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Negotiable Instruments by Avtar Singh Negotiable Instruments by Avtar Singh
Negotiable Instruments by Avtar Singh
by Avtar Singh
Edition: 4th, 2005
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Product Details:
Format: Paperback
Pages: 523 pages
Publisher: Eastern Book Company
Language: English
Dimensions: 24.2 CM X 3.03 CM X 16 CM
Shipping Weight: 1.010(Kg)
Publisher Code: B/855
Date Added: 2006-02-01
Search Category: Textbooks
Jurisdiction: Indian
Overview:

The law relating to negotiable instruments has tremendous practical importance as a considerable amount of litigation in Indian courts revolves around this sphere. The author of this popular work thus deserves praise for bringing out an updated edition of his book on the subject.

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 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 and 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, businessmen and students.


Table Of Contents:
PREFACE TO THE FOURTH EDITION

PREFACE TO THE FIRST EDITION 

TABLE OF CASES 

CHAPTER 1 : NEGOTIABLE INSTRUMENTS

Definition 2
Kinds of Negotiable Instrument 3
Intention to make ''Negotiable Instrument'' 6
Revalidation of instruments 4
Object of the Act 5
Applicability to Hundis 6
Intention to make ``Negotiable Instrument'' 7
Promissory Note [S. 4] 8
1.Writing 9
2.Promise to pay 9
3.Unconditional 12
4.Money only and a certain sum of money 15
Discrepancy in amount in words and figures 18
5.Certainty of Parties 18
6.Signed by the Maker 21
joint Notes 21
Future Dated Notes 22
Reserve Bank of India Act 23
Wider definition under Stamp Act 25
Original consideration and negotiable instruments 25
Bill of Exchange [S. 5] 29
Ambiguous Instruments [S. 17] 32
Acceptance [S. 7] 33
Cheque [S. 6] 35
Who is a Banker 36
Electronic touch to concept of cheque 40
Bill and Cheque compared 40
Post-dated Cheque 41
Cheque as mode of payment 41
Pay order

CHAPTER 2 : HOLDER AND HOLDER IN DUE COURSE

Holder [S. 8] 44
Holder in Due Course [S. 9] 48
1.Consideration 48
2.Before Maturity 50
3.Complete and Regular 54
4.Good faith 55
Receiving instrument with knowledge or suspicion of defect 65
Fraudulent Preference and Holder in Due Course 65
Whether Original Payee can be Holder in Due Course 66
Rights and Privileges of Holder in Due Course 67
1.Presumptions [S. 118] 67
2.Privilege against Inchoate Stamped Instruments [S. 20] 68
Signature in blank and voluntarily parting with instrument 69
Effect of admission of signature	71
Only bona fide holder for value protected 73
Instrument to be completed by authorised person only 73
Conditional Authority to complete and issue 74
Instrument to be completed within reasonable time 75
Person exceeding authority not holder in due course 75
Liability to extent of stamp value 76
Section 20 whether applicable to cheques
3.Fictitious Drawer or Payee [S. 42] 77
4.Prior Defects [S. 58] 78
5.Endorsee from Holder in Due Course [S. 53] 79

CHAPTER 3: PARTIES

Capacity of Parties 80
Minor and Person of Unsound Mind 81
Persons of Unsound Mind and Drunken Persons 81
Companies and Corporations 82
Agency [S. 27] 84
Partners 88
Joint Family 90
Liability of Agent signing [S. 28] 91
Liability of Legal Representative [ S. 29] 94

CHAPTER 4 : NEGOTIATION

Assignment and Negotiation distinguished 96
Negotiation by Delivery [Ss 46 and 47] 97
Delivery by Post 100
Constructive Delivery 101
Delivery by whom? 102
Jurisdiction 102
Negotiation by Endorsement [S. 48] 105
Delivery of Drafts 106
Genuine Indorsement 108
Who may Negotiate 109
Kinds of Indorsement 110
1.Endorsement in Blank [Ss 16 and 54] 110
2.Endorsement in Full [S. 16] 112
3.Effect of Endorsement and Restrictive Endorsement [S. 50] 114
4.Endorsement Sans Recourse [S. 52] 117
5.Conditional Endorsement [S. 52] 118
6.Partial Indorsement [S. 56] 119
Transfer by Assignment 119
Instruments Obtained by Unlawful Means, etc. [S. 58] 120
Effect of Knowledge of Illegality 121
Position of Holder in Due Course 121
Effect of Forgery 124
Negotiation of Dishonoured or Overdue Instruments [S. 59] 125
Accommodation Bill or Note 127
Instruments Negotiable till Payment [S. 60] 128

