The Negotiable Instrument Act 1881 Compiled By Neelakshi Jaidka OBJECTIVES After reading this lesson‚ you should be able to- • Understand meaning‚ essential characteristics and types of negotiable instruments; • Describe the meaning and marketing of cheques‚ crossing of cheques and cancellation of crossing of a cheque; • Explain capacity and liability parties to a negotiable instruments; and • Understand various provisions of negotiable instrument Act‚ 1881 regarding negotiation‚ assignment
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FAMOUS CASES ON NEGOTIABLE INSTRUMENTS ACT* LIABILITY OF PAYING BANKER WHEN CUSTOMER’S SIGNATURE ON CHEQUE IS FORGED 1. When the customer’s signature on the cheque is forged there is no mandate to the bank to pay. As such a banker is not entitled to debit the customer’s account on such forged cheque. In Canara Bank vs. Canara Sales Corporation and Others [(1987)2 Supreme Court Cases 666] the company has a current account with the bank which was operated by the Company’s Managing Director
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Table of Contents EVOLUTION OF TRADE AND COMMERCE LEADING TO THE INTRODUCTION OF NEGOTIABLE INSTRUMENTS. The world as a whole has been the “cradle of commerce” because this exchange is not only between individuals but also between peoples and nations. This naturally implies the existence of: CERTAIN SURPLUS OF WEALTH CERTAIN PROVISION FOR COMMUNICATION Both of which are essential for growth of commerce. Unless there is a surplus of wealth and provision for communication
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CPA Regulation Negotiable Instruments and Secured Transactions Negotiable Instruments and Secured Transactions What is a note and who are the parties to a note? © 2011 HOCK international 91 A note is a written promise to pay money. Notes are different from drafts in that notes are a promise to pay. If there is any doubt whether a document is a note or a draft‚ the holder of the document can decide what it is. There are two parties involved in a note. 1) The Issuer (Maker) is
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com/Newsstand/Check21-Anthony.pdf ARTICLE SYNOPSIS The article reviewed in this paper describes the Check Clearing for the 21st Century Act‚ or Check 21‚ which came into effect in October of 2004. This Act allows the use of a substitute check as a negotiable instrument‚ rather than a paper check. The substitute check is a legal tender and the equivalent of a paper check as long as it fulfills two requirements. The first is that the substitute check must be an accurate representation of both the front and
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Creation of Negotiable Instruments (流动票据) I. Overview A negotiable instrument (also known as commercial paper) is a signed writing (or electronic record) that contains an unconditional promise (无条件承诺) or order to pay an exact amount‚ either on demand or at a specific future time. A negotiable instrument can function as a Substitute for cash or as an extension of credit. Check: Substitute for cash Promissory note (本票): Substitute for an extension of credit For a negotiable instrument to operate practically
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TYPES OF NEGOTIABLE INSTRUMENT 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. 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
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Study on Dishonour of Negotiable Instrument with Special Emphasis on laws of Dishonour of Cheque in India Table of Contents Chapter No. | Chapter Title | Page No. | Chapter 1 | Introduction:-Title General IntroductionStatement of the Problem Objective of the StudyHypothesisesResarch Question Scope and Limitation Research MethodologyTentative ChapterizationReview of Literature | 5-9 | Chapter 2 | Meaning of Negotiable Instrument and Dishonour of Negotiable Instrument | 10-12 | Chapter 3
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Kulintang is the (percussion) gong musical instrument of Mindanao‚ Philippines. It is a single musical instrument composed of 7-8 gongs laid horizontally on a stand. Kulintang music is considered an ancient tradition that predates the influences of Islam‚ Christianity‚ and the West. In the Philippines‚ it represents the highest form of gong music attained by Filipinos‚ Malaysians‚ and Indonesians. It is said to have existed for centuries. As ancient as this music is‚ there has never been substantial
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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 three types of negotiable instruments. a) Scenario Ms Ednah worked as a civil servant throughout
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