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Negotiable Instruments

Negotiable Instruments

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Published by Srinivas R. Khode

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Published by: Srinivas R. Khode on Mar 04, 2010
Copyright:Attribution Non-commercial

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07/02/2011

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NEGOTIABLEINSTRUMENTS
 
 
NEGOTIABLEINSTRUMENTS
Negotiable:
It means capable of being legallytransferred from one to another either by deliveryor endorsement.
Instrument:
A legal document.
A negotiable instrument is a document whichentitles a person to a sum of money and which istransferable from one person to another by meredelivery or by endorsement and delivery. The lawrelating to negotiable instruments is contained inthe Negotiable Instruments Act 1881, which dealswith promissory notes, bills of exchange andcheques.
 
 CHARACTERISTICS
1. Freely transferable: The property in a negotiableinstrument passes from one person to another bydelivery, if the instrument is payable to bearer, and byendorsement and delivery if it is payable to order.2.Title of the holder free from all defects: A person takingan instrument bona-fide and for value, known as holderin due course gets the instrument free from all defectsin the title of the transferor. He is not in any wayaffected by any defect in the title of the transferor orany other person.

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