Premium Essay

N I Act

In:

Submitted By vindeshitara84
Words 64211
Pages 257
Subject: Principles of Insurance and Banking Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla

NEGOTIABLE INSTRUMENTS ACT, 1881
STRUCTURE
1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3 Parties to a Cheque 1.7 1.8 Negotiation 1.7.1 Modes of negotiation Assignment 1.8.1 Negotiation and Assignment Distinguished 1.8.2 Importance of delivery in negotiation 1.9 Endorsement 1.10 Instruments without Consideration 1.11 Holder in Due Course

1.12 Dishonour of a Negotiable instrument 1.13 Noting and protesting 1.14 Summary 1.15 Keywords 1.16 Self Assessment Questions 1.17 References/Suggested readings

1.0 OBJECTIVES
After reading this lesson, you should be able to• • • • Understand meaning, essential characteristics and types of negotiable instruments; Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque; Explain capacity and liability parties to a negotiable instruments; and Understand various provisions of negotiable instrument Act, 1881 regarding negotiation, assignment, endorsement, acceptance, etc. of negotiable instruments.

1.1 INTRODUCTION
The Negotiable Instruments Act was enacted, in India, in 1881. Prior to its enactment, the provision of the English Negotiable Instrument Act were applicable in India, and the present Act is also based on the English Act with certain modifications. It extends to the whole of India except the State of Jammu and Kashmir. The Act operates subject to the provisions of Sections 31 and 32 of the Reserve Bank of India Act, 1934.

Similar Documents

Free Essay

Literary Heritage Poetry

...favored over the rendition. These accusations can be true for several reasons like; one favors the original writer or the singer better, the period-of-time the work was created was significant to a person, the person likes the style of the writer or singer better, or maybe he or she just likes the authentic or rendition version itself better for no exact reason. There are several examples where this exists. A specific poetic example of when the original is considered better than the rendition is, “Shall I Compare Thee To a Summer’s Day,” by William Shakespeare recreated by Howard Moss and a specific example of when the rendition of a song is considered better than the original is, “I love Rock N’ Roll,” by The Arrows covered by Joan Jett and the Blackhearts. Both of these authentic works are classics and are still popular today. When comparing them to their renditions, beauty, style and rhythm play an important role and can conclude why one is favored over the other. “Shall I Compare Thee to a Summer’s Day?” by William Shakespeare is considered to be one of his most popular sonnets, number 18 out of the 154 sonnets he wrote. This poem stands out from the others because of the comparison that is made of a young beautiful girl or boy to a summers day. For example, when Shakespeare says, “Thou art more lovely and more temperate” (line 2), he is comparing, as listed above, a young, beautiful human being to the season of summer and saying that he or she is more delightful. Another...

Words: 969 - Pages: 4

Premium Essay

Block Letter

...Ms. Alice Kumar 4723 Glacier Drive Selden, NY 11784-4723 October 26, 2010 Ms. Alice Kumar 4723 Glacier Drive Selden, NY 11784-4723 Dear Ms. Kumar: Due to an unavoidable change in his schedule, Dr. Ibrahim Gadalla will be unavailable to see patients during the first week in November. Since your next regularly scheduled appointment is during for a later date. If rescheduling your appointment is impossible, we will be glad to make arrangements for you to see one of the other physicians in the medical group. abcdeghijklmnjsopppppppppppphd hfhsfpyf ahfdgfje ehfduf f dejfdge fuief shhdfheufhs sjhfjdhj s fdjfdsehlie sjhjshh sjjgfshgl shfshsdhduhgpdhvgdusudhgd s hdfuehfd fghjdbfdgbdb new new ne wnennenene e enene r rnkisauihufc ifgedhfehefeihnif e will be inajbgsugfcujdufgeugjbf dncd bcjgducgdjbjdjgcdb hjdgugdufbe cvdubgjdgvudh a as ad add ade as d effort plesa heklloooa . We apologize for any inconvenience. Please call our office at 631-555-0102 as soon as possible to reschedule your appointment. Due to an unavoidable change in his schedule, Dr. Ibrahim Gadalla will be unavailable to see patients during the first week in November. Since your next regularly scheduled appointment is during for a later date. If rescheduling your appointment is impossible, we will be glad to make arrangements for you to see one of the other physicians in the medical group. abcdeghijklmnjsopppppppppppphd hfhsfpyf ahfdgfje ehfduf f dejfdge fuief shhdfheufhs sjhfjdhj s fdjfdsehlie sjhjshh...

