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Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force with significant amendments recently. It deals with the law governing the usage of negotiable instruments in India. The word "negotiable" means transferable and an "instrument" is a document giving legal effect by the virtue of the law
In the Commonwealth of Nations almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g. Bills of Exchange Act 1882 in the UK, Bills of Exchange Act 1890 in Canada, Bills of Exchange Act 1908 in New Zealand, Bills of Exchange Act 1909 in Australia, [2] the Negotiable Instruments Act, 1881 in India and the Bills of Exchange Act 1914 in ...
Pages in category "Negotiable instrument law" ... Negotiable instrument; Negotiable Instruments Act, 1881; ... Substitute checks in the United States; Sum certain ...
In commercial law, a holder in due course (HDC) is someone who takes a negotiable instrument in a value-for-value exchange without reason to doubt that the instrument will be paid. If the instrument is later found not to be payable as written, a holder in due course can enforce payment by the person who originated it and all previous holders ...
The Negotiable Instruments Act, 1881, as amended, contains provisions for criminal penalties, including imprisonment, if someone defaults on a debt or a payment obligation. Section 28A of the Securities and Exchange Board of India Act, 1992 (As amended by the Securities Laws (Amendment) Act, 2014) [ 24 ] contains provisions for penalties ...
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The shelter rule also applies to the transfer of negotiable instruments. If the recipient of a negotiable interest is a donee (that is, a person who receives by gift), that person would generally not have the rights of a holder in due course - that is, a person who received the instrument for value and without notice of other claims. However ...
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check, as authorized by the Check Clearing for the 21st Century Act (the Check 21 Act).