The Negotiable instruments
The law relating to the negotiable instrument is contained in the negotiable act, 1881.
its a promissory note, a bill of exchange, cheque payable either to order or to bearer
1-The holder of the instrument is presumed to be the owner of the property contained in it.
1-(jis bande nai vo instrument lia hai usse us property ka owner maana jaata hai)
2-they are freely transferable
3-The holder in due course gets the instrument free from all defects of title of any previous holder.
3-(naye holder ko vo instrument bilkul sahi halat mai milega agar usse pehle bhi koi uska owner tha to)
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Bill of exchange
A bill of exchange is an instrument in writing containing an unconditional order, signed by the market directing a certain person to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instruments.(matlab ek bande ne dursere bande ko ek bill dia ki vo payment is din puri karega)
Essential of bill of exchange
1-It must be in writing
2-It must contain an unconditional order to pay money only and not merely a request.
2-(us instrument mai bilkul saaf saaf ye likha hona chahiye ki tumhe paise dene ka order hai. ye nahi ki khali paise lene ki request kar re ho)
3-it must be signed by the drawer.
4-The parties must be certain
4-(dono parties mai pakka samojota hona chahiye)
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Promissory note
A promissory note is an instrument in writing containing an unconditional undertaking. Signed by the market to pay a certain sum of money to or to the order of a certain person or only to bearer of the instruments.(matlab ek banda promise karta hai ki vo puri payment Is din kar dunga. vo likh ke dega apna promissory note)
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cheque is payment which is drawn in bank after a period of time
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promissory note have 2 parties
bill of exchange have 3 parties
promissory note cannot be drawn in sets
bill of exchange can be drawn in sets
cheque always drawn in bank
bill of exchange can in drawn by a person or in bank
discharge modes
Sec 82a =The maker, acceptor or endorser is discharged from his liability if his name is cancelled by the holder.
Sec 82b=The maker, acceptor or endorser may be discharged by any methods other than cancellation of name.
Sec82c=If the instrument is payble to bearer, The payment in due course to the person discharges the parties liable on such instruments
Sec 83=When the holder of a B/E follows more then 48hrs of public holidays all previous parties are discharged
The law relating to the negotiable instrument is contained in the negotiable act, 1881.
its a promissory note, a bill of exchange, cheque payable either to order or to bearer
1-The holder of the instrument is presumed to be the owner of the property contained in it.
1-(jis bande nai vo instrument lia hai usse us property ka owner maana jaata hai)
2-they are freely transferable
3-The holder in due course gets the instrument free from all defects of title of any previous holder.
3-(naye holder ko vo instrument bilkul sahi halat mai milega agar usse pehle bhi koi uska owner tha to)
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Bill of exchange
A bill of exchange is an instrument in writing containing an unconditional order, signed by the market directing a certain person to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instruments.(matlab ek bande ne dursere bande ko ek bill dia ki vo payment is din puri karega)
Essential of bill of exchange
1-It must be in writing
2-It must contain an unconditional order to pay money only and not merely a request.
2-(us instrument mai bilkul saaf saaf ye likha hona chahiye ki tumhe paise dene ka order hai. ye nahi ki khali paise lene ki request kar re ho)
3-it must be signed by the drawer.
4-The parties must be certain
4-(dono parties mai pakka samojota hona chahiye)
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Promissory note
A promissory note is an instrument in writing containing an unconditional undertaking. Signed by the market to pay a certain sum of money to or to the order of a certain person or only to bearer of the instruments.(matlab ek banda promise karta hai ki vo puri payment Is din kar dunga. vo likh ke dega apna promissory note)
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cheque is payment which is drawn in bank after a period of time
------------------------------------------------------------------------------------------------------------------
promissory note have 2 parties
bill of exchange have 3 parties
promissory note cannot be drawn in sets
bill of exchange can be drawn in sets
cheque always drawn in bank
bill of exchange can in drawn by a person or in bank
discharge modes
Sec 82a =The maker, acceptor or endorser is discharged from his liability if his name is cancelled by the holder.
Sec 82b=The maker, acceptor or endorser may be discharged by any methods other than cancellation of name.
Sec82c=If the instrument is payble to bearer, The payment in due course to the person discharges the parties liable on such instruments
Sec 83=When the holder of a B/E follows more then 48hrs of public holidays all previous parties are discharged
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