Q#1: A draws a bill payable to B or order with X‚ as the drawee. The bill was successively endorsed to C‚ D‚ E and F‚ holder. X does not pay and F has duly protested non-payment. Y pays for the honor of C. Which of the following statement is wrong? a. D is discharged. b. E is discharged. c. C is discharged. d. Y can ask reimbursement from A. Answer: C All parties subsequent to the party whose honor it is paid are discharged but the payor for honor is subrogated for‚ and succeeds to
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Negotiable Instruments Act‚ 1881 From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search The Negotiable Instruments Act‚ 1881 | An Act to define and Law relating to negotiable instruments which are Promissory Notes‚ Bills of Exchange and cheques | Citation | Act No. 26 of 1881 | Enacted by | Imperial Legislative Council (India) | Date enacted | 9 December 1881 | Date commenced | 1 March 1882 | Negotiable Instruments Act‚ 1881 was passed by British India and for over 130
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References: According to section 13 of the Negotiable Instruments Act‚ 1881‚ a negotiable instrument means “promissory note‚ bill of exchange‚ or cheque‚ payable either to order or to bearer”. 4) NEGOTIABLE INSTRUMENTS ACT‚ 1881 The Negotiable Instruments Act was enacted‚ in India‚ in 1881 Explain capacity and liability parties to a negotiable instruments; and Understand various provisions of negotiable instrument Act‚ 1881 regarding
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"negotiable instrument" means a document transferable from one person to another. However the Act has not defined the term. It merely says that "A .negotiable instrument" means a promissory note‚ bill of exchange or cheque payab1e either to order or to bearer. [Section 13(1)] A negotiable instrument may be defined as "an instrument‚ the. property in which is acquired by anyone who takes it bona fide‚ and for value‚ notwithstan~ing any defect of title in the person from whom he took it‚ from which it
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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. Negotiable instruments recognised by usage or custom are: (i) Hundis (ii) Share warrants (iii) Dividend warrants (iv) Bankers draft (v) Circular notes (vi) Bearer debentures (vii) Debentures of Bombay Port Trust (viii) Railway receipts (ix) Delivery orders. This list of
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to pay on demand‚ or at a fixed or determinable future time‚ a sum certain in money‚ to order or to bearer. (Sec. 184‚ NIL) 2) BILL OF EXCHANGE – It is 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 a fixed or determinable future time a sum certain in money‚ to order or to bearer. (Sec. 126‚ NIL) 3) CHECK – a form of a Bill of Exchange drawn on a bank and always payable on demand
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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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Evolution and Revolution of Negotiable Instruments As Facilitators for Trade and Commerce And Ten Years Taking Forward Presented By GROUP 5 JINAL JAIKRISHNAN- 33 DEEPA SINGH - 34 DINESH REDDY - 35 SAGAYA ALBERT – 36 BLESSON ANTONY - 37 PRITI YADAV - 38 RITU DEBNATH - 39 NITIN PATIL - 40 Submitted to: Submitted on: Prof. Anant Amdekar 6th February‚ 2012 CONTENTS TOPIC PAGE NO. 1. INTRODUCTION 2. EVOLUTION
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Chapter 24--Form & Content -Negotiable instruments (instruments): drafts‚ checks‚ promissory notes‚ and certificates of deposit. -Utilized in the sale of goods and services as well as financing businesses. The use of negotiable instruments has increased to such an extent that payments made with these instruments‚ checks in particular‚ are now many times greater than payments made with cash‚ which now is used primarily for smaller transactions. The utilization of checks has decreased due
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a) Advise on the relationship between a bank and its customer. Explain the duties and rights each has towards each other. b) Name and discuss any three types of negotiable instruments AUTHOR: KATALILO JOY INTRODUCTION This paper is aimed at discussing the relationship between a bank and its customer and the duties and rights each has towards each other. In discussing the relationship a scenario will be considered. The paper will further discuss
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