Words: 400 - Pages: 2

Premium Essay

Camps Final

...Authorities (Amendment) Act, 2002 No. 37 of 2002 12 June, 2002 ht & [As Amended by the The Legal Services Authorities (Amendment) Act, 1994] [No. 59 of 1994] 29 October, 1994 ht & (No. 39 of 1987) 11 October, 1987 ht Act, 1987 The Legal Services Authorities The Legal Services Authorities Act, 1987 (No. 39 of 1987) 11th October, 1987 & [As Amended by the The Legal Services Authorities (Amendment) Act, 1994] (No. 59 of 1994) A 29th October, 1994 & The Legal Services Authorities (Amendment) Act, 2002 No. 37 of 2002 12th June, 2002 The Gujarat State Legal Services Authorities Rules, 1997 The Gujarat State Legal Services Authority Regulations, 1998 The Legal Services Authorities Act, 1987 (No. 39 of 1987) [As Amended by the Legal Services Authorities (Amendment) Act, 1994 (No. 59 of 1994)] (11 th October 1987) An Act to constitute legal services authorities to provide free and competent legal services to the weaker sections of the society to ensure that opportunities for securing justice are not denied to any citizen by reason of economic or other disabilities and to organise Lok Adalats to secure that the operation of the legal system promotes justice on a basis of equal opportunity. Be it enacted by Parliament In the Thirty eight year of the Republic of India as follows :CHAPTER- I PRELIMINARY Short title, 1. (1) This Act may be called the Legal Services extent and Authorities Act. 1987. commencement (2)...

Words: 16732 - Pages: 67

Free Essay

Dr Reddy's Annua; Report

...AIN T ABI LI I M PA C T E EC ON OMIC S O CI A L & EN D R . R E D D Y ’ S L A B O R AT O R I E S L I M I T E D | A N N U A L R E P O R T | 2 0 0 9 – 1 0 RO VI V NM EN TA L • T Y • TI SI PO C R E AT I N G A C ONTENTS 24 MANAGEMENT DISCUSSION AND ANALYSIS 42 BOARD OF DIRECTORS 45 MANAGEMENT COUNCIL 72 DIRECTORS’ REPORT 2 CHAIRMAN’S LETTER 46 CORPORATE GOVERNANCE 89 IGAAP STANDALONE FINANCIALS 4 KEY HIGHLIGHTS 60 ADDITIONAL SHAREHOLDERS’ INFORMATION 70 FIVE YEARS AT A GLANCE 141 IGAAP CONSOLIDATED FINANCIALS 6 THE DNA OF SUSTAINABILITY 187 EXTRACT OF IFRS CONSOLIDATED FINANCIALS 190 STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 191 INFORMATION ON THE FINANCIALS OF SUBSIDIARY COMPANIES 192 NOTICE OF ANNUAL GENERAL MEETING 14 HUMAN RESOURCES 71 RATIO ANALYSIS 16 SAFETY, HEALTH AND ENVIRONMENT 18 CORPORATE SOCIAL RESPONSIBILITY 2 | S U S TA I N A B I L I T Y — C R E AT I N G A P O S I T I V E E C O N O M I C , S O C I A L A N D E N V I R O N M E N TA L I M PA C T CHAIRMAN’S LETTER 2009-10 has been a satisfactory year for your Company. Let me start with the financial results. Consolidated revenues for 2009-10 was Rs. 70,277 million. Excluding revenues from sumatriptan — your Company’s Authorized Generic version of Imitrex® which was launched in 2008-09 — revenue grew by 9%. In US dollar terms, 2009-10 revenue was US$ 1.56 billion. I am happy to inform...

