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The Negotiable Instruments Act, 1881

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Mind Map on The Negotiable Instruments Act, 1881, created by rainaddesai on 06/29/2014.

Mind Map by rainaddesai, updated more than 1 year ago

	Created by rainaddesai almost 11 years ago

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Resource summary

The Negotiable Instruments Act, 1881

1. Negotiable instrument means
1. 1. 1.it means an instrument 2. The property in which is acquired by anyone who take it – a. Bonafide ; and b. For value 3. Notwithstanding any defects in the title of any prior party. 4. In other words, negotiable instruments means an instrument, which confers upon a holder in due course a valid title, notwithstanding any defect in the title of any prior party.
  1. MEANING
  2. 1. Freely transferable from one person to another 2. transferable indefinitely 3. holder in due course gets a good title 4. a negotiable instrument may name more than one payee jointly or alternatively
    1. ESSENTIALS
    2. 1. NI was made, accepted and endorsed for consideration 2. NI bearing a date was made or drawn on such date 3. every accepted bill was accepted within a reasonable time after its date and before its maturity. 4. Every transfer of NI act was made before its maturity 5. A lost promissory note or bill was duly stamped 6. The holder of a negotiable instrument is a holder in due course
      1. PRESUMPTIONS
2. a promissory note; or
3. bill of exchange; or
4. cheque
5.payable

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