Showing the contents of the sections in Appendix I with the corresponding section in the existing Act | Negotiable Instruments Act, 1881 | Law Commission of India Reports | Law Library

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Report No. 11

Appendix IV

Table C

Showing the contents of the sections in Appendix I with the corresponding section in the existing Act

Section in Appendix I	Contents	Corresponding Section in existing Act
Part I
General
Chapter I
Preliminary
Section 1	Short title, extent and commencement
Section 2	Saving Section I. para2, part.
Section 3	Operation of the Act on negotiable instruments	New
Section 4	Definitions-
	(1) Acceptor	Section 7, para. 3.
	(2) Acceptor for honour	Section 7, para. 4.
	(3) Accommodation party	New
	(4) "At sight" "on presentment", "after sight"	Section 21
	(5) Banker	Section 3, amplified
	(6) Bearer	New
	(7) (i) Bill	New
	(ii) Bill of exchange	Section 5, para. 1.
	(8) Cheque	Section 6.
	(9) Delivery	New
	(10) "Drawer" and "drawee"	Section 7, para. 1.
	(11) "Drawee in case of need".	Section 7, para. 2.
	(12) "Holder"	Section 8.
	(13) "Holder in due course"	Section 9.
	(14) "Indorsement" "indorser" and "indorsee"	Section 15, Section 16 (1), part.
	(15) "Inland instrument" and "Foreign instrument"	Secs. 11 and 12.
	(16) "Instrument"	New
	(17) "Instrument payable to bearer"	Section 13(1), Expin. (ii)
	(18) Instrument payable to order	Section 13(i), Expin. (i)
	(19) "Issue"	New
	(20) "Maker"	New
	(21) "Material alteration"	New
	(22) "Maturity"	Section 22, para. 1
	(23) "Negotiable instrument"	Section 13(1) main para.
	(24) "Negotiation"	Section 14
	(25) "Notary"	New
	(26) "Note"	New
	(27) "Payee"	Section 7, para. 5.
	(28) "Payment in due course"	Section 10
	(29) "Promissory Note"	Section 4.
	(30) "Representative"	New
Chapter II
Form and Interpretation
Section 5	Applicability of the Contract Act	Section 26, para 1, modified.
Section 6	Incapacity of minor	Section 26, para, 2 modified
Section 7	Corporation's power	Section 26, para 3
Section 8	Agent's authority	Section 27
Section 9	Authority of partners	New
Section 10	Instrument made without consideration	(1) Section 43, para, 1 earlier half.
		(2) Section 43, para. 1 latter half.
Section 11	Partial absence or failure of money consideration
Section 12	Partial failure of consideration not consisting of money
Section 13	"Certain sum" "unconditional" "certain person" and "fictitious payee"	Section 44, para. 1. Section 45
		(a) Section 5, para 3.
		(b) Section 5, para 2.
		(c) New
		(d) Section 5, para 4,
		(e) New
Section 14	Instruments payable on demand	(a) Section 21, earlier half
		(b) Section 19, part
		(c) Section 19, part
		(d) Section 35, para. 2, modified
Section 15	When instrument payable on demand overdue	New
Section 16	"After sight"	Section 21, latter half
Section 17	Instrument payable at a determinable future time	New
Section 18	Effect of drawing or indorsing instrument payable to order	Section 13(1), Expl. (iii)
Section 19	Effect of ante dating and post dating	New
Section 20	Inchoate instrument	Section 20
Section 21	Negotiable instrument when complete	(1) Section 46, para. 1
		(2) Section 46, para. 2,
		(3) Section 46, para. 3,
Section 22	Immediate parties	Section 44, Expin.
Section 23	Difference in figures and words	Section 18
Section 24	Ambiguous instruments	Section 17
Section 25	Payees may be joint	Section 13(2).
Section 26	Signature in trade or assumed name	New
Section 27	Forged or unauthorised signature	New
Section 28	Defective title	Section 58, modified
Section 29	Maturity how determined	(1) Section 22, para. 2.