Words: 111729 - Pages: 447

Premium Essay

Essay On Teak Wood

...3.4 Teak Wood Details: Teak is found in tropical areas of the world. Thailand, Burma and India are just three countries. Teak is a natural wood, ideal for outside furniture. It contains natural oils that protect it against wet and cold weather. It can also be treated with teak oil giving it more protection against the elements. Teak is expensive although the growth of sustainable teak plantations means that the price will eventually fall and it will be more widely available. ANALYSIS FOR POWER REQUIRMENT OF MACHINE. I. CATALOGUE METHOD Reff:- PRODUCT CATALOGUE. NORTON GRINDWELL LTD. cutter used for Wood cutting applications are; B88 x – 44 A24 T These wheels have following performance characteristic 1. MATERIAL REMOVAL RATE (MRR) = 0.05 cm2 / Sec. 2. AVAILABLE POWER = 0.04 TO 0.125 KW / inch of wheel. 3. MAX OPERATING SPEED = 6000 RPM. TARGET:- Application is wood cutting ; Maxm diameter =  20 mm  0.8” To cut Material = wood Power Requirement at m/c spindle = 0.8 x 0.06 = 0.048...

Words: 929 - Pages: 4

Premium Essay

Attack Countermeasure Trees (Act): Towards Unifying the Constructs of Attack and Defense Trees

...Countermeasure Trees (ACT): towards unifying the constructs of attack and defense trees Arpan Roy* , Dong Seong Kim and Kishor S. Trivedi Department of Electrical & Computer Engineering, Duke University, Durham, NC 27708, U.S.A. ABSTRACT Attack tree (AT) is one of the widely used non-state-space models for security analysis. The basic formalism of AT does not take into account defense mechanisms. Defense trees (DTs) have been developed to investigate the effect of defense mechanisms using measures such as attack cost, security investment cost, return on attack (ROA), and return on investment (ROI). DT, however, places defense mechanisms only at the leaf nodes and the corresponding ROI/ROA analysis does not incorporate the probabilities of attack. In attack response tree (ART), attack and response are both captured but ART suffers from the problem of state-space explosion, since solution of ART is obtained by means of a state-space model. In this paper, we present a novel attack tree paradigm called attack countermeasure tree (ACT) which avoids the generation and solution of a state-space model and takes into account attacks as well as countermeasures (in the form of detection and mitigation events). In ACT, detection and mitigation are allowed not just at the leaf node but also at the intermediate nodes while at the same time the state-space explosion problem is avoided in its analysis. We study the consequences of incorporating countermeasures in the ACT using three case...

Words: 8828 - Pages: 36

Premium Essay

Tax Revenues and E-Commerce: Amazon

...Tax Revenues and E-Commerce Table of Contents: i. Introduction ii. E-Commerce iii. Internet Tax Freedom Act (ITFA) iv. Amazon and “Amazon Tax” v. State Budgetary Gaps vi. Conclusion vii. Appendix a. Colorado House Bill 10-1193 b. State Budget Gaps and Uncollected Tax Revenues c. Regression Analysis i. Graph 1.1 ii. Graph 1.2 iii. Graph 1.3 viii. References Introduction It was May of 1984 in Gateshead, England when Tesco recorded the first ever-online shopping transaction from a home . Tesco is the second largest retailer in the world after Wal-Mart, based on profits . This single transaction would pave the way towards a society that relies on the virtual store as opposed to a traditional brick and mortar setting. The convenience and accessibility that the virtual market provides has consequently provided inconveniences in other areas. State and federal governments have been steadily suffering from budget short falls. E-Commerce has diverted business from the mom and pop stores to companies such as Amazon.com and Overstock.com. Small businesses have closed and the land that they once occupied now sits vacant, with no one paying the respective land and sales taxes that the business once generated. The closing of smaller, local retailers has, in retrospect, paved the way for the expansion of e-commerce and the exponential growth that has been realized over the last decade. Current legislation and lack of regulation have limited the potential for federal...

