Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
IMC
Negotiable instrument means, a promissory note, bill of exchange or cheque payable either to order or to bearer. Definition includes only three documents in negotiable instruments. But in practice, many other documents which meet the basic requirements of a negotiable instruments.
as negotiable instrument either by law or custom and tradition of a trade:1) treasury bill 2) government promissory note 3) dividend warrant 4) share warrant 5) bearer debentures 6) hundies 7) port trust bonds 8) improvement trust debentures/bonds 9) bearer railway bonds
Transferability
Good title to transferee
Right of holder
Evidence of debt
Legal presumptions
negotiable instrument includes following three documents:a) Promissory note b) Bill if exchange c) Cheque
Promissory note is an instrument, in writing(not being bank note or currency note) containing an unconditional undertaking signed by the maker, to pay certain sum of money only to or to the order of certain person or to bearer of the instrument.
It must be in writing
bill of exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay certain sum of money, only to or to the order of certain or to the bearer of the instrument.
It must be in writing
is a bill of exchange drawn on a specified banker and not expresses to be payable, otherwise than on demand and it includes the electronic image of truncated cheque and a cheque in electronic form.
does not require acceptance. Cheque is valid for a period of six months.
Maker,Payee,Holder,Indorser and Indorsee. Parties to a bill of exchange: Drawer,Drawee,Payee,Holder,Drawee in case of need and Acceptor for honour. Parties to a cheque: Drawer,Drawee(bank) Payee,Holder,Indorser and Indorsee
holder of a negotiable instrument means any person, entitled in his own name to the possession thereof and to receive or recover, the amount due thereon from the party liable thereto..
own name. He is entitled to receive or recover the payment of the instrument. He has a right to give valid discharge of the instrument. He can further negotiate instrument in favour to another party. He is entitled to complete inchoate instrument with an amount as intended by the drawer.
course means any person who for the possessor of a negotiable instrument if payable to bearer or payee or indorsee thereof if payable to order before the amount mentioned in it became payable and without sufficient cause to believe that any defect existed in the title of a person from whom derived his title.
He must be a holder
maturity Instrument should be complete and regular Holder must take the instrument in good faith.
HOLDER
Instrument get possessed
on the name of the holder and recover from the party liable to pay Consideration is not necessary Can acquire an instrument after the date of maturity. Get same title as the transferor. Drawer,drawee and transferor are liable to pay
the period of maturity in good faith and for valuable consideration. Consideration is necessary. Have to acquire before the date of maturity. Gets a title better than that of transferor. All parties prior to him are liable to pay.
Liability of drawer
acceptor of bill Liability of indorser Liabilities of prior parties to a holder in due course.