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Home > Law Books > Business Law > Negotiable Instruments > General > 2nd Edition, 2011
Laws of Banking and Negotiable Instruments
by Avtar Singh
Edition: 2nd Edition, 2011
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Product Details:
Format: Paperback
Publisher: Eastern Book Company
Language: english
ISBN: 9789350280225
Dimensions: 24.2 CM X 2.33 CM X 16 CM
Shipping Weight: 0.505655
Publisher Code: AB/022
Overview:

The law of banking is comprised of many branches of law. The statutory content of the subject is also to be found in many Acts, the Banking Regulation Act and Negotiable Instruments Act being primary among them. The Contract Act also applies because every relationship is founded upon contract. The Chapter of the Contract Act on the pledge is of particular application because a pledge is a method of securing the repayment of loans. The Transfer of Property Act also applies because the provisions as to mortgages are to be found in this Act. These are but some examples.

Apart from this, banking services fall under the Consumer Protection also. No study of this subject can be complete without taking into account consumer cases on banks. A special chapter has been provided in the book on such cases.

The Negotiable Instruments Act was amended in the year 2002. Some new sections were inserted in relation to the liability for dishonour of cheques. A few other amendments became necessary because of the developments in the electronics field, for example, new provisions deal with truncated cheques, electronic image of a cheque, asymmetric crypto system, print out of the electronic image, etc. The highlight of the changes has been provided in the Appendix.

On the judicial front, some of the developments have been as follows: the difference between accepting an instrument as an absolute or conditional payment has been noted. The decisions on criminal liability for dishonour of cheques have made a good contribution to the frontiers of the subject; like the effect of a guarantor's cheque, renewal of cheque, when corporate officers can be held liable, when complaints can be quashed, what sentence and fine would be appropriate. A Kerala decision recognises the courts at the creditor's s place as proper jurisdiction.

An indispensable publication for banks, commercial establishments, Bench and bar and the students of law, banking and commerce.

Reviews

In this book for the first time the subject of negotiable instruments has been dealt with elaborately covering not only the latest case-law on the subject but also the recent amendments in the law relating to negotiable instruments. For example, this is one of the first commentaries that incorporate the changes introduced by the Amendment Act 55 of 2002. The act has ushered in remarkable changes in its wake. The law relating to dishonour of cheques has been made more stringent and the procedure to be followed by the Courts in such cases has been simplified to enable the speedy disposal of the cases. The limitation period for the issue of notice in such cases has been increased to 30 days from 15 days. The amendment further provides for the issue and acceptance of cheques in electronic form including truncated cheques in electronic image it also provides for digital signatures ans asymmetric crypto system.

The work gives a detailed commentary on the three kinds of negotiable instruments recognised by the Indian Negotiable Instruments Act, 1882, viz., promissory note, bill of exchange and cheque. A comprehensive introduction, discusses the definition of a Negotiable Instrument and the kinds of negotiable instruments, the rights and duties of the parties as well as the legal conditions to complete the negotiable instrument, all explained in an unambiguous language. A large number of cases relating to cheques, including dishonour of cheques, have been discussed.

Another highlight of the book is its simplicity of explanation combined with a style that ensures easy understanding for the reader. The book will surely prove to be indispensable for lawyers, bankers, financial institutions, businessman and students.


Table Of Contents:

Chapters

PART I

LAW OF BANKING

1. Evolution and Types of Banks

Origin
Nationalisation of Banks
Object
Constitution of Board of Directors
Appointment of representative of non-workmen employees to Board of Directors
Banking Ombudsman
Nationalised Banks as Corporations
Conduct expected of bank employees/officers
Criminal prosecution of bank employee
Misconduct
Recovery from employee
Banks are establishments
Types of Banks
Commercial Banks
Public Sector Banks
New Private Banks
Local Area Banks
Regional Rural Banks
Cooperative Banks
Difference between commercial and cooperative banks
Industrial Development Bank of India (IDBI)
Life Insurance Corporation of India (LIC)
General Insurance Corporation of India (GIC)
Unit Trust of India (UTI)
Export Import Bank of India (EXIM Bank)
National Bank for Agriculture and Rural Development (NABARD)
National Housing Bank (NHB)
Discount and Finance House of India Ltd. (DFHI)
Deposit Insurance and Credit Guarantee Corporation (DICGC)
Export Credit Guarantee Corporation of India Ltd. (ECGC)
Regional Rural Banks Act, 1976

