1

The Negotiable
Instruments Act. 1881.
By :
Dr. Vilas Kulkarni.
Godwill Management Company.
2
Introduction
· The law relating to negotiable instruments
is contained in the Negotiable Instruments
Act. 1881 which applies and extends to the
whole oI India.
3
Definitions
The word negotiable` means 'transIerable
by delivery¨ and instrument means 'a
written document by which a right is
created in Iavor oI some person or persons.
Thus, the term negotiable instrument
literally means a written document which
creates a right in Iavor oI somebody and is
Ireely transIerable.
4
ontinued.
· A negotiable instrument is a piece oI paper
which entitles a person to a certain sum oI
money and which is transIerable Irom one
to another person by a delivery or by
endorsement and delivery.
g - Promissory note, heque and a Bill oI
exchange, documents such as Railway or
ST Receipts; Dividend, warrants; Railway
Bonds payable etc.
5
Characteristics of negotiable
Instruments
· Free transferability or easy negotiability
Negotiable instrument is Ireely
transIerable.
· Title of holder is free from all defects
A person who takes negotiable instrument
bona-Iide and Ior value gets the instrument
Iree Irom all deIects in the title. The holder
in due course is not aIIected by deIective
title oI the transIeror or oI any other party.
6
Presumptions:
· Of consideration : that every negotiable
instrument, was made or drawn Ior
consideration.
· As to date : that every negotiable
instrument bearing a date was made or
drawn on such date.
7
ontinued.
· As to time of acceptance : that every
accepted bill oI exchange was accepted
within a reasonable time aIter its date and
beIore its maturity.
· As to time of endorsements : that the
endorsements appearing upto negotiable
instrument were made in the order in
which they appear thereupon.
8
ontinued.
· As to stamps : that a last promissory-note,
bill oI exchange or cheque was duly
stamped.
· As to a holder in due course : that every
holder oI a negotiable instrument is holder
in due course.
· As to time of transfer : that every transIer
oI a negotiable instrument was made
beIore its maturity.
9
Types of Negotiable Instruments
Negotiable instruments are oI two types which
areas Iollows:
· Negotiable Instruments recognized by status:
e.g. Bills oI exchange, cheque and promissory
notes.
· Negotiable instruments recognized by usage
or customs of trade:
e.g. Bank notes, exchequer bills, share warrants,
bearer debentures, dividend warrants, share
certiIicate.
10
Bill of Exchange
· A bill oI exchange is an instrument in writing
containing an unconditional order, signed by the
maker, directing a certain person to pay a certain
sum oI money only to, or to the order oI a
certain person or to the bearer oI the instrument.
g - Mr. X purchases goods Irom Mr. Y Ior Rs. 1000/-
Mr. Y buys goods Irom Mr. S Ior Rs. 1000/-
Then Mr. Y may order Mr. X to pay Rs. 1000/- Mr. S
which will be nothing but a bill oI exchange.
11
Promissory Note :
A 'promissory note¨ is an instrument in
writing |not being a bank-note or a
currency-note} containing an unconditional
undertaking, signed by the maker; to pay a
certain sum oI money only to or to the order
oI a certain person or the bearer oI the
instrument.
12
Specimen oI a promissory note
Rs. 5000/- Pune November 25, 2008
Three moths after the date, Ì promise to pay Mr. X of
Mumbai or order a sum of Rupees Fifty Thousand for
value received.
To
Mr.
Address.....
..... Stamp
Mumbai Signature of Mr Y
13
Essential characteristics of a
Promissory Note
· Promissory note is a negotiable instrument
· It must be in writing
· It is a promise to pay money only.
· It must be deIinite. The promise to pay
must be deIinite.
· It must be unconditional. Undertaking to
pay must be unconditional.
· It must be signed by the maker.
14
ontinued.
· Maker oI the promissory note must be a certain
person and the payee must also be certain.
· Amount oI the promissory note must be certain.
· Other Iormalities like number, date,
consideration, place etc. are generally Iound in
the promissory notes but they are not essential
in law.
· Promissory note must be properly stamped
according to the provisions oI the Indian Stamp
Act, 1899.
15
Cheque
'A cheque is a bill oI exchange drawn on a
speciIied banker and expressed to be
payable otherwise than on demand.¨
The maker oI a bill oI exchange or heque
is called the 'Drawer"; the person thereby
directed to pay is called the "Drawee".
16
ssential characteristics oI a
heque
· A cheque is a negotiable instrument.
· It is a bill oI exchange.
· It is always drawn on a speciIied banker.
