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The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

 

CONTENTS

Sections

Particulars

s Introduction
s Preamble
 

Chapter I

PRELIMINARY

1

Short title

2

Repeal of enactments

3

Interpretation clause
   

Chapter II

OF NOTES, BILLS AND CHEQUES

4

Promissory note

5

Bill of exchange

6

Cheque

7

Drawer, Drawer

8

Holder

9

Holder in due course

10

Payment in due course

11

Inland instrument

12

Foreign instrument

13

Negotiable  instrument

14

Negotiation

15

Endorsement

16

Endorsement in blank and in full-Endorsee

17

Ambiguous instruments

18

Where amount is stated differently in figures and words

19

Instruments payable on demand

20

Inchoate stamped instruments

21

At sight, On presentment, After sight

22

Maturity

23

Calculating maturity  of bill or note payable so many
months after date or sight

24

Calculating maturity of bill or note payable so many days after date  or sight

25

When day of maturity is a holiday
   

Chapter III

PARTIES TO NOTES, BILLS AND CHEQUES

26

Capacity to make, etc., promissory notes, etc.

27

Agency

28

Liability of agent signing

29

Liability of legal representative signing

30

Liability of drawer

31

Liability of drawer of cheque

32

Liability of maker of note and acceptor of bill

33

Only drawer can be acceptor except in need or for honor

34

Acceptance by several drawers not partners

35

Liability of endorser

36

Liability of prior parties to holder in due course

37

Maker, drawer and acceptor principals

38

Prior party a principal in respect of each subsequent party

39

Surety ship

40

Discharge of endorser’s liability

41

Acceptor bound, although endorsement forged

42

Acceptance of bill drawn in fictitious name

43

Negotiable instrument made, etc., without consideration

44

Partial absence or failure of money-consideration

45

Partial failure of consideration not consisting of money

45A

Holder’s right to duplicate of lost bill
   

Chapter IV

OF NEGOTIATION

46

Delivery

47

Negotiation by delivery

48

Negotiation by endorsements

49

Conversion of endorsement  in blank into endorsement in full

50

Effect of endorsement

51

Who may negotiate

52

Endorser who excludes his own liability or make it conditional

53

Holder deriving title from holder in due course

54

Instrument endorsed in blank

55

Conversion of endorsement in blank into endorsement in full

56

Endorsement for part of sum due

57

Legal representative cannot by delivery only negotiate instrument

58

Instrument  obtained by unlawful means or for unlawful consideration

59

Instrument acquired after dishonor  or when overdue Accommodation note or bill

60

Instrument negotiable till payment or satisfaction
   

Chapter V

OF PRESENTMENT

61

Presentment for acceptance

62

Presentment of promissory note for sight

63

Drawer’s time for deliberation

64

Presentment for payment

65

Honors for presentment

66

Presentment for payment of instrument payable after date or sight

67

Presentment for payment of promissory note payable by instalments

68

Presentment for payment of instrument payable at specified place and not elsewhere

69

Instrument payable at specified place

70

Presentment where no exclusive place specified

71

Presentment when maker, etc, has no known place of business or residence

72

Presentment of cheque to charge drawer

73

Presentment of cheque to charge any other person

74

Presentment of instrument payable on demand

75

Presentment by or to agent, representative of deceased, or assignee  of insolvent

75A

Excuse for delay in presentment for acceptance or payment

76

When presentment unnecessary

77

Liability of banker for negligently dealing with bill presented for payment
   

Chapter VI

OF PAYMENT AND INTEREST

78

To whom payment should be made

79

Interest when rate specified

80

Interest when no rate specified

81

Delivery of instrument on payment or indemnity in case of loss
   

Chapter VII

OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES

82

Discharge from liability

83

Discharge by allowing drawer more than forty-eight hours to accept

84

When cheque not duly presented and drawer damaged thereby

85

Cheque payable to order

85A

Drafts drawn by one branch of  a bank on another payable to order

86

Parties not consenting discharge by qualified or limited acceptance

87

Effect of material alteration

88

Acceptor or endorser bound not withstanding previous alteration

89

Payment of instrument on which alteration is not apparent

90

Extinguishments of rights of action on bill in acceptor’s hand
   
Chapter VIII Of NOTICE OF DISHONOR

91

Dishonor by non-acceptance

92

Dishonor by non-payment

93

By and to whom notice should be give

94

Mode in which notice may be give

95

Party receiving must transmit notice of dishonor

96

Agent for presentment

97

When party to whom notice given is dead

98

When notice of dishonor is unnecessary
   

Chapter IX

NO NOTING AND PROTEST

99

Noting

100

Protest

101

Contents of protest

102

Notice of protest

103

Protest for non-payment after dishonor by non-acceptance

104

Protest of foreign bills

104A

When noting equivalent to protest
   

Chapter X

OF REASONABLE TIME

105

Reasonable time

106

Reasonable
time of giving  notice of dishonor

107

Reasonable time for transmitting such notice
   

Chapter XI

OF ACCEPTANCE AND PAYMENT FOR HONOR AND REFERENCE IN CASE OF NEED

108

Acceptance for honor

109

How acceptance for honor must be made

110

Acceptance not specifying for whose honor it is made

111

Liability of acceptor for honor

112

When acceptor for honor may be charged

113

Payment for honor

114

Right of payer for honor

115

Drawee in case of need

116

Acceptance and payment without protest
   

Chapter XII

OF COMPENSATION

117

Rules as to compensation
   

Chapter XIII

SPECIAL RULES  OF EVIDENCE

118

Presumption as to negotiable instruments of consideration

119

Presumption on proof of protes

120

Estoppels against denying original validity of instrument

121

Estoppels against denying  capacity of payee of indorse

122

Estoppels against denying signature or capacity of prior party
   

Chapter XIV

OF CROSSED CHEQUES

123

Cheque crossed generally

124

Cheque crossed specially

125

Crossing after issue

126

Payment of cheque crossed generally/specially

127

Payment of cheque crossed specially more than once

128

Payment  in due course of crossed cheque

129

Payment  of crossed cheque out of due coruse

130

Cheque-bearing not negotiable

131

Non-liability of banker receiving payment of cheque

131A

Application of Chapter to drafts
   

Chapter XV

OF BILLS IN SETS

132

Set bills.

133

Holder of first acquired part entitled to all
   

Chapter XVI

OF INTERNATIONAL LAW

134

Law governing liability  of maker, acceptor or endorser of foreign instrument

135

Law of place of payment  governs dishonor

136

Instrument made, etc., out of India, but in accordance with the law of India

137

Presumption as to foreign law
   

Chapter XVII

OF PENALTIES IN  CASE OF DISHONOR OF CERTAIN CHEQUE FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS

138

Dishonor of cheque for insufficiency, etc, of  funds in the account

139

Presumption in favour of holder

140

Defense which may not be allowed in any prosecution under section 138

141

Offences by companies

142

Cognizance of offences
143 Power of Court to try cases summarily
144 Mode of service of summons.
145 Evidence on affidavit.
146 Bank’s slip prima facie evidence of certain facts.

147

Offences to be compoundable.

SCHEDULE

Repealed

 

Indian Laws – Bare Acts

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