2. Banks and Banking Business: Banking Regulation Act

Definition of Bank
Who is Banker
Banking Regulation Act
Definitions
Main Provisions of the Act
Acceptance of deposits from public
Repayment of Deposits
Banking Business [S. 6, BRA]
Non-banking company's business [S. 6(2)]
Additional Business of Banking Company
Banking services
Features of banker-customer relationship
Relationship and Liability
Name of Banking Company [S. 7]
Prohibition of trading [S. 8] 19
Disposal of non-banking assets [S. 9]
Restrictions on employment and remuneration [S. 10]
Disqualifications [S. 10 (1) (I)]
Remuneration [S. 10 (1) (b) (II)]
Persons who can be appointed to positions of management [S. 10 (1) (c)]
Remuneration
Bonus
Shall employ a person
Board of directors to include persons with professional or other experience [S. 10-A]
Duration of the term [S. 10-A (2-A)]
Reconstituting Board for fulfilling requirements [S. 10-A (3)]
Retiring directors for reconstituting Board [S. 10-A (4) and (5)]
Saving clause [sub-s. (8)]
Banking company to be managed by whole time chairman [S. 10-B]
Chairman on whole time basis [sub-s. (1)]
Chairman on part-time basis [sub-s. (1-A)]
Qualification [sub-s. (4)]
Resignation from Office [sub-s. (5)]
Continuation in office till successor found [sub-s. (5-A)]
Removal of person not fit and proper [sub-s. (6)]
Power of the Reserve Bank to appoint Chairman of Banking Company [S. 10-BB]
Holding of qualification shares [S. 10-C]
Compensation for loss of office [S. 10-D]
Minimum Paid-up Capital and Reserves [S. 11]
No business without compliance of requirement as to capital and reserves [sub-s. (1)]
Foreign Banking Company [sub-s. (2)]
Other Banking Companies [sub-s. (3)]
Deposits of Foreign Company Security for Creditors [sub-s. (4)]
Place of Business [sub-s. (5) (a)]
Aggregate Value [sub-s. (5)(6)]
Dispute as to aggregate value [sub-s. (6)]
Regulation of Capital
Regulation of paid-up capital, subscribed capital, authorised capital and voting rights [S. 12]
Capital Requirement [sub-s. (1)]
(i) Subscribed capital
Voting rights [sub-s. (2)]
Immunity to shareholder from questioning title [sub-s. (3)]
Disclosure of shareholding by chairman, managing director, chief executive officer [sub-s. (4)]
Election of New Directors [S. 12-A]
Election at asking of Reserve Bank [sub-s. (1)]
Restriction on Commission on Sale of Shares [S. 13]
Prohibition on Charge on Unpaid Capital [S. 14]
Prohibition of Floating Charge on Assets [S. 14-A]
Appeal against Refusal Certificate [sub-s. (3)]
Restrictions on Payment of Dividend [S. 15]
Depreciation and bad debts [sub-s. (2)]
Prohibition of Common Directors [S. 16]
Reserve Fund [S. 17]
Appropriation from the Reserve Fund to Share Premium Account [sub-s. (2)]
Reserve
Cash Reserve [S. 18]
Explanation [sub-s. (1)]
Reserve Bank may specify transactions to be regarded liabilities [sub-s. (4)]
Restriction on Nature of Subsidiary Companies [S. 19]
Purposes for which subsidiary can be formed [sub-s. (1)]
Restriction on shareholding percentage [sub-s. (2)]
No holding of shares in company in which MD or manager concerned [sub-s. (3)]
Restrictions on Loans and Advances [S. 20]
Explanation [sub-s. (4)]
Loan or advances
Decision upon nature of loan transaction [sub-s. (5)]
Restrictions on Powers to Remit Debts [S. 20-A]
Power of Reserve Bank to Control Advances [S. 21]
Determination of policy in respect of advances [sub-s. (1)]
