Law of Hundis and Negotiable Instruments (Print On Demand)

In this book, the author has taken great pains to collect the various forms of hundis and customs relating thereto prevalent in India and has given, wherever possible, the law relating to hundis. The commentary has not only been based on the Indian case-law but frequent references have been made to English cases, and where the two laws differ, the distinction has been pointed out. Every attempt has been made to make the work exhaustive so far as the Indian case-law is concerned. Care has been taken to select only the important decisions for reference.

An instructive introduction containing the origin, the growth, the object and meaning of negotiable instruments and hundis has been given. A brief summary has also been added, which will be found useful not only by beginners to form a clear idea of the outlines of the subject but also by advanced students for the purposes of revision. Appendices giving the law relating to hundis, stamps on negotiable instruments, the rules relating to notaries public and the Bills of Exchange Act have been added.

An attempt has been made throughout the work to make this highly complicated subject so easy, clear and simple that even the students of elementary law may be able to understand it and yet so accurate and exhaustive as not to lose its value for an up-to-date lawyer. Special attention has also been paid to make the work of practical interest for bankers, businessmen and students of commerce.

                   PREFACE TO THE NINTH EDITION III
                   PREFACE TO THE FIRST EDITION IV
                   TABLE OF CASES XI
                   INTRODUCTION 1-27
                   SUMMARY 28-39

                   Short title, local extents, saving of usage relating to hundis, etc. 40
                   (Repealed ) 53
                   Interpretation clause 54

                   ''Promissory Notes'' 58
                   ''Bill of Exchange'' 91
                   ''Cheque'' 96
                   ''Drawer'', ''Drawee'', ''Drawee in the case of need'', ''Acceptor'',
                   ''Acceptor for honour'', ''Payee'' 113
                   ''Holder'' 119
                   ''Holder in due course'' 126
                   ''Payment in due course'' 133
                   ''Inland instrument'' 134
                   ''Foreign instrument'' 135
                   ''Negotiable instrument'' 136
                   Negotiation 149
                   Indorsement 153
                   Indorsement ''in blank'' and ''in full'', Indorsee 153
                   Ambiguous instruments 157
                   Where amount is stated differently in figures and words 160
                   Instruments payable on demand 161
                   Inchoate stamped instruments 162
                   ''At sight'', ''On presentment'', ''After sight'' 168
                   ''Maturity'', Days of grace 170
                   Calculating maturity of bill or note payable so many months 
                   after date or sight 171
                   Calculating maturity of bill or note payable so many days 
                   after date or sight 173
                   When date of maturity is a holiday 173

                   Capacity to make, etc., promissory notes, etc., Minor 173
                   Agency 179
                   Liability of agent signing 192
                   Liability of legal representative signing 197
                   Liability of drawer 199
                   Liability of drawee of cheque 203
                   Liability of maker of note and acceptor of bill 217
                   Only drawee can be acceptor except in need or for honour 221
                   Acceptance by several drawees not partners 224
                   Liability of Indorser 224
                   Liability of prior parties to holder in due course 228
                   Maker, drawer and acceptor principals 229
                   Prior party a principal in respect of each subsequent party 230
                   Suretyship 234
                   Discharge of indorser's liability 237
                   Acceptor bound although indorsement forged 239
                   Acceptance of bill drawn in fictitious name 240
                   Negotiable instrument made etc., without consideration 240
                   Partial absence or failure of money consideration 250
                   Partial failure of consideration not consisting of money 251
                   Holder's right to duplicate of lost bill 253

                   Delivery 254
                   Negotiation by delivery 260
                   Negotiation by indorsement 262
                   Conversion of indorsement in blank into indorsement in full 263
                   Effect of indorsement 264
                   Who may negotiate 272
                   Indorser who excludes his own liability or makes it conditional 275
                   Holder deriving title from holder in due course 276
                   Instrument indorsed in blank 277
                   Conversion of indorsement in blank into indorsement in full 278
                   Indorsement for part of sum due 278
                   Legal representative cannot, by delivery only negotiate instrument,
                   indorsed by deceased 280
                   Instrument obtained by unlawful means or
                   for unlawful consideration 280
                   Instrument acquired after dishonour or when overdue 
                   Accommodation note or bill 286
                   Instrument negotiable till payment or satisfaction 289

                   Presentment for acceptance 290
                   Presentment of promissory note for sight 293
                   Drawee's time for deliberation 294
                   Presentment for payment 294
                   Hour for presentment 304
                   Presentment for payment of instrument payable
                   after date or sight 304
                   Presentment for payment of promissory note
                   payable by instalments 305
                   Presentment for payment of instrument payable at specified place
                   and not elsewhere 305
                   Instrument payable at specified place 305
                   Presentment where no exclusive place specified 306
                   Presentment when maker, etc., has no known place of business
                   or residence 307
                   Presentment of cheque to charge drawer 307
                   Presentment of cheque to charge any other person 307
                   Presentment of instrument payable on demand 308
                   Presentment by or to agent, representative of deceased, 
                   or assignee of insolvent 309
                   Excuse for delay in presentment for acceptance or payment 309
                   Presentment of negotiable instrument in riot areas not necessary 310
                   When presentment unnecessary 310
                   Liability of banker for negligently dealing with bill presented
                   for payment 313

                   To whom payment should be made 314
                   Interest when rate specified 322
                   Interest when no rate specified 325
                   Delivery of instrument on payment, or indemnity in case of loss 328

                    Discharge from liability-(a) by cancellation; (b) release; 
                   (c) by payment 329 Discharge by allowing drawee
                   more than forty-eight hours to accept 338 
                   When cheque not duly presented and drawer damaged thereby 339
                   Cheque payable to order 342
                   Drafts drawn by one branch of a bank on another payable to order 347
                   Parties not consenting discharge by qualified
                   or limited acceptance 348
                   Effect of material alteration. Alteration by indorsee 350
                   Acceptor or indorser bound notwithstanding previous alteration 358
                   Payment of instrument on which alteration is not apparent 358
                   Extinguishment of rights of action on bill in acceptor's hand 359

                   Dishonour by non-acceptance 359
                   Dishonour by non-payment 360
                   By and to whom notice should be given 361
                   Mode in which notice may be given 364
                   Party receiving must transmit notice of dishonour 366
                   Agent for presentment 366
                   When party to whom notice given is dead 367
                   When notice of dishonour is unnecessary 367

                   Noting 369
                   Protest, Protest for better security 370
                   Contents of protest 372
                   Notice of protest 372
                   Protest for non-payment after dishonour by non-acceptance 373
                   Protest of foreign bills 373
                   When noting equivalent to protest 373

                   Reasonable time 373
                   Reasonable time of giving notice of dishonour 374
                   Reasonable time for transmitting such notice 375

                   Acceptance for honour 375
                   How acceptance for honour must be made 376
                   Acceptance not specifying for whose honour it is made 377
                   Liability of acceptor for honour 377
                   When acceptor for honour may be charged 378
                   Payment for honour 378
                   Right of payer for honour 378
                   Drawee in case of need 379
                   Acceptance and payment without protest 380

                   Rules as to compensation 380

                   Presumptions as to negotiable instruments-(a) of consideration; 
                   (b) as to date; (c) as to time of acceptance; 
                   (d) as to time of transfer; (e) as to order of indorsement; 
                   (f) as to stamp;  (g) that holder is a holder in due course 383
                   Presumption on proof of protest 392-A
                   Estoppel against denying original validity of instrument 392-B
                   Estoppel against denying capacity of payee to indorse 393
                   Estoppel against denying signature or capacity of prior party 394

                   Cheque crossed generally 394
                   Cheque crossed specially 396
                   Crossing after issue 397
                   Payment of cheque crossed generally. Payment of cheque
                   crossed specially 398
                   Payment of cheque crossed specially more than once 399
                   Payment in due course of crossed cheque 399
                   Payment of crossed cheque out of due course 400
                   Cheque bearing ''Not negotiable'' 401
                   Non-liability of banker receiving payment of cheque 402
                   Application of chapter to draft 407

                   Sets of bills 408
                   Holder of first acquired part entitled to all 409

                   Law governing liability of maker, acceptor or indorser of
                   foreign instrument 409
                   Law of place of payment governs dishonour 412
                   Instrument made, etc., out of India but in accordance 
                   with the law of India 413
                   Presumption as to foreign law 414

                   (Repealed ) 415
                   (Repealed ) 415
                   SCHEDULE (Repealed ) 415

                   Hundis 417-435
                   Stamp Duties on Negotiable Instruments 435-443
                   Relevant provisions of Limitation Act, 1963 444-445
                   The Bills of Exchange Act, 1882 445-473
                   The Notaries Act, 1952 (LIII of 1952) 473-477
                   The Notaries Rules, 1956 477-496
                   The Punjab Debtors' Protection Act, II of 1936 496-501
                   The Punjab Relief of Indebtedness Act, VII of 1934 501-513
                   The Code of Civil Procedure, 1908, Order XXXVII 513-514
                   The Banking Companies Act (X of 1949) 514-518
                   The Indian Independence (Rights, Property and Liabilities)
                   Order, 1947 518-520
                   The Indian Independence Act, 1947 521-522
                   The Banking Laws (Amendment) Act, 1968 (58 of 1968) 523-548
                   Banking Companies (Acquisition and Transfer of 
                   Undertakings) Act, 1970 (5 of 1970) 549-564
                   SUBJECT INDEX 565