This document defines and provides requirements for negotiable promissory notes, bills of exchange, checks, and negotiable instruments under the law. It states that a promissory note is an unconditional written promise to pay a fixed sum of money on demand or at a future time. A bill of exchange is an unconditional written order to pay a fixed sum, while a check is a bill of exchange drawn on a bank payable on demand. For an instrument to be negotiable, it must be in writing and signed, include an unconditional promise to pay a fixed sum, have a determinable payment time, be payable to order or bearer, and name the drawee if addressed to one.
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Definitions: Promissory Note, Bill of Exchange, Check and Sec. 1 Forms of Negotiability
This document defines and provides requirements for negotiable promissory notes, bills of exchange, checks, and negotiable instruments under the law. It states that a promissory note is an unconditional written promise to pay a fixed sum of money on demand or at a future time. A bill of exchange is an unconditional written order to pay a fixed sum, while a check is a bill of exchange drawn on a bank payable on demand. For an instrument to be negotiable, it must be in writing and signed, include an unconditional promise to pay a fixed sum, have a determinable payment time, be payable to order or bearer, and name the drawee if addressed to one.
This document defines and provides requirements for negotiable promissory notes, bills of exchange, checks, and negotiable instruments under the law. It states that a promissory note is an unconditional written promise to pay a fixed sum of money on demand or at a future time. A bill of exchange is an unconditional written order to pay a fixed sum, while a check is a bill of exchange drawn on a bank payable on demand. For an instrument to be negotiable, it must be in writing and signed, include an unconditional promise to pay a fixed sum, have a determinable payment time, be payable to order or bearer, and name the drawee if addressed to one.
A negotiable promissory note within the meaning of this Act is an
unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him. Bill of exchange Is an Unconditional order in writing addressed by one person to another signed by the person giving it requiring the person to whom it’s addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. Check A check is a bill of exchange drawn on a bank payable on demand. Section 1. Forms of negotiability. - An instrument to be negotiable must conform to the following requirements: (a) It must be in writing and signed by the maker or drawer;
(b) Must contain an unconditional promise or order to pay a sum
certain in money;
(c) Must be payable on demand, or at a fixed or determinable
future time;
(d) Must be payable to order or to bearer; and
(e) Where the instrument is addressed to a drawee, he must be
named or otherwise indicated therein with reasonable certainty.
A Simple Guide for Drafting of Conveyances in India : Forms of Conveyances and Instruments executed in the Indian sub-continent along with Notes and Tips