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Report No. 11

The Negotiable Instruments Act, 1881

Contents
History of the Legislation
Materials for revision
Suggestions of Chambers and Bankers' Associations considered
Suggestions that hundis and other negotiable instruments should be included
Hundis which conform to the Act
Language should not exclude an instrument if it comes within the definition of the Act
Whether other types of negotiable instruments should be included
Certification of cheques
Cheques marked Account payee
Scheme adopted for revision and major changes proposed
Conflict of laws
Section 1
Section 3
Banker
Notary public
Section 4
Section 5, para 1
Paras 2-4
Sections 6-7
Sections 8
Sections 9
Section 10
Section 11-12
Section 13
Section 14
Section 15
Section 16
Section 17
Section 18
Section 19
Sections 20
Section 21
Section 22
Days of grace
Sections 23-24
Section 25
Section 26
Section 27
Section 28
Section 29
Sections 30-32 and 41
Sections 33-44
Section 35
Section 36
Section 37-38
Section 39
Section 40-41
Section 42
Section 43-45
Section 45A
Sections 46-48
Section 49
Section 50
Section 51
Section 52
Section 53
Section 54-55
Section 56
Section 57
Section 58
Section 59
Section 60
Section 61
Section 62
Section 63
Section 64
Section 65-67
Section 70
Section 71
Section 72-74
Section 75
Section 76
Section 77
Section 79-80
Section 81
Sections 82
Section 83
Section 84
Section 85-85A
Section 86
Section 87
Section 88
Section 89
Section 90
Section 91
Section 95
Section 96
Section 97
Sections 98
Sections 99-104A
Section 105
Section 106
Section 107
Sections 108-113
Section 114
Sections 115-116
Section 117
Sections 118-120
Sections 121-122
Sections 123-127
Section 128
Section 129
Section 130
Section 131
Sections 132-133
Sections 134-136
Section 137
Sections 138-139
Appendix I Proposals as Inserted in the body of The Existing Act (This is, However, not to be Treated as a Draft Bill)
The Negotiable Instruments Act, 19
Part I General
Chapter I Preliminary
1. Short title, extent, and commencement
2. Saving
3. Operation of the Act on negotiable instruments
Part II Acquisition
4. Definitions
Chapter II Form and Interpretation
5. Applicability of the Contract Act
6. Incapacity of minor
7. Corporation's power
8. Agent's authority
9. Authority of partners
10. Instrument made without consideration
11. Partial absence or failure of money consideration
12 Partial failure of consideration not consisting of money
13 Certain sum, unconditional, certain person and fictitious payee
14. Instruments payable on demand
15. When instrument payable on demand overdue
16. After sight
17. Instrument payable at a determinable future time
18. Effect of drawing or indorsing instrument payable to order
19. Effect of ante-dating and post-dating
20. Inchoate instrument
21. Negotiable instrument when complete
22. Immediate parties
23. Difference in figures and words
24. Ambiguous instruments
25. Payees may be joint
26. Signature in trade or assumed name
27. Forged or unauthorised signature
28. Defective title
29. Maturity, how determined
Chapter III Negotiation
30. Mode of negotiation
31. Persons entitled to negotiate
32. Requisites of indorsement
33. Kinds of indorsements
34. Indorsement in blank and in full
35. Provisions for payee to apply to indorsee
36. Conversion of indorsement in blank into indorsement in full
37. Instruments indorsed blank
38. Indorsement in blank followed by indorsement in full
39. Restrictive indorsement
40. Conditional indorsement
41. Conditional indorsement
42. Conditional delivery
43. Negotiation by legal representatives
44. Negotiation back before maturity
45. Effect of negotiation
46. When negotiability ceases
Chapter IV Rights of Holder and Holder in due Course
47. Rights of holder
48. Rights of holder of an instrument negotiated back to him
49. Instrument acquired after dishonour or when overdue
50. Accommodation note or bill
51. Holder claiming through holder due in course
52. Rights of holder in due course
53. Holder s right to duplicate of lost instrument
Chapter V Liability of Parties
54. Scope of Chapter
55. Stranger signing instrument presumed to be indorser
56. Liability of drawer or acceptor of a bill of exchange
57. Liability of drawer or drawee of cheque
58. Liability of a maker of a promissory note
59. Liability of indorser of any instrument
60. Extent of liability of parties
61. Provision for contract to the contrary
62. Liability of surety
63. Duration of liability
64. Liability of accommodation party and position of accommodated party
65. Liability of a party inducing another to make etc., an instrument
66. Liability of person signing as agent
67. Liability of legal representative
68. Transferor by delivery and transferee
69. Presentment
70. Notice of dishonour for non-payment when obligatory
71. Necessity for noting and protest
