Section 46 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

46.Delivery.-

 

The making, acceptance or endorsement of a promissory note, bill of exchange or cheque is completed by delivery, actual or constructive.

 

As between parties standing in immediate relation; delivery to be effectual must be made by the party making accepting or indorsing the instrument, or by a person authorised by him in that behalf.

 

As between such parties and any holder of the instrument other than a holder in due course, it may be shown that the instrument was delivered conditionally or for a special purposes only, and not for the purpose of transferring absolutely the property therein.

 

A promissory note, bill of exchange or cheque payable to bearer is negotiable by the deliver thereof.

 

A promissory note, bill of exchange or cheque payable to bearer is negotiable by the deliver thereof.

 

 

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The Negotiable Instruments Act, 1881

 

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