Words: 4342 - Pages: 18

Premium Essay

107-K—Use of Law Journal and Legal Software

...prescribed b y the BAR CO UNCIL OF INDI A and as per the Rules of Legal Education, 2008) Effective from the academic year 2011-12 THREE YEARS’ LL.B. POGRAMME First LL. B. Semester – I FIRST LL.B. - S EMES TER 1 (MONSOON ) PE R WE EK S UBJEC TS LEC TURE S OT HER S T OT AL C RED IT S (SE M)29 CORE COURSE 101 L aw of T ort i ncludi ng MV A cci dent And C on sum er Pr ot ecti on Law s 4 1 5 5 CORE COURSE 102 Crim in al Law P aper – I (General P rinci pl es of P en al Law ) 4 1 5 5 4 1 5 5 4 1 5 5 4 1 5 5 1 1 2 2 1 1 2 2 CORE COURSE 103 CORE COURSE 104 CORE COURSE 105 FOUNDATIO N 106 F SOFT S KILL 107 K Crim in al Law P aper – II (S pec ific Off enc es) L aw of C ont ract S peci al C ontr act C on sti tuti on al Hist ory of I ndi a Use of Law J ournal s and L egal S oftw ar e 1 Semester – I Monsoon Semester CORE CO URSE 101 : LAW OF TO RT I NCLUDI NG M V ACCI DENT AND CO NS UM ER P ROTECTION LAWS Objectives of the Course : Wit h rap id industrializat ion, to rt actio n came to u sed again st manu factu rers and industrial un it fo r p roducts injurious to human beings. Present ly the emphas is is o n extend ing th e principles no t only to acts, which are h armfu l, bu t also to failu re to co mply with stand ards that are continuously chang ing due to ad vancement in sc ience and techno lo gy. Product liab ilit y is no w assuming...

Words: 16483 - Pages: 66

Free Essay

Sociology

...Oriental Bay, Wellington Friday 5 August 2011 * Sian Elias Separate Property – Rose v Rose Introduction I should have know n bet t er t han t o give in t o t he Principal Judge’ s blandishment s t o agree t o speak t o you on t he subject of w hat I persist in t hinking of as “ mat rimonial propert y” . In t he f irst place, one of t he great successes of t he Family Court has been t hat appellat e court s rarely see relat ionship propert y cases. 1 The Supreme Court , in t he seven years of it s exist ence, has seen only one w here division of asset s w as direct ly in issue. 2 Perhaps t hat is just as w ell. The comment at or on my paper, Prof essor Peart , has said of Rose v Rose t hat t en judges st ruggled “ in vain” t o make sense of t he legislat ion. 3 Since half of t hose w ere judges of t he Supreme Court , it does not say much f or our ef f ort . Now Prof essor Peart is very kind and (w it h Margaret Briggs) says t hat is because t he Act is cont radict ory and lacking in coherent principle. 4 But , alt hough I have some quest ions about t he legislat ion myself , I am not quit e as severe on t he Act . So if t he Supreme Court didn’ t manage t o convince in Rose v Rose, I t hink w e should accept f ault . I am, how ever, conscious t hat I am out of my dept h in t his t opic. And I know t hat I am addressing expert s. At t he out set , I w ish t o acknow ledge t he w ork you do as Family Court judges on a daily basis in applying t his * 1 ...