Directions as to advances without laying down any policy [sub-s. (2)]
Appropriation from general reserves
Rate of interest [S. 21-A]
Credit Card Facility [Ss. 20, 21, 21-A]
No Court Scrutiny of Rates of Interest [S. 21-A]
Nationalised Bank: State [S. 21-A]
Licensing of Banking Companies [S. 22]
Licence to be issued by Reserve Bank [sub-s. (1)]
Conditions to be fulfilled [sub-s. (3)]
Licence to company incorporated outside India [sub-s. (3-A)]
Cancellation of licence [sub-s. (4)]
Opening of New Branches and Transfer of Existing Ones [S. 23]
Temporary branch
Conditions for granting permission [sub-s. (2)]
Revocation of permission [sub-s. (4)]
Permission to Regional Rural Bank [sub-s. (4-A)]
Place of business [sub-s. (5)]
Maintenance of Percentage of Assets [S. 24]
Twenty percent of demand and time liabilities [sub-s. (1)]
Computation of amount [sub-s. (2)]
Maintenance of assets by Scheduled Bank [sub-s. (2-A)
Monthly return [sub-s. (3)]
Failure in maintaining requisite percentage [sub-s. (4)]
Daily report [sub-s. (5)]
Time for payment of penalty [sub-s. (6)]
Punishment of persons incharge [sub-s. (7)]
Waiver of penal interest [sub-s. (8)]
Assets in India [S. 25]
Twenty-five per cent of demand and time liabilities
[sub-s. (1)]
Return of Unclaimed Deposits [S. 26]
Accounts not operated upon for ten years [sub-s. (1)]
Monthly returns, power to call for other returns and information [S. 27]
Monthly returns [sub-s. (1)]
Other statements and information [sub-s. (2)]
Power to publish information [S. 28]
Accounts and Balance Sheet [S. 29]
Balance Sheet and Profit & Loss Account [sub-s. (1)]
Authentication of Accounts [sub-s. (2)]
Application of Part I of Schedule VI of Companies Act [sub-s. (3)]
Amendment of Forms [sub-s. (4)]
Audit [S. 30]
Audit by persons qualified to be company auditors [sub-s. (1)]
Reserve Bank approval for appointment, etc. [S. 30(1-A)]
Special audit [sub-s. (1-B)]
Powers of special auditor [sub-s. (2)]
Matters on which report required [sub-s. (3)]
Submission of Returns [S. 31]
Copies of Balance Sheets and Accounts to be sent to Registrar [S. 32]
Additional information in connection with Balance Sheets and Accounts [Sub-s. (2)]
Display of Audited Balance Sheet by Foreign Companies [S. 33]
Accounting provisions not retrospective [S. 34]
Production of documents of confidential nature [S. 34-A]
Inspection [S. 35]
Inspection of banking company and its books of account [sub-s. (1)]
Scrutiny of affairs, books and accounts of banking company [sub-s. (1-A)]
Duty to produce books, etc. to inquiry officer [S. 35(2)]
Report to Central Government [sub-s. (4)]
Publication of report [sub-s. (5)]
Exercise of powers under section by National Bank [sub-s. (6)]
Power of Reserve Bank to give Directions [S. 35-A]
Suspension of Board of directors [S. 35-A]
Previous approval for alteration of terms and conditions relating to Managing Director etc. [S. 35-B]
Validity of acts, not affected [sub-s. (3)]
Further powers and functions of Reserve Bank [S. 36]
Annual report to Central Government on trend and progress of banking [sub-s. (2)]
Appointment of staff for scrutiny of returns, etc. [sub-s. (3)]
Exemption of Certain Banking Companies [S. 36-A]
Certain provisions not to apply to certain banking companies [sub-s. (1)]
Cessation of being banking company [sub-s. (2)]
Position of RBI vis-a-vis bank defaults
RBI's Power to caution or prohibit, give advice to banking companies [Ss. 36(1)(a), 21, 35-A]

