters, which custom has substituted for the words I owe you, because they have the same sound. It ordinarily runs thus:-'To Mr. A.B., I.O.U. twenty rupees. C.D January 1st, 2008.'If in the above form, it requires no stamp, being neither receipt, agreement, not promissory note. If it contains a promise to pay the money, it must be stamped as a promissory note, or as an agreement, if it contains terms of agreement the subject of which is of the value of 5l. It should be addressed to the creditor by name, but that is not essential to its validity. It is evidence of an account stated with the creditor, if named; if he is not named, it is prima facie evidence of an account stated with the person producing it. It is not negotiable....
nonnegotiable
nonnegotiable : not negotiable non·ne·go·tia·bil·i·ty [-nə-gō-shə-bi-lə-tē] n ...
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