Words: 8506 - Pages: 35

Free Essay

The (Un)Official United States History Cram Packet

...First African slaves brought to British America. 15. Virginia begins representative assembly – House of Burgesses 1620: Plymouth Colony is founded. - Mayflower Compact signed – agreed rule by majority • 1624 – New York founded by Dutch 1629: Mass. Bay founded – “City Upon a Hill” - Gov. Winthrop - Bi-cameral legislature, schools 1630: The Puritan Migration 1632: Maryland – for profit – proprietorship 1634 – Roger Williams banished from Mass. Bay Colony 1635: Connecticut founded 1636: Rhode Island is founded – by Roger Williams 23. Harvard College is founded • 1638 – Delaware founded – 1st church, 1st school • 1649 – Maryland Toleration Act – for Christains – latter repealed 1650-1696: The Navigation Acts are enacted by Parliament. - limited trade, put tax on items 1660 – Half Way Covenant – get people back into...

Words: 7863 - Pages: 32

Premium Essay

Health Law

...E ROLE OF LAW IN THE U.S. HEALTHCARE SYSTEM USING THE LAW TO PROMOTE OUR POLICY GOALS AND ETHICAL PRINCIPLES The study of law is more than simply memorizing a list of activities that are illegal, such as Medicare fraud or price-fixing. It is more than memorizing the penalties for particular violations, such as the number of years in prison one can receive for a class B felony or the fine for driving 50 miles per hour in a 35 mile per hour zone. It is more than trying to remember the names of court cases or the citations to statutes and regulations. Instead, law is a policy discipline and a social science. Moreover, the law is not cast in stone, but is subject to change. For hundreds or perhaps thousands of years, people have reconsidered and changed the rules that govern their activities. In a democratic society, we have the power to make further changes in the laws by which we live. Therefore, as students and scholars of law, we not only study the current state of the law, but also what we think the law should be. In particular, we consider how we can use the law to accomplish our goals of public policy. We begin this type of analysis by identifying a practical problem. For example, we may want to focus on discrimination, violence, environmental pollution, or inadequate access to healthcare services. Then, we try to figure out how to use the law and the legal system to solve that particular problem by creating a new law or by changing an existing law. ...

Words: 15289 - Pages: 62

Free Essay

School

...Conditioning Ceiling Fans Walk-In Closet Garage (shared) Building Laundry Room Nearby Shopping and Entertainment  Great Freeway Access S p i n n a k e r A p a r t me n t s 2 0 6 6 - 2 0 7 2 S p i n n a k e r S t re e t A n a h e i m, C a l i f o r n i a 9 2 8 0 2 WELCOME TO YOUR NEW HOME! L a r g e O n e B e d ro o m A p a r t m e n t (Month-to-Month) $800 Security Deposit Orangewood Ave $1,125.00 Mo. ( O n A p p r o v e d C r e d i t) INCLUDES A LL U TILITIES* * * * A D D ITIO N A L $ 5 0 MO . R EN T J U NE - S EPTEMBER TO C O V ER S U MMER U TILITY C O S TS C ONTACT: M ICHAEL C HEW P ROFESSIONAL B UILDING M ANAGEMENT, I NC. ( 7 1 4 ) 68 5 - 8 8 2 3 P HO N E / F A X E -M A I L : M . C H E W @ P B M R E . C O M B RE# 0 1 1 7 7 13 9 Lewis St. Spinnaker St. 2066-2072 5 Freeway Note: Information contained herein is deemed to be reliable, however is not guaranteed by Professional Building Management, Inc. No representation or recommendation is made by Professional Building Management, Inc., its Broker, or its Agents. You are urged to review and investigate the condition of the Premises. Said investigation should include but not be limited to possible presence of hazardous substances, the structural integrity, the condition of the roof and heating and airconditioning systems, compliance with the Americans with Disabilities Act, and the suitability of the premises for Lessee’s use. 2066-2072 Spinnaker Street Photographs Front of 2066 Building Front of 2072 Building...