· It is always payable on demand.
· A cheque can be bearer, order or crossed
17
ontinued.
· A cheque requires no acceptance in the
ordinary course oI business as it is intended Ior
immediate payment.
· In case oI a cheque, a drawee is always a
speciIied bank, a drawer is a person who draws
a cheque and who has an account in the bank
ad payee is a person to whom the amount oI
cheque is made payable.
18
Negotiation
'It is a process oI transIerring the ownership,
right, title, interest oI a person in a
negotiable instrument to another person so
as to give a good title to the transIeree and
make a transIeree a holder oI such
instrument.¨
19
ontinued.
Negotiation does not mean a simple transIer.
Simple transIer may not necessarily involve the
transIer oI property in the negotiable instrument
but negotiation implies the transIer oI property
or ownership.
g -X hands over a cheque to Mr. Y here Mr. X
has negotiates the instrument.
But iI he hands over a cheque to Mr. Y asking
him to keep the same in his saIe, the cheque is
not negotiated to Mr. Y, Mr. Y does not become
its holder but only a bailee.
20
Essentials of negotiation
· There must be transIer oI a negotiable
instrument to another person.
· As a result oI such transIer, the transIeree
must become the holder oI the instrument.
21
Modes of negotiation:
· Negotiation by delivery The negotiable
Instrument is transIerred by delivery, actual or
constructive.¨ It is physical act oI delivering
the instrument or handing over the delivery,
actual possession oI the instrument is not
passed.
· Negotiation by endorsement and delivery
The negotiable Instrument payable to order is
negotiable by the holder by endorsement and
delivery thereoI.
22
Endorsement
'Literal meaning oI the term endorsement is
writing on an instrument.¨
ndorser - The person who signs on the back
or on the Iace oI the instrument or on the
slip is an endorser.
ndorsee - The person to whom the
instrument is endorsed is called the
endorsee.
23
Types of Endorsement
· General or blank endorsement - ndorser
signs his name either on the back or Iace
oI the instrument.
· Full or special endorsement - It speciIies
the name oI the person to whom or to
whose order the payment must be made.
24
ontinued.
· Partial endorsement ndorsement is made
Ior remaining balance oI payment.
· onditional endorsement The liability oI
the endorser is limited or negative.
25
Dishonour of negotiable instrument
· Negotiable instruments, Promissory notes
and heques may be dishonored by non
payment
· Bills oI exchange may be dishonored by
non payment or by non-acceptance as they
require acceptance Irom drawees.
26
THANK YOU !!!
27
HOLDER AND HOLDER IN DUE COURSE
Holder :- According to section 8 oI the Act
holder oI a negotiable instrument means any
person (a) who is entitled in his own name to the
possession oI the negotiable instrument and (b)
who has also the right to receive or recover the
amount due thereon Irom the parties thereto.
`
28
Eligibility to be Holder
Possession of instrument:-
The person must be a de iure (original/real)holder. He
must be entitled to possess the instrument in his own
name. his possession must be under some legal and valid
title. A thieI or any person who Iinds the instrument or an
endorsee under a Iorged endorsement though in
possession oI the negotiable instrument, is not a holder in
the absence oI a legal title to it. ven an agent holding a
negotiable instrument Ior his principal is also not a
holder though he has a right to receive the payment.
29
Entitled to receive the amount:-
The person must be entitled to receive the
amount oI the instrument and give a valid
discharge to the buyer. A person may be the bearer
oI an instrument or payee or endorses oI an
instrument but he may not be called a holder oI
instrument iI he is prohibited by law Irom
receiving the amount due on the instrument.
30
31
The holders oI the negotiable instruments:
ligibility
a. A principal whose name appears on an instrument as the holder though it
executed in the name oI his agent Ior him
b. Where a negotiable instrument is a bearer one, any person who is in the
possession oI such instrument is the holder.
c. Where a negotiable instrument is in the name oI a partner oI a Iirm, it
naturally becomes a holder as it is not a separate entity Irom the partner.
d. The endorsee oI a cheque is called a holder.
e. II a holder oI a negotiable instrument is dead, the heirs oI the deceased
holder between the holders.
