INDIAN ACT

The Negotiable Instruments Act 1881 ACT NO. 26 OF 1881 envisages provitions relating to Promissory Notes, Bills of Exchange and Cheques and amendments made therto.It defines terms such as Promissory note, Bill of Exchange, Cheques, Drawee, drawer, Holder, Holder in duecourse,Negotiable instrument,Indorsement in "blank" and in "full" e.t.c. How maturity of these instruments are determined. Parties to Bills Notes and Cheques.Capacity, Agency, liabilty of aget or legal representative. Its acceptance, liability of varieous parties involved.
Party of principal and subsequent parties, suretyship explained. Acceptance of bill drawn in fictitious name. Negotiation by delivery or by endorsement. Effects of endorsement, Who may negotiate? Instrument obtained by unlawful means.Presentment for acceptance , payment, for sight, hours for presentment, place of presentment. Of payment of interest. OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES. Of notice of dishonour. Noting and protest. Reasanable time explained. Acceptance and payment for honour. Rules for compensation. This Act contains a chapter for Crossed Cheques.Method of crossing a cheque, types of crossing , number of crossing, wording of crossing e.t.c. Part of NOTARY PUBLIC with referance to these Nogotiable Instruments also explained. But nothing herein contained affects the 'Indian Paper Currency Act, 1871, (3 of 1871)

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