Words: 497 - Pages: 2

Free Essay

Edition Workbook

...www.VOASpecialEnglish.com Word Book A list of words used in Special English programs on radio, television and the Internet EDITION SpecialEnglish Word Book A list of words used in Special English programs on radio, television and the Internet Voice of America Washington, D.C. 20237 www.VOASpecialEnglish.com EDITION 4 AB D FG I K L N PQ S UV YZ 5 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Parts of Speech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Word List & Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Special Words & Information . . . . . . . . . . . . . . . . . . . . .111 Common Prefixes . . . . . . . . . . . . . . . . . . . . . . . . . . .113 Common Expressions . . . . . . . . . . . . . . . . . . . . . . . .115 Numbers, Days, Months . . . . . . . . . . . . . . . . . . . . .116 Chemical Elements . . . . . . . . . . . . . . . . . . . . . . . . . .119 Organs of the Body . . . . . . . . . . . . . . . . . . . . . . . . . .121 Computer Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . .122 Business Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 United States Branches of Government . . . . . . . . . .126 Map of the United States . . . . . . . . . . . . . . . . . . . . .128 Map of the World . . . . . . . . . . . . . . . . . . . . . . . . . . .130 Presidents of the United States . . . . . . . . . . . . . . . .132 www...

Words: 23894 - Pages: 96

Premium Essay

Nuljj Khihjlk,

...Chapter 01 Introduction to Corporate Finance   Multiple Choice Questions   1. Which one of the following terms is defined as the management of a firm's long-term investments?  A. working capital management B. financial allocation C. agency cost analysis D. capital budgeting E. capital structure   2. Which one of the following terms is defined as the mixture of a firm's debt and equity financing?  A. working capital management B. cash management C. cost analysis D. capital budgeting E. capital structure   3. Which one of the following is defined as a firm's short-term assets and its short-term liabilities?  A. working capital B. debt C. investment capital D. net capital E. capital structure   4. A business owned by a solitary individual who has unlimited liability for its debt is called a:  A. corporation. B. sole proprietorship. C. general partnership. D. limited partnership. E. limited liability company.   5. A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:  A. corporation. B. sole proprietorship. C. general partnership. D. limited partnership. E. limited liability company.   6. A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:  A. generally partner. B. sole proprietor. C. limited partner. D. corporate shareholder. E. zero partner.   ...

Words: 9492 - Pages: 38

Premium Essay

Annual Report Analysis

...CONTE N T S CHAI R M A N ’ S LETTE R DEAR SH AREH OL DERS FY2012 has been a good year for your Company. The key financial results were: ¥ Consolidated revenues increased by 30% to Rs. 96.7 billion in FY2012. ¥ Earnings before interest, taxes, depreciation and amortization (EBITDA)1 rose by 55% to Rs. 25.4 billion. ¥ Profit after Tax (PAT)2 grew by 45% to Rs. 15.3 billion. ¥ Diluted Earnings per Share (EPS) increased from Rs. 64.9 in FY2011 to Rs. 83.8 in FY2012. I am particularly delighted by four developments. First, your Company succeeded in yet another blockbuster generic launch in the USA under 180days marketing exclusivity. Dr. Reddy’s launched olanzapine 20 mg tablets, the generic version of the brand Zyprexa®. Olanzapine is used to treat schizophrenia and bipolar disorder. This product has added around USD 100 million to your Company’s revenues for FY2012. Second, the biosimilars business continues along its impressive growth path. In my letter to you last year, I had discussed the critical importance of developing biosimilars in the years to come. I am happy to note that your Company’s global biosimilars business grew by 45% over last year and recorded sales of USD 26 million. Today, the biosimilars portfolio of Dr. Reddy’s constitutes (i) filgrastim, (ii) peg-filgrastim, (iii) rituximab and (iv) darbepoetin alfa, which have commercial presence in 13 countries among emerging markets. These are helping to treat patients suffering from cancer — and at prices that...

Words: 128176 - Pages: 513