Control Over Management

Power to remove managerial personnel [S. 36-AA]
Removal of managerial personnel and other persons [sub-s. (1)]
Reasonable opportunity of being heard [sub-s. (2)]
Restraint upon acting as officer
Appeal against order and its finality [sub-s. (3)]
Disqualification from banking management [sub-s. (4)]
Penalty for contravention of orders [sub-s. (5)]
Appointment of suitable person [sub-s. (6)]
No compensation for removal [sub-s. (8)]
Additional Directors [S. 36-AB]
Power to Reserve Bank to appoint additional directors [sub-s. (1)]
Tenure and terms of appointment [sub-s. (2)]
Additional directors not to be counted for reckoning proportions [sub-s. (3)]
Part II-A to override other laws [S. 36-AC]

Prohibition of certain activities in relation to Banking Company

Punishment for certain activities in relation to Banking Company [S. 36-AD]

Acquisition of undertakings of banking companies in certain cases

Power of Central Government to acquire undertakings [S. 36-AE]
State of bad management [sub-s. (1)]
Transfer of assets and liabilities [sub-s. (2)]
Government may order vesting in a transferee bank [sub-s. (4)]
Pending proceedings [sub-s. (7)]
Promotional role of Reserve Bank
Organisation of Reserve Bank
Reserve Bank and Commercial Banks
Selective Credit Control
Quantitative Control of Credit
(1) Bank Rate
(2) Open Market Operations
(3) Variable cash reserve requirements
Issue of credit policy for banking companies
Reserve Bank as banker to scheduled banks
Safeguarding depositors
Power to accord licenses to banking companies
Power of Central Government to make Scheme [S. 36-AE]
Consultation with Reserve Bank [sub-s. (1)]
Matters for which scheme may provide [sub-s. (2)]
Amendment of scheme [sub-s. (3)]
Publication in Official Gazette [sub-s. (5)]
Laying copies before each House of Parliament [sub-s. (5)]
Non-obstante clause [sub-s. (6)]
Binding force of Scheme [sub-s. (7)]
Compensation to Shareholders or to acquired Bank [S. 36-AG]
Compensation to shareholders or to foreign acquired bank [sub-s. (1)]
Rights and interests of others in shares [sub-s. (2)]
Working out of compensation [sub-s. (3)]
Aggrieved party's right for reference to Tribunal [sub-s. (4)]
Request by given percentage of shareholders [sub-s. (5)]
Where no request received [sub-s. (7)]
Constitution of Tribunal [S. 36-AH]
Tribunal to have powers of Civil Court [S. 30-AI]
Procedure of Tribunal [S. 36-AJ]

Suspension of Business and Winding up of Banking Companies

Jurisdiction of High Court [S. 36-B]
Moratorium, suspension of business and stay of proceedings [S. 36-B]
Appointment of special officer [sub-s. (3)]
Order of winding up [sub-section (4)]
Winding up by High Court [S. 38]
On application by Reserve Bank [sub-s. (3)]
Deemed inability to pay debts [sub-s. (4)]
Court liquidator [S. 38-A]
Reserve Bank to be official liquidator [S. 39]
Application of Companies Act to liquidators [S. 39-A]
Stay of proceedings [S. 40]
Preliminary report by official liquidator [S. 41]
Notice to preferential claimant, secured and unsecured creditors [S. 41-A]
Power to dispense with meetings of creditors [S. 42]
Booked creditors' credits deemed to be proved [S. 43]
Preferential payments to depositors [S. 43-A]
Power of High Court in voluntary winding up [S. 44]
Procedure for amalgamation of banking companies [S. 44-A]
Paying out dissenting shareholders [sub-s. (3)]
Scheme binding after Reserve Bank sanction [sub-s. (4)]
Transfer of assets and liabilities [sub-s. (6)]
Dissolution of amalgamated banking company [sub-s. 6-A]
Order of sanction as conclusive evidence [sub-s. (6-C)]
Amalgamation in national interest [sub-s. (7)]
Restriction on compromise or arrangement between company and creditors [S. 44-B]
Reconstitution or amalgamation
Power of Reserve Bank to apply to Central Government for reconstitution or amalgamation [S. 45]
Order of moratorium [sub-s. (1)]
Grant of moratorium for maximum period of six months [sub-s. (2)]
Opportunity of being heard
Stoppage of payments by banking company [sub-s. (3)]
Proposal for reconstruction or amalgamation [sub-s. (4) & (5)]
Binding force of the Scheme [sub-s. (8)]
Scheme of amalgamation [S. 45(7)]

