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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
Sep 4, 2024 · 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.
The Negotiable Instruments Act, 1881. Language English. Attachment File: Download The file ( bytes) Act No.: 26. Acts yearwise: List Of Acts Of 1881.
Sep 27, 2021 · The Act aims to create the legal provisions for the negotiable instruments system that is currently in operation throughout the country. The regulatory laws would systematically organize the system and the Act would define a decisive authority to decide any issues relating to negotiable instruments.
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.
Full text containing the act, Negotiable Instruments Act, 1881, with all the sections, schedules, short title, enactment date, and footnotes.
Nov 3, 2019 · According to Sec. 13 of the Act, a negotiable instrument means ‘a Promissory Note, Bills of Exchange or Cheque payable either to order or to bearer’. The instruments should follow the given condition of negotiability that are: Easy negotiability. The transferee can sue in his own name without giving notice to the debtor.