		(2) Section 23
		(3) Section 24
		(4) Section 25
Chapter III
Negotiation
Section 30	Mode of negotiation	(a) Section 46, para. 4 and Section 47, main para.
		(b) Section 46, para. 5 and Section 48
Section 31	Persons entitled to negotiate	Section 51
Section 32	Requisites indorsement	Section 56
Section 33	Kinds of indorsements	New
Section 34	Indorsement in blank and in full	Section 16(i) part
Section 35	Provision for payee to apply to indorsee	Section 16(2)
Section 36	Conversion of indorsement in blank intoindorsement in full	Section 49
Section 37	Instruments indorsed in blank	Section 54
Section 38	Indorsement in blank followed by indorsement in full	Section 55
Section 39	Restrictive indorsement	Section 50, latter half modified
Section 40	Conditional indorsement	Section 52, para. 1, part
Section 41	Qualified indorsement	(1) Section 52, para. 1, part
		(2) Section 52, para. 2
Section 42	Conditional delivery	Section 47, Exception I
Section 43	Negotiation by legal representatives	Section 57
Section 44	Negotiation back before maturity	New
Section 45	Effect of negotiation	Section 50, earlier half modified
Section 46	When negotiability ceases	Section 60
Chapter IV
Rights of Holder and Holder in due Course
Section 47	Right of holder	New
Section 48	Rights of holder of an instrument negotiated back to him	New
Section 49	Instrument acquired after dishonour or when overdue	Section 59, main para.
Section 50	Accommodation note or bill	Section 59, Proviso
Section 51	Holder claiming through holder in due course	(1) Section 53, modified.
		(2) New
Section 52	Rights of holder in due course	New
Section 53	Holder's right to duplicate of lost instrument	Section 45A.
Chapter V
Liability of Parties
Section 54	Scope of chapter	New
Section 55	Stranger signing instrument presumed be indorser to be indorser	New
Section 56	Liability of drawer or acceptor of a bill of exchange	(1) Section 30, part,modified.
		(2) New
		(3) Section 32, part, modified
		(4) Section 41
Section 57	Liability of drawer or drawee of cheque	(1) Section 30, part
		(2) Section 31
Section 58	Liability of a maker of a promissory note	Section 32, part, modified
Section 59	Liability of indorser of any instrument	Section 35, para. 1, part modified
Section 60	Extent of liability of parties	(1) Section 37, part
		(2) Section 37, part
		(3) Section 38, part
Section 61	Provision for contract to the contrary	Section 32, part Section 45 para. 1 part, Section 37, part, Section 38 part.
Section 62	Liability of surety	Section 39
Section 63	Duration of liability	Section 36
Section 64	Liability of accommodation party and position of accommodated party	(1) New
		(2) New
		(3) Section 43 Exception
Section 65	Liability of party inducing another to make etc., an instrument	Section 43 Exception II
Section 66	Liability of person signing as agent	(1) Section 28, earlier part modified
Section 67	Liability of legal representative
Section 68	Transfer by delivery and transferee	New
Section 69	Presentment	(1) Section 64, para. 1, part Exception section 64 Exc. Modified
		(2) New
Section 70	Notice of dishonour for non-payment when obligatory	(1) Section 93, para. I, part
		(2) Section 93, para. 2 Section 104
Section 71	Necessity for noting and protest	Section 104
Chapter VI
Presentment for Payments
Section 72	Definition	New
Section 73	Rules governing presentment for payment	(1) New
		(2) Section 64 para. 1, part
		(3) Section 64, para. 1, part & Section 75
		(4)(i) Section 66
		(ii) Section 74
		(iii) Section 67, earlier part
		(5) Section 65
		(6)(i) Secs. 68-69. modified
		(ii) New
		(iii) Section 70
		(iv) Section 71, part Explanation New
		(7) Section 75A part
Section 74	What constitutes valid presentment and the mode of presentment	(1) Section 64 para. 2. modified
		(2) New
Section 75	When presentment unnecessary	Section 76
		(a) Cl. (a) para. 1,
		(b) Cl. (a) para. 2
		(c) Cl. (a) para. 3
		(d) Cl. (a) para 4
		(e) Cl. (b)
		(f) Cl. (c)
		(g) Cl. (d)
		(h) New
		(i) New
		(j) New
		(k) New
		Explanation New
Chapter VII
Payment, Discharge And Interest
Section 76	Discharge by payment	(1) Section 78 modified
		(2) Section 82(c) modified
		(3) New
		(4) New
		(5) Section 89, part
Section 77	Instrument to be delivered on payment	Section 81
Section 78	Other modes of discharge	(1) (a) Section 82(a)
		(b) Section 82(b)
		(c) Section 90, modified
		(2) New
		(3) Section 40.