Special provisions for speedy disposal of winding up proceedings

Overriding of other laws [S. 45-A]
Power of High Court to decide all claims in respect of Banking Companies [S. 45-B]
Transfer of pending proceedings [S. 45-C]
Settlement of list of debtors [S. 45-D]
Assets under pledge
Special provisions for making calls on contributories [S. 45-E]
Documents of banking companies to be evidence [S. 45-F]
Public examination of director and auditors [S. 45-G]
Special provisions for assessing damages against delinquent directors, etc, (Misfeasance proceedings) [S. 45-H]
Duty of directors and officers to assist realisation of property [S. 45-I]
Special provisions for punishing offences [S. 45-J]
Power of High Court to enforce schemes of arrangement [S. 45-K]
Public examination of directors, etc under schemes of arrangement [S. 45-L]
Appeals [S. 45-N]
Special period of limitation [S. 45-O]
Reserve Bank to tender advice in winding up proceedings [S. 45-P]
Power of inspection [S. 45-Q]
Power to call for returns and information [S. 45-R]
Magisterial assistance in taking charge of property [S. 45-S]
Enforcement of orders and decisions of High Court [S. 45-I]
Power of High Court to make rules [S. 45-U]
References to directors, etc to be construed as including reference to past directors, etc. [S. 45-V]
Part II not to apply to banking companies being wound up [S. 45-W]
Validity of proceedings [S. 45-X]

Provisions relating to certain operations as Banking Companies

Power of Central Government to make Rules for preservation of records [S. 45-Y]
Return of paid instruments to customers [S. 45-Z]
Joint Fixed Deposit, either or survivor 
Nomination for payment of depositor's money [S. 45-ZA] 
Notice to bank by other claimants not receivable [S. 45-ZB]
Nomination for return of articles kept in safe custody [S. 45-ZC]
Notice of claim of other persons is not receivable [S. 45-ZD]
Release of contents of safety lockers [S. 45-ZE]
Nomination
Notice of other persons regarding locker not receivable [S. 45-ZF]
Liability in respect of articles
Bank Locker

