Negotiable Instruments Act, 1881
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What is a 'negotiable instrument' under the Negotiable Instruments Act, 1881?
A negotiable instrument is a written document that entitles its holder to receive a certain sum of money and is transferable by delivery or endorsement, such as a promissory note, bill of exchange, or cheque.
Under which section of the NI Act is 'cheque' defined?
Section 6 of the Negotiable Instruments Act, 1881.
Which three instruments are specifically defined as negotiable instruments under the NI Act, 1881?
The NI Act, 1881 specifically defines promissory notes, bills of exchange, and cheques as negotiable instruments under Section 13.
What is 'endorsement in full' under the NI Act?
Endorsement specifying the name of the person to whom instrument is endorsed.
What is a 'promissory note' as defined under Section 4 of the NI Act, 1881?
A promissory note is an instrument in writing (not being a bank note or currency note) containing an unconditional undertaking signed by the maker to pay a certain sum of money to or to the order of a certain person or to the bearer of the instrument.
What is a 'conditional endorsement' under the NI Act?
An endorsement making payment subject to a specified condition.
What is a 'bill of exchange' as defined under Section 5 of the NI Act, 1881?
A bill of exchange is an instrument in writing containing an unconditional order signed by the maker, 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 instrument.
What does Section 138 of the NI Act deal with?
Dishonour of cheque for insufficiency of funds in the account.
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