I. A principal on whose behalI a pronote is endorsed in blank and is
delivered to his agent, he is a holder oI the instrument though his name
does not appear on the instrument though is name does not appear on the
instrument
32
No eligibility oI Holders:
i. I) A thieI or a Iinder oI an instrument is not a
holder though he is in possession oI an instrument.
ii. II) The word entitled` used in the deIinition
oI a holder shows that the title oI the person who claims
to be the holder must be acquired in a lawIul manner. A
person obtaining the instrument under Iorgery is not a
holder.
i III) When the endorsement oI a bill is Ior
collection only` the endorsee cannot be a holder
33
Holder in due Course
Holder in due course` means any person who
Ior the consideration becomes the possessor oI a
promissory note, a bill oI exchange or a cheque
iI payable to bearer, or the payee or endorsee
thereoI, iI payable to order, beIore the amount
mentioned in it becomes payable and without
having suIIicient cause to believe that any
deIect existed in the title oI the person Irom
whom he derived his title (section 9) .
34
a He must be a holder:
A holder to be a holder in due course must be entitled to the
possession oI the instrument in his name under a legal title and he
must also be entitled to recover the amount oI the instrument Irom the
parties liable thereto.
He must be a holder for valuable consideration
To be a holder in due course, a person must be a holder Ior
valuable consideration and the consideration must not be illegal or
void. However, consideration may be past, present adequate or
inadequate.
A donee acquiring title to the instrument by way oI a giIt is not
a holder in due course because there is no consideration to the contract
and thereIore he cannot maintain any suit against the donor in the
court oI law. The house hired Ior illegal purposes and money due on a
promissory note, deposited Ior the security cannot be recovered by a
suit.
35
He must become a holder of the negotiable
instrument before the date of maturity.
II the negotiable instrument is taken aIter it
becomes due, the person taking it gets the rights oI
his immediate transIeror against the other parties
and thereIore, a person who takes a negotiable
instrument on the day on which it becomes
payable cannot claim rights oI a holder in due
course.
36
He must become a holder of the negotiable
instrument in good faith:
Here the term good Iaith` implies that he should not
accept the instrument aIter knowing about the deIect or
deIects in the title to the instrument. A thing is done in
good Iaith when it is done honestly. It is the duty oI a
person |who takes a negotiable instrument| to examine
its contents thoroughly. II the negotiable instrument
contains any material alteration or iI it is incomplete, he
will not become a holder in due course. Thus, he must
become a holder and must take the negotiable
instrument complete and regular on its Iace.
37
Distinction between holder and holder in due course
Holder is diIIerent Irom a holder in due course. A holder
in due course enioys certain rights and privileges.
1. A holder can obtain an instrument without
consideration while a person cannot be a holder in due
course unless he obtains an instrument with consideration
and Ior value.
2. II an instrument is inchoate, a holder oI such
instrument cannot get good title in the instrument. While
holder in due course acquires a good title even iI the
instrument is inchoate.
38
. A holder oI an instrument may acquire the
instrument iI it becomes payable. But the person is not
treated as a holder in due course iI he acquires an
instrument when it becomes payable.
4. A holder need not bother about the deIect, iI any, in
the title. But no holder is considered a holder in due
course who acquires an instrument knowingly the deIect
oI the title.
39
NEGOTIATION AND TYPES OF
ENDORSEMENT
One oI the important characteristics oI a
negotiable instrument is its Iree transIerability
Irom one to another person. Such transIer can
take place either by negotiating the instrument
or by assigning the same. According to section
14 oI the act, 'When a promissory note, a bill oI
exchange or a cheque is transIerred to any
person, so as to constitute that person the holder
thereoI, the instrument is said to be negotiated.¨
40
Procedure of transfer or modes of
negotiation:
A negotiable instrument can be transIerred to
another person in the Iollowing two ways:
a. Negotiation by delivery; and
b. Negotiation by endorsement and delivery
Instruments payable to bearer can be
transIerred by mere delivery, while
instruments payable to the order are
transIerred by endorsement and delivery:
41
Thus delivery oI a negotiable instrument is a
voluntary transIer oI possession oI the
negotiable instrument. When an instrument is
negotiated by delivery it is not necessary Ior
a transIeror to put his or her signature on the
instrument and thereIore, there is no privacy
oI any contract between the transIeror and
any subsequent transIeree.
42
Negotiation by endorsement and delivery:
Subiect to the provision oI section 58 |which is stated
earlier| a promissory note, cheque or a bill oI exchange
payable to order is negotiable by the holder by
endorsement and delivery thereoI |section 48|
Thus the delivery is the common element between the
two modes oI negotiation i.e. negotiation by mere
delivery and negotiation by endorsement and delivery.
43
Types of Endorsement
The literal meaning oI the term endorsement is writing on
an instrument. But In the negotiable instrument or on a
slip oI paper attached thereto which is done Ior the
purpose oI negotiation |section 15|. The person who signs
on the back or on the Iace oI the instrument or on the slip
attached thereto is called the endorser and the person to
whom the instrument is endorsed is called the endorsee.