Miscellaneous

Penalties [S. 46]
Submission of False Statements [sub-s. (1)]
Failure to produce documents etc. [sub-s. (2)]
Acceptance of deposits in contravention of orders [sub-s. (3)]
Contravention of provisions or defaults under the Act [sub-s. (4)]
Contravention or default by company [sub-s. (5)]
Persons involved with consent or connivance [sub-s. (6)]
Chairman, directors, etc. to be public servants [S. 46-A]
Cognizance of offences [S. 47]
Power of Reserve Bank to impose penalty [S. 47-A]
Opportunity of being heard about the amount [sub-s. (2)]
Application of fines [S. 48]
Special provisions for private banking companies [S. 49]
Restrictions on acceptance of deposits withdraw able by cheque [S. 49-A]
Change of name by banking company [S. 49-B]
Damages for unjustified dishonour of cheque [Ss. 49-A, 52-BRA]
Alteration of memorandum of banking company [S. 49-C]
Barring of compensation claims [S. 50]
Power of Central Government to make rules [S. 52]
Power of exemption [S. 53]
Protection of action taken under the Act [S. 54]
Amendment of Reserve Bank of India Act [S. 55]
Power to remove difficulties [S. 55-A]
Recovery of debt from guarantor
Interest on Loans
Liability under Letters of Credit
Agricultural loan, statement of account
Crediting account without request for overdraft [S. 20]
Cooperative Bank, not State
Loan transactions, no interference by court
Reconstruction [S. 35-A]
Freezing of fixed deposits by Income Tax Authorities
One time settlement [Ss. 36 and 46]
One-time settlement, not applicable when decree passed
Cooperative Bank, range of business
Cooperative Bank
Bankers Books Evidence Act
Rate of interest on credit card
Joint term deposit
Cash credit limits
Fixed deposit amount as trust amount
Cheque handed over to employee outside bank, no liability of bank
Collection of cheques, duty to follow customer's instructions
Entry in pass book
Interim relief in connection with forgery
Forged signature is no mandate, bank becomes liable for negligence
Duty of bank to pay
Unauthorised transfer from customer's account
Deposit, relationship of debtor and creditor, not generally of trust
Deposit, when amounts to loan
Joint deposits
Bank as purchaser of discounted bill
Interest
Interest with Quarterly Rests only on Commercial Purpose Loan
Interest on Mortgage Debt
Rate and manner of calculation
Opening of account
Nature of Bank's Obligation
Negligence in opening account, test to determine
Recovery of bank loans
Recovery of loan, scaling down of debt
Appropriation of payments
1. Appropriation by Debtor
2. Appropriation by Creditor
3. Appropriation by law
Exercise of lien for recovery though debt time-barred
Right of bank to adopt two modes of recovery simultaneously
Surety bond
Mutual Obligations
Duty to honour customer's cheques
Duty in collection of cheques and other instruments
Protection of Collecting Banker [S. 131]
1. For Customer
2. As Agent
3. Crossed Cheque
4. Good faith and without Negligence
Negligence in Opening Account
Negligence in Verifying Endorsement
Duty to follow Rules and Instructions
Duty of promptness in collection
Cheque in electronic image
Summary of applicable principles
Collection of Drafts
Burden of proof
Protection for bankers only
Head Office and Branch distinct entities
Duty to supply account statements
Bank's duty to explain debits into customer's account
Closure of account
Duty of confidentiality
Limitation
Notice to one branch, no notice to other branches
Cash Credit Account
Cash Credit Account is Current Account
Place of payment when cheque dispatched by post
Reserve Bank of India Act directions issued by
Acceptance of bills and payment under reserve
Bank branch
Duty to keep Cheque Book with care
Fiduciary relationship
Validity of restrictions imposed on acceptance of deposits [S. 45-S, RBI Act]
Restrictions on acceptance of deposits by individuals, firms or unincorporated associations
Residuary non-banking financial companies [RNBC], Reserve Bank Directions
Role of Reserve Bank of India in regulation of country's economy in the context of functioning of residuary non-banking companies receiving deposits Ss. 45-K(3), 45-J and 45-I and Preamble
Residuary Non-Banking Companies (Reserve Bank) Directions, 1987 - Para 4-A proviso (as inserted by Notification dated 19-4-1993) - Fixing a uniform maximum ceiling of Rs 10 towards cost or expenses for issuing brochure/application form, servicing the depositors' account etc. by a company
Directions as to deposits

3. Customers and Accounts

The Customer
Denial of banking service
Banker's duty to return goods
General lien [S. 171]
Parties entitled to general lien
Bankers
Factors
Special Customers
Companies
Companies and Corporations
Agency [S. 27, Negotiable Instruments Act]
Partners
Negotiable Instruments
Sole proprietorship concern
Joint Family
Liability of agent signing [S. 28, Negotiable Instruments Act]
Minor and Person of Unsound Mind
Persons of Unsound Mind and Drunken Persons
Liability under Bank Guarantee
Variation in terms of contract
Letters of credit and bank guarantees
Bank Guarantee and Arbitration Clause
Period of Limitation