Section 79	Discharge for non-presentment	(1) Section 64, para. 1, part
		(2) Section 64, para. 1, part, read with exceptions
Section 80	Discharge of parties not consenting to qualified or limited acceptance	Section 86, main para. part
Section 81	Discharge by material alteration	(1) Section 87, para. 1, modified.
		(2) Section 87, para. 2.
		(3) Section 87, para. 3
		(4) Section 88
Section 82	Interest when rate specified and not specified	(a) Section 79, modified
		(b) Section 80, para. 1, modified
Chapter VIII
Notice of Dishonour
Section 83	Dishonour	New
Section 84	Dishonour by non-payment	Section 92
Section 85	Notice of dishonour by whom and to whom to be given	Section 93, para. 1, part
		(a) Section 93, para. 1, part
		(b) Section 94, para. 1, part
Section 86	Mode in which notice of dishonour should be given	Section 94, para. 1, part
Section 87	Time and place of notice Section	(1) Section 94, para. 1, part
		(2) Section 96
Section 88	Notice miscarried in post	Section 94, para. 2
Section 89	Party receiving must transmit notice of dishonour	Section 95
Section 90	When party to whom notice given is dead Section	Section 97
Section 91	When notice of dishonour is unnecessary	Section 98
Chapter IX
Noting and Protest
Section 92	Noting	Section 99
Section 93	Protest	(1) Section 100, para. 1
		(2) Section 100, para. 2
Section 94	Contents of protest	Section 101
Section 95	Notice of protest	Section 102
Section 96	Protest for non-payment after dishonour by non-acceptance	Section 103
Section 97	When noting equivalent to protest	Section 104A
Chapter X
Reasonable Time
Section 98	Reasonable time	Section 105
Section 99	Reasonable time for giving notice of dishonour	(1) Section 106, para. 1 modified
		(2) Section 106, para. 2 modified
Section 100	Reasonable time for transmitting such notice	Section 107
Chapter XI
Compensation
Section 101	Rule as to compensation	(1) (a) Section 117(a)
		(b) New
		(c) Section 117(c)
		(d) Section 117(b) and (d) modified
		(e) New
		(2) Section 117(e), earlier half
		(3) Section 117(e), latter half.
Chapter XII
Special Rules of Evidence
Section 102	Presumptions as to negotiable instruments	Section 118
Section 103	Presumption on proof of protest	Section 119
Section 104	Estoppel against acceptor	New
Section 105	Estoppel against denying original validity of instrument	Section 120
Section 106	Estoppel against denying capacity of payee to indorsee	Section 121
Section 107	Estoppel against denying signature or capacity of prior party	Section 122
Chapter XIII
Conflict of Laws
Section 108	Law governing liability of maker, acceptor or indorser of a foreign instrument.	(a) Section 134, part, modified. Proviso-(i) Section 136 (ii) New
		(b) (i) Section 134 part, modified
		(ii) New
		(iii)New
		(iv) Section 135, part
		(v) Section 135, part
		(vi) New
Section 109	Presumption as to foreign law	Section 137
Part II
Bills of Exchange
Section 110	Presentment	New
Section 111	Several drawees	New
Section 112	In whose favour a bill may be drawn	New
Section 113	Only drawee can be acceptor except in case of need or for honour	Section 33
Section 114	Time for deliberation by drawee	(1) Section 63(2) Section 83
Section 115	Acceptance by several drawees not partners	Section 34
Section 116	Acceptance of bill drawn in fictitious name	Section 42
Section 117	When presentment for acceptance is necessary	New
Section 118	Acceptance of overdue bill	New
Section 119	Time for presentment for acceptance of a bill payable after sight	Section 61, para. 1, part modified
Section 120	Rules as to presentment for acceptance and excuses for non-presentment	(1) (a) Section 61, part 1, part, modified and Sec. 75, part
		(b)(i) Section 61, para. 3, part
		(ii) New
		(iii) New
		(iv) Section 71, part
		(c) New
		(2) Section 75A, part
		(3) (a) New
		(b) Section 61, para. 3, part, modified.
