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THE NEGOTIABLE INSTRUMENTS ACT, 1881 ACT NO. 26 OF 18811 [9th December, 1881.] An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Preamble.—Whereas it is expedient to define and amend the law relating to promissory notes, bills of exchange and cheques; It is hereby enacted as follows:— CHAPTER I
Dec 8, 2022 · The Negotiable Instruments Act of 1881 mandates that when a promissory note or bill of exchange has been dishonoured by non-acceptance or non-payment, the holder of such instrument may cause such dishonour to be noted by a notary public upon the instrument or upon a paper annexed (or attached) thereto, or partly upon each of them, i.e., the ...
THE NEGOTIABLE INSTRUMENTS ACT, 1881. INTRODUCTION. The main objective of the Act is to legalise the system by which instruments contemplated by it could pass from hand to hand by negotiation like any other goods.
The Negotiable Instruments Act, 1881: Long Title: An Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques. Ministry: Ministry of Finance: Department: Department of Financial Services: Enforcement Date: ... Negotiable instrument made, etc., without consideration. Section 44. Partial absence or failure of money-consideration. Section 45. Partial failure of consideration not consisting of money. Section 45A. Holder's right to duplicate of lost bill.
Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India.
A perusal of section 13 of the Act shows, however, that the Act is confined only to three specific types of negotiable instru- ments, viz., promissory note, bill of exchange and cheque. The codified law in India relating to negotiable instruments 'thus deals, as in England, only with the aforesaid three instruments. 7.
The Negotiable Instruments Act, 1881 was amended by the Banking, Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988 wherein a new Chapter XVII was incorporated for penalties in case of dishonour of cheques due to insufficiency of funds in the account of the drawer of the cheque.
Act ID: 188126: Act Number: 26: Enactment Date: 1881-12-09: Act Year: 1881: Short Title: The NEGOTIABLE INSTRUMENTS ACT, 1881: Department: Police Department
Section 13 of the Negotiable Instruments Act states that a negotiable instrument is a promissory note, bill of exchange or a cheque payable either to order or to bearer. Negotiable instruments recognised by statute are: (i) Promissory notes (ii) Bills of exchange (iii) Cheques.
The Negotiable instruments act, 1881. This is a digital copy of a book that was preserved for generations on library shelves before it was carefully scanned by Google as part of a project to make the world’s books discoverable online.