Chapter VI Presentment for Payment
72. Definition
73. Rules governing presentment for payment
74. What constitutes valid presentment and the mode of presentment
75. When presentment unnecessary
Chapter VII Payment, Discharge and Interest
76. Discharge by payment
77. Instrument to be delivered on payment
78. Other modes of discharge
79. Discharge for non-presentment
80. Discharge of parties not consenting to qualified or limited acceptance
81. Discharge by material alteration
82. Interest when rate specified and not specified
Chapter VIII Notice of Dishonour
83. Dishonour
84 Dishonour by non-payment
85. Notice of dishonour by whom and to whom to be given
86. Mode in which notice of dishonour should be given
87. Time and place of notice
88. Notice miscarried in post
89. Party receiving must transmit notice of dishonour
90. When party to whom notice given is dead
91. When notice of dishonour is unnecessary
Chapter IX Noting and Protest
92. Noting
93. Protest
94. Contents of protest
95. Notice of protest
96. Protest for non-payment after dishonour by non-acceptance
97. When noting equivalent to protest
Chapter X Reasonable Time
98. Reasonable time
99. Reasonable time for giving notice of dishonour
100. Reasonable time for transmitting such notice
Chapter XI Compensation
101. Rule as to compensation
Chapter XII Special Rules of Evidence
102. Presumptions as to negotiable instruments
103. Presumption on proof of protest
104. Estoppel against acceptor
105. Estoppel against denying original validity of instrument
106. Estoppel against denying capacity of payee to indorse
107. Estoppel against denying signature or capacity of prior party
Chapter XIII Conflict of Laws
108. Law governing liability of maker, acceptor or indorser of a foreign instrument
109. Presumption as to foreign law
Part II Bills of Exchange
110. Presentment
111. Several drawees
112. In whose favour a bill may be drawn
113. Only drawee can be acceptor except in case of need or for honour
114. Time for deliberation by drawee
115. Acceptance by several drawees not partners
116. Acceptance of bill drawn in fictitious name
117. When presentment for acceptance is necessary
118. Acceptance of overdue bill
119. Time for presentment for acceptance of a bill payable after sight
120. Rules as to presentment for acceptance and excuses for non-presentment
121. Presentment by post
122. Dishonour by non-acceptance and its consequences
123. Qualified acceptance
124. Non-presentment for payment in cases of qualified acceptance when does not discharge the acceptor
125. Notice of dishonour for non-acceptance
126. Liability of banker for negligently dealing with bill presented for payment
127. Mode of giving notice of dishonour
128. Drawee in case of need
129. Acceptance and payment without protest
130. Acceptance for honour
131. How acceptance for honour must be made
132. Acceptance not specifying for whose honour it is made
133. Liability of acceptor for honour
134. Payment for honour
135. Two or more persons offering to pay for honour
136. Rights and duties of payer for honour
137. Calculation of maturity in case of a bill accepted for honour
138. Set of Bills
139. Holder of first acquired part entitled to all
Part III Promissory Notes
140. Presentment of promissory note for sight
Part IV Cheques
141. Cheque payable to order or bearer
142. Revocation of banker's authority
143. General and special crossing defined
144. Cheque crossed "account payee"
145. Crossing by drawer or after issue
146. Crossing a material part of a cheque
147. Payment of a cheque crossed generally or specially
148. Duties of banker as to crossed cheques
149. Liability of a banker paying crossed cheques otherwise than to a banker
150. Protection to banker and drawer where cheque is crossed
151. Cheque bearing words "not negotiable"
152. Protection to collecting banker
153. Protection to banker crediting cheque crossed "account payee"
154. Cheque not operating as assignment of funds
155. When cheque not duly presented and drawee damaged thereby
156. Drafts
157. Application of this chapter to drafts
Part V Miscellaneous
158. Repeal
Appendix II Table A Showing the provisions in the existing Act and the corresponding provisions, if any, in Appendix I
Appendix III Table B Showing the provisions in Appendix I to the proposals and the corresponding provisions, if any, in the existing Act, the Bills of Exchange Act, 1882, and Uniform Negotiable Instruments Law
Appendix IV Showing the contents of the sections in Appendix I with the corresponding section in the existing Act
Appendix V Suggestions Regarding other Acts
Appendix VI Commercial Bodies & Associations whose Suggestions were Particularly Invited
Appendix VII Chambers of Commerce and Associations who Have Submitted Memorandum


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