NEGOTIABLE INSTRUMENTS ACT Negotiable Instruments are money/cash equivalents. These can be converted into liquid cash subject to certain conditions. They play an important role in the economy in settlement of debts and claims. The transactions involving the Negotiable Instruments in our country are regulated by law and the framework of the Statute which governs the transaction of these instruments is known as The Negotiable Instruments Act. This act was framed in our country in the year 1881
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Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla NEGOTIABLE INSTRUMENTS ACT‚ 1881 STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3
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1911 THE NEGOTIABLE INSTRUMENTS LAW I. FORM AND INTERPRETATION Section 1. Form of negotiable instruments. - An instrument to be negotiable must conform to the following requirements: (a) It must be in writing and signed by the maker or drawer; (b) Must contain an unconditional promise or order to pay a sum certain in money; (c) Must be payable on demand‚ or at a fixed or determinable future time; (d) Must be payable to order or to bearer; and (e) Where the instrument is addressed
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0 Assignment On Negotiable Instruments in Banking Course Title: Introduction to Banking Course Code: FIN-305 Assigned To: Mr. S.M. Athiqur Rahman Lecturer Dept. of Business Administration Leading University‚ Sylhet‚ Bangladesh. Prepared By: Md. Inzamam-Ul Haq Talukder ID. # 1101010342 Section: E 7th Semester (27th Batch) Leading University‚ Sylhet‚ Bangladesh D ATE OF SUBMISSION: APRIL 21‚ 2013 i Declaration This assignment paper has been prepared by myself which is
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Discharge of Negotiable Instruments L08 Explain how the liability of a party to pay an instrument is normally discharged. Discharge of Liability The obligation of a party to pay an instrument is discharged (1) if he meets the requirements set out in Revised Article 3 or (2) by any act or agreement that would discharge an obligation to pay money on a simple contract. Discharge of an obligation is not effective against a person who has the rights of a holder in due course of the instrument and took the
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right to any other person Applicability :- 1. Location: Whole India except state of J&K 2. Instrument based: Section 13 gives definition of NI B/E‚ Pro Note and Cheque - For DD it is applicable - Not App on share certificate - Not App on share warrant - Not App on Document of title - Not App on Currency note - Not App on Bonds/Commercial papers/ T Bills/ FDs - App on Hundi (traditional instruments) Local rules are applicable‚ if not then NI Act is applicable Two amendments have
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LEGAL ASPECTS OF BUSINESS Submitted By P.Sivaranjini I MBA ‘b’ Surya Group of Institutions NEGOTIABLE INSTRUMENTS ACT‚ 1881 The Negotiable Instruments Act was enacted‚ in India‚ in 1881. Prior to its enactment‚ the provision of the English Negotiable Instrument Act were applicable in India‚ and the present Act is also based on the English Act with certain modifications. It extends to the whole of India except the State of Jammu and Kashmir. The Act operates subject to the provisions
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NEGOTIABLE INSTRUMENTS ACT 1881 SECTIONS REFERANCE 4 Definition of promissory note. 5 Definition of bills of exchange. 6 Definition of Cheque. 8 Definition of holder of bills of exchange. 9 Holder in due course. 11 Inland instruments. 12 Foreign instruments. 14 Negotiation of bills of exchange. 15 Endorsement of bills of exchange. 13 Definition of negotiable instruments. 17 Ambiguous instrument. 20 Incomplete or inchoate instruments. 22 Maturity
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2. Negotiable Instruments Law (Act No. 2031) Chapter I. INTRODUCTION 1. The Negotiable Instrument Written contract for the payment of money‚ by its form intended as substitute for money and intended to pass from hand to hand to give the HDC the right to hold the same and collect the sum due. Instruments are negotiable when they conform to all the requirements prescribed by the NIL (Act 2031‚ 03 February 1911). Although considered as medium for payment of obligations‚ negotiable instruments are
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By payment in due course: The instrument is discharged by payment made in due course by the party who is primarily liable to pay‚ or by a person who is accommodated in case the instrument was made or accepted for his accommodation‚ The payment must be made at or after the maturity to the holder of the instrument if the maker or acceptor is to be discharged. A payment by a party who is secondarily liable does not discharge the instrument. By party primarily liable by becoming holder (Section
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