LLB] of Chandigarh University. He is presently a Student Editor of Latestlaws. Table of Contents:. Two modes are being used for the Negotiable Instrument for its transferability either it can be delivered or by endorsement, passes to the transferee a bona fide title to payment according to its tenor and irrespective of the title, transferor is bearing, provided that he is a bona fide holder for Instrument without any of notice of defect attaching to the instrument or in the title of the transferor, the principle of Nemo dat quod non habit does not apply. Negotiable Instrument should be of as such nature that it should be in the form of writing, signed by the maker or drawer, an unconditional promise or order to pay, a fixed amount of money to be stated, freely transferrable from one person to another person, be payable to order or to bearer, lastly be payable on demand or at a definite time.
JOHN SWIFT v. GEORGE W. TYSON. | Supreme Court | US Law | LII / Legal Information Institute
III To pay a certain sum of money only to a specific person or the bearer. III Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. I Section defines Dishonour of cheque for insufficiency, etc. II Such cheque has been presented to the bank within a period of twelve months from the date on which it is drawn or within the period of its validity, whichever is earlier.
This is an exhaustive article dealing with various judgments on Section of the Negotiable instruments Act. In this fast-growing world, the business has an important role to play. With the development of business practices, various ways of financial transaction are also being born. Negotiable instruments have introduced favourable ways of business modes breaking away from the traditional procedure of transfer of cash by means of exchanging goods and services.
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