4. Responsibility under the Consumer Protection Act

Banking Service and Consumer Protection Act
Complex questions of law and fact
Payment of cheque despite stop notice
Duty to honour cheques
Collection of cheques, etc.
Duty to inform customer if cheque returned
Loss of cheque delivered for collection
Bank's service charges
MICR Cheques
Dishonour of bank draft, cheque
Withdrawal of money by partner
Defective bank draft
Delay in issuing duplicate bank draft
Operation of individual account
Operation of deceased account
Delay in payment of crossed cheque
Sale by bank of pledged articles
Conversion of hypothecation into pledge
Realisation of security
Duty to return security on payment
Diversion of security to other outstanding
Duty during strike period
Banker's lien
Sundry banking services
Loaning services
Duty to return security on failure to provide loan
Recovery through Debt Recovery Tribunal
Recovery through Revenue Authorities
Mortgage of joint FDR
Duty to provide NOC
Interest rate on loans
Interest on deposits
Unauthorised deduction
Misconduct of lending authority
Administrative charges on loaning
Reversal of wrong entry
Writing off agricultural loans
Recall of loan: No duty of lending bank to insure hypothecated goods
Mutual settlement
Locker
Complication about locker
Forgery of signature
Encashment of bank guarantee and letter of credit
Payment of Premium through Bank
Improper delivery of documents by bank
Suppressing letters of credit
Credit Card
Refusal of service
Cancellation of credit card
Fixed deposit service
Current account service
Claims of interest
Account is property, liability to seizure

PART II

NEGOTIABLE INSTRUMENTS

5. Negotiable Instruments

Definition of Negotiable Instruments
Kinds of Negotiable Instruments
Promissory note [S. 4]
1. Writing
2. Promise to Pay
3. Unconditional
4. Money only
5. Certain Parties
6. Signature
Bill of exchange [S. 5]
1. Writing
2. Order to Pay
3. Unconditional
4. Money and Money only
5. Three Parties
6. Indication of Drawee with Reasonable Certainty
Ambiguous instruments
7. Signature
Acceptance [S. 7]
Cheque [S. 6]
Bill of exchange and cheque compared
Holder [S. 8]
Holder in Due Course [S. 9]
1. Consideration
2. Before maturity
Demand Instruments
3. Complete and regular
Post-dated Cheque
4. Good faith
Position in English Common Law
Due care and caution as Test of Good Faith
Position of Indian law
Whether Original Payee can be Holder in Due Course
Rights and privileges of holder in due course
1. Presumptions [S. 118]
2. Privilege against Inchoate Stamped Instruments [S. 20]
3. Fictitious Drawer or Payee [S. 42]
4. Prior Defects [S. 58]
5. Indorsee from Holder in Due Course [S. 53] Parties
Minor [S. 26]
Corporation [S. 26]
Agency [S. 27]
Legal representative [S. 29]

6. Negotiation and Liability

Assignment and negotiation distinguished
Points of Difference
1. Subject to Equities
2. Notice of Assignment
3. Presumptions
Acceptance of instrument by creditor
Negotiation by Delivery [Ss. 44 and 47]
Negotiation by Indorsement [S. 48]
Who may Indorse [S. 51]
Kinds of Indorsement
1. Indorsement in blank [Ss. 16 and 54]
2. Indorsement in full [S. 16]
3. Restrictive indorsement [S. 50]
4. Indorsement sans recourse [S. 52]
5. Conditional indorsement [S. 52]
6. Partial indorsement [S. 56]
Liability of Parties
Liability of acceptor or maker [S. 32]
Liability of drawer [S. 30]
Drawer of Bill
Drawer of Cheque [S. 30]
Liability of drawee of cheque
Liability for unjustified dishonour of cheque [S. 31]
When justified in refusing
1. Where Cheque Post-dated
2. Where Cheque Outdated
3. When Funds Insufficient
4. When Customer Countermands Payment
5. Where Cheque Mutilated
6. Where Cheque of Doubtful Validity
7. Where Customer's Signature does not Agree
8. Where Customer has Countermanded Payment
9. Where Customer has Died
10. Where Customer has become Insolvent
11. Where Customer has become a Person of Unsound Mind
12. Where Garnishee Order has been Issued
Criminal liability of drawer for issuing cheques without fund [Ss. 138-142]
Pre-requisites of Liability [S. 138]
Insufficiency of funds
Period for Presentment and Notice of Dishonour
Liability of Guarantor
Repeated Presentments of Cheque
Renewal of Cheque
Complaint before Expiry of Period
Discharge of Debt or Liability [Ss. 138, 139]
Company or Firm, Drawer [S. 141]
Deemed Service of Notice
Deposit of Money in Court Effect of
Payment within 15 Days of Notice Effect of
Genuineness of Signature
Complaint to be by Holder
Stop Payment
Account Closed
Jurisdiction (Cognizance of offences) [S. 142]
Quashing of complaint [S. 482, CrPC]
Summary Trial [S. 143]
Service of Summons [S. 144]
Evidence on affidavits
Evidentiary value of bank's slip
Compounding of offences [S. 147]
Civil Suit
Raising of amount
Forgery of signature
Estoppel against forgery
Forgery in indorsement [S. 85]
Travellers' cheques
Liability of transferor by delivery
1. Warranty of genuineness
2. Right to transfer
3. Not to be valueless within knowledge of transferor
Position of transferee by delivery
Liability of indorser [S. 35]
Liability under accommodation bills [Ss. 43-45]
Instrument without consideration [S. 43]
Partial absence or failure of consideration [S. 44]
Holder's right to duplicate [S. 45-A]

7. Presentment

Presentment for Acceptance [S. 61]
Time for presentment for sight [S. 62]
Place of presentment [S. 61]
Presentment for Payment [S. 64]
Time for presentment
Place for presentment
Maturity [Ss. 21-25]
Days of grace [S. 22]
Instruments payable so many months after date or sight [S. 23]
Instrument payable after some days [S. 24]
Provisions Applicable to Presentment for Acceptance and Payment
Presentment to agent, etc. [S. 75]
Delay when excused
When presentment unnecessary [S. 76]

8. Discharge from Liability

1. By cancellation [S. 82]
2. By release [S. 82(b)]
3. By payment [S. 82(c)]
Jurisdiction
4. By allowing more than 48 hours to accept [S. 83]
5. By qualified acceptance [S. 86]
6. By delay in presenting cheque [S. 84]
7. By material alteration [Ss. 87, 88, 89]
(a) Intentional Alteration
(b) Material Alteration
(c) Apparent Alteration [S. 89]
Extinction of Debt [S. 87]
8. By negotiation back [S. 90]

9. Crossed Cheques

Kinds of crossing
General crossing [S. 123]
Special crossing [S. 124]
Account payee only
Not negotiable crossing [S. 130]
Who may cross [S. 125]
1. By drawer
2. The holder
3. The banker
Payment of crossed cheques [S. 126]
Protection of collecting banker [S. 131]
1. For Customer
2. As Agent
3. Crossed Cheque
4. Good Faith and Without Negligence

10. Miscellaneous Provisions

Notice of Dishonour
1. Dishonour by non-acceptance [S. 91]
2. Dishonour by non-payment [S. 92]
Mode of giving notice [S. 94]
Duty to transmit [S. 95]
When dispensed with [S. 98]
Noting [S. 99]
Protest [S. 100]
Protest for better security [S. 100, para 2]
Contents of protest [S. 101]
Notice of protest [S. 102]
Protest of foreign bills [S. 104]
Noting equivalent to protest [S. 104-A]
Reasonable time [Ss. 105, 106, 107]
Generally
For notice of dishonour [S. 106]
Acceptance and Payment for Honour
Acceptance for honour [S. 108]
Liability of acceptor for honour [S. 111]
Payment for honour [S. 113]
Right of payer for honour [S. 114]
Drawee in case of need [S. 115]
Compensation [S. 117]
Special Rules of Evidence
Presumptions [S. 118]
1. Presumption as to Consideration
2. Presumption as to Date
3. Time of Acceptance
4. Time of Transfer
5. Order of Indorsements
6. As to Stamp
7. Holder in Due Course
8. Proof of Protest [S. 119]
Estoppels
1. Against denial of validity [S. 120]
2. Against denial of payee's capacity [S. 121]
3. Against indorser [S. 122]
Bills in Sets [S. 132]
International Law [Ss. 134-137]
Liability on foreign instruments [S. 134]
Law in respect of dishonour [S. 135]
Foreign instruments made in accordance with Indian law [S. 136]
Presumption as to foreign law [S. 137]

APPENDIX

Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002

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