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Section 47 – The Negotiable Instruments Act, 1881

The Negotiable Instruments Act, 1881

 

47. Negotiation by delivery.-

 

Subject to the provisions of section 58, a promissory note, bill of exchange or cheque payable to bearer is negotiable by deliver thereof.

 

Exception.-a promissory note, bill of exchange or cheque delivered on condition that it is not to take effect except in a certain event is not negotiable (except in the hands of a holder for value without notice of the condition) unless such event happens.

 

 

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The Negotiable Instruments Act, 1881

 

Indian Laws – Bare Acts

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