CHAPTER 5 : LIABILITY OF PARTIES

Liability of Acceptor or Maker [S. 32] 130
Who can be acceptor [Ss 33 and 34] 134
Liability of drawer [S. 30] 135
Drawer of bill 135
Drawer of cheque [S. 30] 138
Exercise of lien 140
Criminal liability of drawer for issuing cheque without fund
[Ss 138-142] 140
Liability of drawee of cheque 141
Duty to Customer, not to Payee 145
Liability for Unjustified Dishonour [S. 31] 146
When justified in refusing 149
Where cheque post-dated 149
Where cheque out-dated 150
When funds are insufficient 150
When customer counter-manded payment 150
Where cheque mutilated 152
Where cheque of doubtful validity 152
Where customer's signature does not agree 153
Where customer counter-manded payment 153
Where customer has died 153
Where customer has become insolvent 153
Where customer has become a person of unsound mind 153
Where garnishee order has been issued 153
Raising of Amount 154
Forgery of signature 157
Estoppel against forgery 159
Customer's liability to bank for negligence 163
Forgery in indorsement [S. 85] 167
Travellers' cheques 164
Credit Cards 165
Liability of Transferor by Delivery 165
Position of transferee 167
Liability of Indorser [S. 35] 167
Liability of all Parties to holder in Due Course 168
Relations of parties inter se 169
Who are Principal Debtors 169
Who is Principal in Accommodation Bill 170
Satisfaction by the Principal is an Exoneration of his Sureties 174
Principal Debtor and Suretyship 174
Liability under Accommodation Bills [Ss 43-45] 178
Failure of Consideration 179
Partial absence or failure of Consideration [S. 44] 182
Holder's Right to Duplicate [S. 45-A] 184

CHAPTER 6 : PRESENTMENT

Presentment for Acceptance [S. 61] 186
Time for Presentment for Sight [S. 62] 187
Presentment by Post 189
Presentment of Promissory Note 190
Drawee's Time for Deliberation 190
Place of Presentment [S. 61] 191
Presentment for Payment 191
Duty to present for payment 192
Discharge of other parties by non-presentment 193
Other parties 195
Failure to present, loss of right to original consideration 196
Presentment means surrendering instrument for payment 197
Presentment through post 197
Exception 197
Hours for Presentment 198
Time for Presentment 199
Promissory Note Payable by Instalments 199
Place of Presentment 199
Presentment where no place specified 202
Presentment where no known place of Business or Residence 203
Presentment of Cheques 203
To Charge Drawer 203
To Charge Other Parties 203
Presentment of Demand Instrument 205
Presentment to Agent, etc. 206
Delay when Excused 206
Presentment when Excused 207
1.Where Presentment is intentionally Prevented 208
2.Closes Place of Business 208
3.Nobody attends the place of Payment 208
4.Payer not traceable 209
5.Waiver of Presentment 209
6.Where the Drawer could not suffer Damage 211
Liability of Banker for Negligent Dealing with a Bill 213
Maturity 213
Days of Grace 215

CHAPTER 7 : DISCHARGE FROM LIABILITY

1.By cancellation [S. 82] 218
2.By release [S. 82(b)] 221
3.By payment [S. 82(c)] 221
In accordance with apparent tenor 221
To rightful holder 222
In Good faith and without Negligence 223
4.By allowing more than 48 hours to accept [S. 83] 225
5.By Qualified Acceptance [S. 86] 226
6.By Delay in Presenting Cheque [S. 84] 228
Payment of Order Cheques 231
Forgery of Indorsement 231
Cheques Originally Payable to Bearer 233
Pay order 235
7.By Material Alteration 235
(a)Intentional Alteration 236
(b)Material Alteration 236
(c)Apparent Alteration [S. 89] 242
Cheque in electronic image [Sub-s. (2)(3)]
Extinction of Debt [S. 87] 243
8.By Negotiation Back [S. 90] 245

CHAPTER 8 : MISCELLANEOUS PROVISIONS

Notice  of Dishonour 246 
1.Dishonour by non-acceptance [S. 91] 246 
2.Dishonour by non-payment [S. 92] 247 
3.Who should give Notice 248 
4.Notice to whom ? 249 
Mode of giving Notice [S.. 94] 251 
Duty to transmit [S. 95] 251 
Presentment through agent 252
 Presentment when Dispensed with 252
1.Waiver 253
2.Stop Notice by Drawer 253
3.No Damage for Want of Notice 254
4.Where the Party is not Traceable or some other Inability 255
5.Drawer and Acceptor same 255
6.Not Negotiable Promissory Note [Cl (f)] 256
7.Promise to Pay [Cl (g)] 256
Place of suit (Jurisdiction) 257

