Not Negotiable - Law Dictionary Search Results
Home Dictionary Name: not negotiable Page: 2endorsement
endorsement also in·dorse·ment n 1 : the act or process of endorsing 2 : an inscription (as a signature or notation) on a document or instrument ;esp : an inscription usually on the back of a negotiable instrument that transfers or guarantees the instrument blank endorsement : an endorsement (as a signature) of a negotiable instrument that does not name a transferee and that makes the instrument payable to bearer called also endorsement in blank qualified endorsement : an endorsement of a negotiable instrument with words (as “without recourse”) that limit or qualify the endorser's liability restrictive endorsement : an endorsement of a negotiable instrument with words (as “for deposit only”) that limit the further negotiation of the instrument NOTE: A restrictive endorsement does not prevent further negotiation of the instrument under the Uniform Commercial Code. spe·cial endorsement : an endorsement of a negotiable instrument with wo...
Unpaid seller
Unpaid seller, (1) the seller of goods is deemed to be an 'unpaid' seller with the meaning of this Act:(a) when the whole of the price has not been paid or delivered;(b) when a bill of exchange or other negotiable ins-trument has been received as conditional payment, and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise.(2) In this Chapter, the term 'seller' includes any person who is in the position of a seller, as, for instance, an agent of the seller to whom the bill of finding has been endorsed, or a consignor or agent who has himself paid, is or directly responsible for, the price. [Sale of Goods Act, 1930 (30 of 1930), s. 45]...
Holder 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...
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 ...
cancel
cancel -celed or: -celled -cel·ing or: -cel·ling 1 : to destroy the force, validity, or effectiveness of: as a : to render (one's will or a provision in one's will) ineffective by purposely making marks through or otherwise marring the text of compare revoke NOTE: The text of the will or of the will's provision need not be rendered illegible in order for a court to find that there was an intent to cancel it. b : to make (a negotiable instrument) unenforceable esp. by purposely marking through or otherwise marring the words or signature of NOTE: As stated in section 3-604 of the Uniform Commercial Code, a party that is entitled to enforce a negotiable instrument may cancel the instrument, whether or not for consideration, and discharge the obligation of the other party to pay. c : to mark (a check) to indicate that payment has been made by the bank NOTE: A check is no longer negotiable once it has been cancelled. d : to withdraw an agreement to honor (a letter of cr...
Giving notice in writing
Giving notice in writing, Chapter XVII of the Act, containing ss. 138 to 142, was inserted in the Act as per Banking Public Financial Institution and Negotiable Instruments Laws (Amendment) Act, 1968. When the legislature contemplated that notice in writing should be given to the drawer of the cheque, the legislature must be presumed to have been aware of the modern devices and equipment already in vogue and also in store for future. If the Court were to interpret the words 'giving notice in writing' in the s. as restricted to the customary mode of sending notice through postal service or even by personal delivery, the interpretative process would fail to cope up with the change of time. If the notice envisaged in clause (b) of the proviso to s. 138 was transmitted by Fax it would be compliance with the legal requirement, SIL Import v. Exim Aides Silk Exporters, (1991) 4 SCC 567: AIR 1999 SC 1609 (1612, 1613). [Negotiable Instrument Act, 1881, s. 138, proviso (b)]Giving Notice in writi...
bill of lading
bill of lading clean bill of lading : a bill of lading that does not have any notations written or otherwise marked on it that qualify or amend the bill negotiable bill of lading : order bill of lading in this entry nonnegotiable bill of lading : straight bill of lading in this entry order bill of lading : a bill of lading under which the goods are to be delivered to the person named in the bill or to the named person's order or to the bearer of the bill called also negotiable bill of lading compare straight bill of lading in this entry straight bill of lading : a bill of lading that names the only person to whom the goods may be delivered called also nonnegotiable bill of lading compare order bill of lading in this entry ...
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...
Payment in due course
Payment in due course, means payment in accordance with the apparent tenor of the instrument in good faith and without negligence to any person in possession thereof under circumstances which do not afford a reasonable ground for believing that he is not entitled to receive payment of the amount therein mentioned. (Negotiable Instruments Act, 1881 (26 of 1981), s. 10)...
finder
finder 1 : one that finds [the of lost property has a right to it as against the world, except against the true owner "McDonald v. Railway Express Agency, 81 S.E.2d 525 (1954)"] 2 : one that for a fee discovers a financial opportunity, passes it on to another, and may act as a go-between for but does not participate in subsequent negotiations between the involved parties compare broker ...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial