the negotiable instruments act ,1881
TRANSCRIPT
The Negotiable The Negotiable Instruments Act ,1881Instruments Act ,1881
-Group 10-Group 10
Section -ASection -A
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HistoryHistory
A law relating to negotiable A law relating to negotiable instrumentsinstruments
Deals with promissory notes, bills of Deals with promissory notes, bills of exchange & chequesexchange & cheques
Act extends to whole of IndiaAct extends to whole of India The Act came into existence on 1The Act came into existence on 1stst
March, 1882March, 1882 The latest amendment to the act was The latest amendment to the act was
made in 1988made in 1988
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IntroductionIntroduction
What is a negotiable Instrument?What is a negotiable Instrument?
A negotiable instrument is the one A negotiable instrument is the one which transfers a debt from one which transfers a debt from one person to another.person to another.
Special class of contracts.Special class of contracts.
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CharacteristicsCharacteristics
Freely transferableFreely transferable Title of holder free from all defectsTitle of holder free from all defects RecoveryRecovery Presumptions: Consideration, date, Presumptions: Consideration, date,
time, time of acceptance & transfer, time, time of acceptance & transfer, order of indorsements , stamp, order of indorsements , stamp, holder is a holder in due course, holder is a holder in due course, proof of protestproof of protest
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Types of Negotiable Types of Negotiable InstrumentsInstruments
Negotiable by StatuteNegotiable by Statute
Negotiable by custom or usageNegotiable by custom or usage
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Notes Bills & ChequesNotes Bills & Cheques
Promissory Note : -Promissory Note : -
A “promissory note” is an instrument in writing (not A “promissory note” is an instrument in writing (not a bank-note or a currency-note) containing an a bank-note or a currency-note) containing an
unconditional under taking, signed by the maker, unconditional under taking, signed by the maker, to pay a certain sum of money only to, or to the to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the order of, a certain person, or to the bearer of the
instrument.instrument.
Parties Involved: -Parties Involved: - MakerMaker PayeePayee
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Essentials of Promissory noteEssentials of Promissory note
Must be in writingMust be in writing Promise to payPromise to pay Definite & unconditionalDefinite & unconditional Signed by the makerSigned by the maker Certain partiesCertain parties Certain sum of moneyCertain sum of money Promise to pay only moneyPromise to pay only money No bank note or currency noteNo bank note or currency note Other formalitiesOther formalities
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Bill of ExchangeBill of Exchange
A “bill of exchange” is an instrument in A “bill of exchange” is an instrument in writing containing an unconditional order, writing containing an unconditional order, signed by the maker, directing a certain signed by the maker, directing a certain
person to pay a certain sum of money only person to pay a certain sum of money only to, or to the order of, a certain person or to, or to the order of, a certain person or
to the bearer of the instrument. to the bearer of the instrument. Parties Involved: -Parties Involved: - DrawerDrawer DraweeDrawee PayeePayee
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Essential elements of BOEEssential elements of BOE
In writingIn writing Order to payOrder to pay UnconditionalUnconditional Requires 3 parties & certainRequires 3 parties & certain SignedSigned Sum to be certainSum to be certain Order to pay moneyOrder to pay money Other formalitiesOther formalities
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ChequeCheque
““a bill of exchange drawn on a a bill of exchange drawn on a specified banker and not expressed specified banker and not expressed
to be payable otherwise than on to be payable otherwise than on demand demand
it includes the electronic image of a it includes the electronic image of a truncated cheque and a cheque in truncated cheque and a cheque in
the electronic form.”the electronic form.”
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ChequeCheque
Marking of ChequesMarking of Cheques
At drawer's instanceAt drawer's instance At holder’s instanceAt holder’s instance At collecting Banker’s instanceAt collecting Banker’s instance
Crossing of ChequesCrossing of Cheques
General crossingGeneral crossing Special crossingSpecial crossing
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DifferenceDifference Bill Of ExchangeBill Of Exchange Three parties-drawer, Three parties-drawer,
drawee, payeedrawee, payee Unconditional orderUnconditional order Drawer-creditorDrawer-creditor Liability is secondaryLiability is secondary Can be drawn payable Can be drawn payable
to bearerto bearer Drawer stands in Drawer stands in
immediate relation immediate relation with acceptor and not with acceptor and not payee.payee.
Promissory NotePromissory Note Two parties-maker, Two parties-maker,
payeepayee Unconditional promiseUnconditional promise Maker-debtorMaker-debtor Liability is primary Liability is primary Cannot be drawn Cannot be drawn
payable to bearerpayable to bearer Maker stands in Maker stands in
immediate relation immediate relation with the payeewith the payee
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Distinguishing FeaturesDistinguishing Features Bill of ExchangeBill of Exchange Drawn on any person Bill must be accepted
before drawee can be called for payment
Entitled to 3 days of grace
Not crossed Requires stamp May be protested for
dishonour
ChequeCheque Drawn on a bankerDrawn on a banker Cheque requires no Cheque requires no
acceptanceacceptance Not entitled to any Not entitled to any
days of gracedays of grace May be crossedMay be crossed Does not require Does not require
stampstamp Not protested for Not protested for
dishonourdishonour
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Classification of Negotiable Classification of Negotiable InstrumentsInstruments
Bearer or order instrumentsBearer or order instruments Inland & Foreign instrumentsInland & Foreign instruments Instruments payable on demandInstruments payable on demand Time instrumentsTime instruments Accommodation BillAccommodation Bill Fictitious billFictitious bill Documentary or clean billDocumentary or clean bill EscrowEscrow Ambiguous InstrumentAmbiguous Instrument Inchoate InstrumentInchoate Instrument
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Notes Bills & ChequesNotes Bills & Cheques
Bill in setsBill in sets Maturity & days of graceMaturity & days of grace Payment in due coursePayment in due course Interest on bills & notesInterest on bills & notes
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Capacity Of Partners:Capacity Of Partners:
Every person capable of contracting, according to the law to Every person capable of contracting, according to the law to which he is subject, may bind himself and be bound by the which he is subject, may bind himself and be bound by the making, drawing, acceptance, endorsement, delivery and making, drawing, acceptance, endorsement, delivery and negotiation of a promissory note, bill of exchange or negotiation of a promissory note, bill of exchange or cheque.cheque.
MinorsMinors Persons of unsound mindPersons of unsound mind CorporationsCorporations AgentsAgents PartnersPartners Hindu Joint FamilyHindu Joint Family Legal RepresentativesLegal Representatives
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Parties to Negotiable Parties to Negotiable InstrumentsInstruments
1) Parties to Bill of Exchange: -1) Parties to Bill of Exchange: -
DrawerDrawer DraweeDrawee AcceptorAcceptor PayeePayee HolderHolder IndorserIndorser IndorseeIndorsee Drawee in case of needDrawee in case of need Acceptor of honourAcceptor of honour
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Parties to Negotiable Parties to Negotiable InstrumentsInstruments
2) Parties to a Promissory Note: -2) Parties to a Promissory Note: -
Maker, Payee, Holder, Indorser, Maker, Payee, Holder, Indorser, Indorsee Indorsee
3)Parties to a cheque: -3)Parties to a cheque: -
Maker, Drawee, Payee, Maker, Drawee, Payee, Holder, Indorser, IndorseeHolder, Indorser, Indorsee
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Holder:Holder:
The “holder” of a promissory note, bill of exchange or cheque The “holder” of a promissory note, bill of exchange or cheque means any person entitled in his own name to the possession means any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the thereof and to receive or recover the amount due thereon from the parties thereto.parties thereto.
Where the note, bill or cheque is lost or destroyed, its holder is the Where the note, bill or cheque is lost or destroyed, its holder is the
person so entitled at the time of such loss or destructionperson so entitled at the time of such loss or destruction..
HOLDER IN DUE COURSEHOLDER IN DUE COURSE::““Holder in due course” means any person who for consideration Holder in due course” means any person who for consideration
became the possessor of a promissory note, bill of exchange became the possessor of a promissory note, bill of exchange or cheque if payable to bearer, or the payee or indorsee or cheque if payable to bearer, or the payee or indorsee
thereof, if payable to order.thereof, if payable to order.
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Liability Of Parties:Liability Of Parties:
1) Liability of drawer1) Liability of drawer
2) Liability of drawee of cheque2) Liability of drawee of cheque
3) Liability of maker of note and 3) Liability of maker of note and acceptor of billacceptor of bill
4) Liability of indorser4) Liability of indorser
5) Liability of prior parties to a holder 5) Liability of prior parties to a holder in due coursein due course
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NegotiationNegotiation When a promissory note, bill of exchange or When a promissory note, bill of exchange or
cheque is transferred to any person, so as to cheque is transferred to any person, so as to constitute the transferee the holder thereof, the constitute the transferee the holder thereof, the instrument is said to be negotiated.instrument is said to be negotiated.
This Transfer may take place either:This Transfer may take place either:
1)By Negotiation1)By Negotiation Negotiation by deliveryNegotiation by delivery Negotiation by indorsement & deliveryNegotiation by indorsement & delivery
2)By Assignment2)By Assignment
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Indorsement:Indorsement: When the maker or holder of a negotiable instrument signs When the maker or holder of a negotiable instrument signs
the same for the purpose of negotiation, on the back or the same for the purpose of negotiation, on the back or face thereof or on a slip of paper annexed thereto, or so face thereof or on a slip of paper annexed thereto, or so signs for the same purpose a stamped paper intended to be signs for the same purpose a stamped paper intended to be completed as a negotiable instrument, he is said to indorse completed as a negotiable instrument, he is said to indorse the same, and is called the inndorserthe same, and is called the inndorser
Essentials of Valid Indorsement:Essentials of Valid Indorsement: - -
It must be on the instrument itselfIt must be on the instrument itself It must be signed by the indorserIt must be signed by the indorser It must be completed by the delivery of the It must be completed by the delivery of the
instrumentinstrument
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Kinds of Indorsement:Kinds of Indorsement:
Blank or general IndorsementBlank or general Indorsement Full or special IndorsementFull or special Indorsement Restrictive IndorsementRestrictive Indorsement Partial IndorsementPartial Indorsement Conditional IndorsementConditional Indorsement
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Instruments obtained by Instruments obtained by unlawful meansunlawful means
Stolen instrumentsStolen instruments Coercion or FraudCoercion or Fraud Unlawful considerationUnlawful consideration Forged instrumentsForged instruments Forged indorsementForged indorsement Without ConsiderationWithout Consideration Lost negotiable instrumentsLost negotiable instruments
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Presentment of a negotiable Presentment of a negotiable instrument.instrument.
Presentment means showing a Presentment means showing a negotiable instrument to the drawee, negotiable instrument to the drawee, acceptor or maker for acceptance, acceptor or maker for acceptance, sight or payment.sight or payment.
Types:Types: Presentment of bill of exchange for Presentment of bill of exchange for
acceptance.acceptance. Presentment of promissory note for Presentment of promissory note for
sight.sight. Presentment of negotiable instruments Presentment of negotiable instruments
for payment.for payment...
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Presentment for acceptance.Presentment for acceptance.
It is only bills of exchange of certain type It is only bills of exchange of certain type that require acceptance. A bill is said to be that require acceptance. A bill is said to be accepted when the drawee put his accepted when the drawee put his signature on it.signature on it.
Essentials of a valid acceptance-Essentials of a valid acceptance- It must be written on bill.It must be written on bill. It must be signed by the drawee It must be signed by the drawee
personally or through a authorised agent.personally or through a authorised agent. The accepted bill must be delivered to the The accepted bill must be delivered to the
holder.holder.
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Modes of acceptance.Modes of acceptance.
General acceptance.General acceptance. Qualified acceptance.Qualified acceptance. An acceptance is qualified when it is An acceptance is qualified when it is ConditionalConditional PartialPartial Qualified as to place and Qualified as to place and Qualified as to timeQualified as to time Acceptance by some of drawees but not Acceptance by some of drawees but not
all.all.
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Presentment of acceptance to Presentment of acceptance to whom?whom?
The draweeThe drawee All or some of several draweesAll or some of several drawees Drawee in case of need Drawee in case of need All the drawees in case of severalAll the drawees in case of several draweesdrawees Duly authorized agent of the draweeDuly authorized agent of the drawee Legal representative in case of death of Legal representative in case of death of the drawee the drawee Official Receiver or Assignee in case of Official Receiver or Assignee in case of insolvency of the drawee insolvency of the drawee
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Presentment for acceptance - Presentment for acceptance - when and wherewhen and where
When:When:
a. If a time for presentment fora. If a time for presentment for
acceptance is specified in the bill.acceptance is specified in the bill.
b. If time is not specified in the bill.b. If time is not specified in the bill.
c. In case of a bill payable after c. In case of a bill payable after sight.sight.
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Presentment for acceptance - Presentment for acceptance - when and wherewhen and where
WhereWherea.a. If place for presentment is mentioned inIf place for presentment is mentioned in the billthe billb.b. If the place of presentment is notIf the place of presentment is not mentioned in the billmentioned in the billc.c. The holder must allow the drawee forty-The holder must allow the drawee forty- eight hours to consider whether to eight hours to consider whether to
accept the billaccept the bill
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Effect of non-presentmentEffect of non-presentment
When presentment for acceptance is excused:When presentment for acceptance is excused:
a. drawee after reasonable search cannota. drawee after reasonable search cannot
be foundbe found
b. drawee is dead or insolventb. drawee is dead or insolvent
c. drawee is a fictitious person or one c. drawee is a fictitious person or one incapable of incapable of
contractingcontracting
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Acceptance for honourAcceptance for honour
When the bill is dishonoured by non-When the bill is dishonoured by non-acceptance holder may allow any acceptance holder may allow any other person to accept it for the other person to accept it for the honour of drawer or any one of the honour of drawer or any one of the indorsers.indorsers.
Conditions for valid acceptance for Conditions for valid acceptance for honour:honour:
The bill must have been noted orThe bill must have been noted or protested.protested.
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ContdContd…..…..
The acceptance for honour must be made The acceptance for honour must be made with the consent of the holder.with the consent of the holder.
It must be written on the bill indicating It must be written on the bill indicating that it is an acceptance for honour of the that it is an acceptance for honour of the party liable on the bill.party liable on the bill.
It must be signed by the acceptor who It must be signed by the acceptor who must not be already liable on the bill .must not be already liable on the bill .
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Obligations and rights of Obligations and rights of acceptance for honouracceptance for honour
Obligation of the acceptor for honour is not Obligation of the acceptor for honour is not absolute.absolute.
The following conditions has to be fulfilled:The following conditions has to be fulfilled: • The bill should once more be presented to the The bill should once more be presented to the
drawee for payment at maturity.drawee for payment at maturity.
• If the drawee still refuses to pay, the bill should If the drawee still refuses to pay, the bill should be noted or protested for payment.be noted or protested for payment.
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Other forms of presentmentOther forms of presentment
Presentment for sight.Presentment for sight.
Presentment for payment. Presentment for payment.
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Dishonour of a negotiable Dishonour of a negotiable instrumentinstrument
A bill of exchange may be dishonoured by A bill of exchange may be dishonoured by non-acceptance or non-payment.non-acceptance or non-payment.
A promissory note and a cheque may be A promissory note and a cheque may be dishonoured by non-payment only.dishonoured by non-payment only.
Notice of dishonour must be given to all Notice of dishonour must be given to all the prior parties in order to make them the prior parties in order to make them liable on the instrument. liable on the instrument.
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ContdContd…..…..
Notice of dishonour by whom?Notice of dishonour by whom?
Notice of dishonour to whom?Notice of dishonour to whom?
Form of notice.Form of notice.
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NotingNoting
Noting means the recording of the fact of Noting means the recording of the fact of dishonour by a notary public upon the dishonour by a notary public upon the instrument or upon a paper attached there instrument or upon a paper attached there to or partly upon each.to or partly upon each.
Noting must contain following particulars:Noting must contain following particulars: The fact of dishonour.The fact of dishonour. Date of dishonour.Date of dishonour. Reasons, if any assigned.Reasons, if any assigned. The notary charges. The notary charges.
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ProtestProtest
Fact of dishonour of bill of exchange or Fact of dishonour of bill of exchange or promissory notepromissory note
is noted and certified by Notary Public. Such is noted and certified by Notary Public. Such certificate is called protest.certificate is called protest.
Contents of protest:Contents of protest: The instrument or literal transcript of the instrument.The instrument or literal transcript of the instrument. The name of the person for whom and against whom the The name of the person for whom and against whom the
instrument has been protested. instrument has been protested. The reason for dishonour.The reason for dishonour. The place and time of dishonour.The place and time of dishonour. The signature of the Notary PublicThe signature of the Notary Public
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Discharge of an InstrumentDischarge of an Instrument
By payment in due course By payment in due course Payment of interest (Sec 80)Payment of interest (Sec 80) By express waiverBy express waiver By cancellationBy cancellation
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Discharge of a Party or PartiesDischarge of a Party or Parties
By payment [Sec 82(c)] By payment [Sec 82(c)] By cancellation [Sec 82(a)]By cancellation [Sec 82(a)] By release [Sec 82(b)]By release [Sec 82(b)] By operation of lawBy operation of law By material alteration (Sec 87)By material alteration (Sec 87)
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MaterialMaterial AlterationAlteration
Instances of material AlterationInstances of material Alteration
The dateThe date Sum PayableSum Payable Time of paymentTime of payment Place of payment & addition of place Place of payment & addition of place
of paymentof payment Rate of interestRate of interest
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ESTOPPELESTOPPEL
When a person by his conduct or When a person by his conduct or words spoken or written leads words spoken or written leads another person to believe that a another person to believe that a certain state of affairs exists, he is certain state of affairs exists, he is estopped from denying the facts of estopped from denying the facts of that statement later.that statement later.
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Rules of EstoppelRules of Estoppel
Estoppel against denying original Estoppel against denying original validity of instrument (sec 120)validity of instrument (sec 120)
Estoppel against denying capacity of Estoppel against denying capacity of payee to indorse (sec 121)payee to indorse (sec 121)
Indorse not permitted to deny the Indorse not permitted to deny the capacity of prior parties (sec 122)capacity of prior parties (sec 122)
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International LawInternational Law
1.1. Liability: The liability of the maker or drawer of Liability: The liability of the maker or drawer of foreign promissory note is determined by the foreign promissory note is determined by the law of place where the instrument has been law of place where the instrument has been made .The liability of the acceptor is made .The liability of the acceptor is determined by the law of place where the determined by the law of place where the instrument is payable.instrument is payable.
2.2. Dishonour: A promissory note,bill of exchange is Dishonour: A promissory note,bill of exchange is made payable in different place from that in made payable in different place from that in which it is made or indorsed,the law of place which it is made or indorsed,the law of place determines what constitute dishonour determines what constitute dishonour
3.3. Instruments made out of India according to the Instruments made out of India according to the provisions of Indian lawprovisions of Indian law
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HUNDISHUNDIS
Unconditional order in writing made by a Unconditional order in writing made by a person directing another to pay a certain person directing another to pay a certain sum of money to a person named in the sum of money to a person named in the order.order.
Expressed in vernacular language also.Expressed in vernacular language also.
Being a part of the informal system have Being a part of the informal system have no legal status and are not covered under no legal status and are not covered under the Negotiable Instruments Act, 1881. the Negotiable Instruments Act, 1881.
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Banker & CustomerBanker & Customer
Banking is defined as an activity of Banking is defined as an activity of accepting deposits from the public, accepting deposits from the public, repayable on demand or otherwise repayable on demand or otherwise and withdrawal by cheque, draft or and withdrawal by cheque, draft or otherwise and such acceptance of otherwise and such acceptance of money is for the purpose of lending money is for the purpose of lending or investments.or investments.
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Rights & Obligations of Rights & Obligations of Bankers towards CustomersBankers towards Customers
Honour the chequeHonour the cheque
Maintain records of all the transactionsMaintain records of all the transactions
Abide by the instructions of the customerAbide by the instructions of the customer
Not to disclose the state of his customer’s accountNot to disclose the state of his customer’s account
Set off Set off
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When a Banker MAY Refuse When a Banker MAY Refuse (Dishonour) Payment(Dishonour) Payment
1.1. When a Cheque is post-dated and When a Cheque is post-dated and presented for payment before that datepresented for payment before that date
2.2. Lack of sufficient funds Lack of sufficient funds 3.3. The funds are not available for the The funds are not available for the
purposepurpose4.4. Cheque is of doubtful legalityCheque is of doubtful legality5.5. When the Cheque is not duly presentedWhen the Cheque is not duly presented6.6. Signature doesn't matchSignature doesn't match7.7. Cheque presented at a branch where the Cheque presented at a branch where the
customer has no accountcustomer has no account8.8. When the Cheque has become staleWhen the Cheque has become stale
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When a Banker MUST Refuse When a Banker MUST Refuse (Dishonour) Payment(Dishonour) Payment
The customer countermands paymentThe customer countermands payment A customer dies and the bank has notice A customer dies and the bank has notice
of the deathof the death Customer has been adjudged insolventCustomer has been adjudged insolvent Banker receives notice of customer’s Banker receives notice of customer’s
insanityinsanity When payment is prohibited by an order When payment is prohibited by an order
of a courtof a court Customer gives notice to his banker to Customer gives notice to his banker to
close his accountsclose his accounts
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Protection of the Paying Banker:-Protection of the Paying Banker:-Sec 85Sec 85
1.1. Paying banker will not be liable if Paying banker will not be liable if holder of a bearer Cheque is not holder of a bearer Cheque is not actual owner of the Cheque [Sec actual owner of the Cheque [Sec 85(2)].85(2)].
2.2. If a Cheque is crossed generallyIf a Cheque is crossed generally (Sec 126 Para 1)(Sec 126 Para 1) If a cheque is crossed specially If a cheque is crossed specially (Sec 126 Para 2)(Sec 126 Para 2)
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Contd….Contd….
Paying banker will not be protected Paying banker will not be protected if the drawer’s signature is forged if the drawer’s signature is forged and the banker makes the payment and the banker makes the payment on the chequeon the cheque
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Presented byPresented by
Akanksha Kedia(FPB0709/007)Akanksha Kedia(FPB0709/007)
Anindita Kundu(FPB0709/015)Anindita Kundu(FPB0709/015)
Anupama(FPB0709/020)Anupama(FPB0709/020)
Isha Mehta(FPB0709/056)Isha Mehta(FPB0709/056)
Yageshwari Trivedi(FPB0709/158)Yageshwari Trivedi(FPB0709/158)
Thank YouThank You