CHAPTER 9 : NOTING AND PROTEST

Noting 259
Protest 259
Protest for Better Security 260
Contents of Protest 260
Notice of Protest 261
Protest for Non-payment 261
Foreign Bills 262
Noting equivalent to Protest 262

CHAPTER 10 : REASONABLE TIME

Time for Giving Notice of Dishonour 265
Duty to Transmit 268

CHAPTER 11 : COMPENSATION

(a) Principal Amount and Incidental Expenses 269
Independent Liability under the Act 270
(b) Compensation in Foreign Currency 270
(c) Endorser 277
(d) Compensation to Indorser in Foreign Currency 271
(e) Drawing of Bill for compensation amount 271

CHAPTER 12 : SPECIAL RULES OF EVIDENCE

Presumptions 272
1.Presumption as to Consideration 272
Proper execution of instrument necessary
for presumption to arise 274
Rebuttable presumption 277
Variance between consideration pleaded and
that shown on instrument 281
(a) Instrument on behalf of company 286
(b) Presumption as to Date 287
(c) Acceptance of Bill of Exchange 287
(d) Time of Transfer 287
(e) Order of Indorsements 287
(f) As to Stamp 288
(g) Holder in Due Course 288
Proof of protest [S. 119] 290

CHAPTER 13 : ACCEPTANCE AND PAYMENT FOR
HONOUR AND REFERENCE IN CASE OF NEED

Acceptance for Honour 291
Acceptance for Honour how made 291
Liability 292
Payment for Honour 293
Drawee in Case of Need 294
Presumption of Dishonour 296
Estoppels 296
1.Estoppel against Maker, Acceptor, Drawer 296
2.Estoppel against Indorser 298

CHAPTER 14 : PAYMENT AND INTEREST

Payment 300
Who should Pay 305
Payment at Maturity 306
Interest 307
Delivery of Instrument on Payment 314
Duty to surrender Instrument 314

CHAPTER 15 : CROSSED CHEQUES

Kinds of Crossing 317
General Crossing [S. 123] 317
Special Crossing [Ss. 124 & 127] 318
Account Payee Only 318
``Not Negotiable'' Crossing [S. 130] 319
Who may Cross [S. 125] 321
Payment of Crossed Cheques [Ss. 128-129] 321
State of Relations: Customer, Collecting and Paying Bankers 324
Protection of Collecting Banker [S. 131]327
1. For Customer 327
2. As Agent 328
Crediting as cash 330
3. Crossed Cheque 330
4. Good faith and without Negligence 331
Negligence in opening account 333
Negligence in verifying endorsement 336
Duty to follow Rules and Instructions 339
Duty of promptness in collection 339
Cheque in electronic image 340
Summary of applicable principles 340
Collection of drafts 341
Protection for Bankers only 343
Head Office and Branch Distinct Entities 344