		(c) New;
		(d) New
		(e) New
		(4) New
Section 121	Presentment by post	Section 61, para. 4.
Section 122	Dishonour by non-acceptance and its consequences	(1) (a) Section 91 para. 1; part
		(b) Section 91 para. 1, part
		(c) Section 91, para. 2 (2) New
Section 123	Qualified acceptance	New
		Expin. (a) to (d)-Section 86, Expl.
		Expin.-(e) Section 86, main para. part
Section 124	Non-presentment' for payment in cases of qualified acceptance when does not discharge the acceptor	New
Section 125	Notice of dishonour for non-acceptance	(1) Section 93, para, 1 part modified
		(2) New
Section 126	Liability of banker for negligently dealing with bill presented for payment	Section 77
Section 127	Mode of giving notice of dishonour	New
Section 128	Drawee in case of need	Section 115
Section 129	Acceptance and payment without protest	Section 116
Section 130	Acceptance for honour	Section 108
Section 131	How acceptance for honour must be made	Section 109
Section 132	Acceptance not specifying for whose honour it is made	Section 110
Section 133	Liability of acceptor for honour	Section 111, para. 1.
		Proviso-(a) Section 111para. 2.
		(b) Section 112.
Section 134	Payment for honour	Section 113
Section 135	Two or more persons offering to pay for honour New
Section 136	Rights and duties of payer for honour	(1) New
		(2) Section 114
Section 137	Calculation of maturity in case of a bill accepted for honour	New
Section 138	Set of bills	Section 132
Section 139	Holder of first acquired part entitled to all	Section 133
Part III
Promissory Notes
Section 140	Presentment of promissory note for sight	Section 62
Part IV
Cheques
Section 141	Cheque payable to order or bearer	(1) Section 85 (1)
		(2) Section 85 (2)
Section 142	Revocation of banker's authority	New (1) Section 123
Section 143	General and special crossing defined	(2) Section 124
Section 144	Cheque crossed "account payee"	New
Section 145	Crossing by drawer or after issue	(1) New
		(2) Section 125, para. 1
		(3) Section 125, para. 2
		(4) Section 125, para. 3.
		(5) Section 125, para. 4.
		(6) New
Section 146	Crossing a material part of a cheque	New
Section 147	Payment of a cheque crossed generally or specially	Section 126
Section 148	Duties of banker as to crossed cheques	Section 127
Section 149	Liability of a banker paying crossed cheques otherwise than to a banker	Section 129, modified
		Proviso-Section 89, part
Section 150	Protection to banker and drawer where cheque is crossed	Section 128, modified
Section 151	Cheque bearing words "not negotiable"	Section 130
Section 152	Protection to collecting banker	Section 131
Section 153	Protection to banker crediting cheque crossed "account payee"	New
Section 154	Cheque not operating as assignment of funds	New
Section 155	When cheque not duly presented and drawer damaged thereby	(1) Section 84 (1)
		(2) Section 84 (3)
Section 156	Drafts	Section 85A
Section 157	Application of this Chapter to drafts	Section 131A
Part V
Miscellaneous
Section 158	Repeal	New

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