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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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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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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NEGOTIABLE INSTRUMENTS ACT‚1881 Definition of a Negotiable Instrument. The law relating to negotiable instruments is contained in the Negotiable Instruments Act‚ 1881. It is an Act to define and amend the law relating to promissory notes‚ bills of exchange and cheques. The Act does not affect the custom or local usage relating to an instrument in oriental language i.e.‚ a Hundi. The term "negotiable instrument" means a document transferable from one person to another. However the Act
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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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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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NEGOTIABLE INSTRUMENTS LAW DEFINITIONS: 1) PROMISORY NOTE – It is an unconditional promise in writing made by one person to another‚ signed by the maker‚ engaging 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
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Sec. 16. Delivery; when effectual; when presumed. - Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties and as regards a remote party other than a holder in due course‚ the delivery‚ in order to be effectual‚ must be made either by or under the authority of the party making‚ drawing‚ accepting‚ or indorsing‚ as the case may be; and‚ in such case‚ the delivery may be shown to have
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