CHAPTER 16 : BILL IN SETS

CHAPTER 17 : INTERNATIONAL LAW

Conflict of Laws 

CHAPTER 18 : DISHONOUR OF CHEQUES

Penalties in case of dishonour of certain cheques for
insufficiency of funds in accounts 350
Statutory changes 350
Objects and Reasons 350
Repeal of the Amending Act 352
Amendment of 2002 354
Constitutional validity 356
Interpretation 358
Civil wrong, deemed offence 356
Ingredients of liability under Section 138 356
Payment of cheque amount 358
Draft and pay order 358
Legally enforceable debt, liability 358
Debt of another person 359
Allegation of compulsion and legal violation in issue of cheque 360
No burden to prove details of transaction 360
Cheque issued by way of security 361
Averment of "debtor liability" 362
Cheque issued by President of Society 362
One Cheque, One Offence 364
Holder in due course or Payee 366
Locus Standi 367
Gap in amount of debt due and amount of cheque 368
Account payee cheque 368
Insufficient balance 368
Liability of drawer only 368
Payment stopped by drawer : offence made out 369
Payment stopped by drawer : No offence made out 374
Account closed 376
Countermand under information to payee 377
Refer to Drawer 377
Appearance of complainant 378
Exemption from personal attendance 381
Restoration of complaint after dismissed for non-appearance 381
Bank's memo not inflexible requirement 382
Proper evidence 382
Date of Cheque 383
Alteration of date 383
Consenting parties 383
Failure to pay after notice [clause (c) proviso] 383
Part payment 384
Limitation for complaint 385
Period for Cause of Action 386
Extention of time by parties 386
Requirement as to notice [clause (b), proviso] 386
Amount to be specified in notice 389
Separate, common, consolidated notices 390
Form of notice 390
Service of notice 390
Longer period notice 396
Notice to be in writing 397
Notice to relate to cheque in question 397
Requirement of notice not to be construed in hypertechnical manner 397
Dismissal because of incomplete address 397
Mode of communication 398
Fax notice and memorandum of understanding 398
No prosecution of person whom notice not given 399
Premature petition not to be dismissed 399
Composite notice for more than one cheque 400
Service under postal certificate 400
Quashing of complaint because of late of notice 400
Hearing at the stage of notice 400
Notice under Companies Act 400
Re-presentment after dishonour 400
Complaint filed after subsequent demand notice 402
Order of payment to include compensation 407
Reckoning of time from subsequent notice 409
Waiver of notice  410
Defences to proceedings under Section 138  410
Belated defence 411
Denial of signature 411
Manipulation of document 412
Bogus cheques issued by fictitious concern 412
Cause of action 412
Second revision against dismissal of complaint 413
No requirement of mens rea 413
At stage of admission 414
Stay of proceedings [S. 138] 414
Quashing of complaint 415
Complaint because of  "stop payment"  not to be quashed 416
Interference in acquittal 417
Sick Industrial company 417
Appeal against acquittal 418
Dismissal in default 418
Cheque on non-existent account 418
Jurisdiction [S. 138] 419
Foreign transaction, foreign cheque 419
Territorial Jurisdiction 420
Post-dated cheques 421
Complaint against guarantor 423
Debt of another person 423
Incomplete signature 423
Retrospective operation 424
Examination of complainant as witness 424
Complaint through power of attorney 424
Death of complainant 424
Presumption in favour of holder [S. 139]  425
Rebuttable presumption  430
Merits of claim 431
Standard of proof or rebuttal 431
Insufficiency of funds at time of issue of cheque 432
Unavailable defence to liability [S. 140]432
Appeal 433
Offences by companies and firms 433
Companies, persons incharge and responsible 434
Exemption in favour of Government nominees 445
Complaint by company 445
Complaints by companies, firms, etc. 445
Takeover of company 451
Merger of complainant company 452
Averments and contents of complaint 452
Liability of director and of company 453
No liability of wife accompanying director-husband while taking loan 456
Liability of employee 456
Prosecution of CMD without joining other directors 456
Offence Compoundable 456
Notice to firm, notice to partners 457
Notice to company, separate notice to directors not necessary 457
Resignation by director 457
Removal of directors 458
Issue of non-bailable warrants 458
Winding up of company 459
Offences by Firms or Association of Individuals 459
Proprietory Concern 461
Complaint by propietary concern 461
Resignation by partner 462
Discharge of responsible person at initial stage 462
Quashing of proceedings 463
Period of limitation 463
Limitation from date of service and not date of postal
confirmation 464
Acknowledgement 465
Condonation of delay 465
Cognizance 466
Premature complaint 467
Late Complaint 467
Non-obstante clause  467
Framing of charge by Magistrate 468
Late filing of complaint [S. 142(6)] 470
Cognizance of premature complaint 470
Civil and Criminal Liabilities 471
Companies Act, Ss. 442 & 446 473
Notice by telegram and limitation 473
Prosecution for cheating under Section 420, IPC not barred 473
Summary suit for civil liability 474
Enforcement of decree 474
Cause of action 474
Death of drawer 474
Taking Cognizance of Complaint [S. 190, CrPC] 475
Jurisdiction  475
Jurisdiction to award compensation 477
Compensation to the State 479
Proprietorship concern  479
Third party cheques  479
Reference to Police 480
Complaint and FIR  480
Only private complaint  480
Sentencing 480
Flea-bite sentence 481
Interference in the order of acquittal 481
Inadequacy of Sentence 483
Remission of sentence  484
Award of rigorous imprisonment under Section 138 484
Compounding of offence  484
Exemption from Personal appearance 485
Recovery proceedings, death of accused 485
Post conviction payment 486
Deposit of amount in court 486
Deposit of amount in court 486
Arbitration clause 486
Recalling of orders 486
Suppression of facts 487
Quashing of proceedings against some accused 487
Quashing of complaint at initial stage 488
Complaint without signature 488
Proceedings against management of Sick Industrial Companies 488
Withdrawal of complaint 488
Conduct of trial 489
Recalling of complaint 490
Seizure of security 491
Production of memo of dishonour 491
Revision Petition 491
Summary Trial [S. 143] 492
Service of Summons [S. 144] 493
Evidence on affidavits 493
Evidentiary value of bank's slip 493
Compounding of offences [S. 147] 494

Subject Index 


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