An endorsement can be made by the holder oI an
instrument or by the maker who signs it otherwise than a
maker. A payee or an endorsee may also endorse the
instrument iI they are holders oI the instrument
44
ndorsement may be oI various types which are as
Iollows:.
1.General or blank endorsement
2. Full or special endorsement
. Partial endorsement.
4. onditional endorsement
5. Restrictive endorsement
45
1. General or blank endorsement
When a endorser signs his name either on the back or Iace oI the
instrument, the endorsement is said to be blank or general
|section 16(1)|. In a blank endorsement, endorsee is not
speciIied and thereIore the instrument becomes payable to
bearer even though it was made originally payable to order
¦section 54|
. Full or special endorsement:
when an endorser signs the instrument and adds a direction to pay
the amount mentioned therein to or to the order oI a speciIied
person, the endorsement is said to be in Iull |section 16 (1)|.
46
a) 3.Partial endorsement:
According to section 56 oI the Act, 'No writing on a negotiable
instrument is valid Ior the purpose oI negotiation iI such writing
purports to transIer only a part oI the amount appearing to be due
on the instrument; but where such amount has been partly paid, a
note to that eIIect may be endorsed on the instrument, which may
then be negotiable Ior the balance
a) 4. Restrictive endorsement :
Restrictive endorsement restricts the Iurther negotiability oI the
negotiable instrument. Such endorsement entitles the holder oI the
instrument to receive the amount on the instrument Ior a speciIic
purpose. The endorsement is restrictive when it contains express
words to that eIIect.
47
Conditional Endorsement:-
In the conditional endorsement, the liability oI the
endorser is limted or negative. A conditional
endorsement is diIIerent Irom a restrictive
endorsement. A conditional endorsement limits or
negatives the liability oI the endorser while a
restrictive endorsement places certain restriction
on the negotiability oI the instrument.
48
DISHONOUR OF NEGOTIABLE INSTRUMENT
Promissory notes, cheques and bills oI exchange are
covered by this Act. OI these negotiable instruments,
promissory notes and cheques may be dishonoured by
non payment only while bills oI exchange may be
dishonoured by non payment or by non-acceptance as
they require acceptance Irom drawees. Section 9 oI the
Act states that when a promissory note or a bill oI
exchange or cheque is dishonoured by non-acceptance or
non-payment the holder thereoI, or some party thereto
who remains liable thereon, must give notice that the
instrument has been so honored to all other parties whom
the holder seeks to make severally liable thereon, and to
some one oI several parties whom he seeks to make
iointly liable thereon
49
Dishonour by Non-acceptance:
As mentioned earlier that a bill oI exchange is dishonoured by non-acceptance. It stands
dishonoured by non-acceptance in the Iollowing cases.
a). when there are several drawees who are not partners and iI all oI them reIuse to
accept.
b). II the drawee reIuses to accept the bill within Iorty eight hours Irom the time oI its
presentment even though the bill is duly presented Ior his acceptance.
c) where the drawee is not competent to enter into contract.
d) When the presentment oI a bill oI exchange Ior acceptance is excused and it remains
unaccepted.
e) where the drawee oI the bill oI exchange gives a qualiIied acceptance.
I) Where the drawee is a Iictitious person and even aIter a reasonable search, he could
not be Iound.
It should be noted that where a drawee in case oI need is named in a bill oI exchange or
even in any other instrument, the bill is not considered to be dishonoured unless it has
been dishonoured by such drawee |section 115|.
50
Dishonour by non-payment:
A negotiable instrument i.e. a bill, a cheque or a promissory note is
said to be. Dishonoured by non-payment when the maker oI the
promissory note, acceptor oI the bill oI exchange or drawee oI the
cheque makes deIault in payment upon being duly required to pay the
same. |section 2|. A bill or a promissory note is also said to be
dishonoured by non-payment when presentment Ior the payment is
excused expressly by the maker oI the note or the acceptor oI the bill
and the note or bill remains unpaid or at aIter maturity |section 76|
II the bill is dishonoured either by non-acceptance or non-payment,
the drawer and all endorsers oI the bill are held liable to the holder
provided that a notice oI such dishonour is given by the holder. II the
bill is dishonoured by non-payment, the drawee is held liable.
51
NOTING AND PROTEST
Noting:
As mentioned above, when a negotiable instrument within the
meaning oI this Act is dishonoured, the holder oI the instrument,
aIter giving notice oI the same, can sue any or all the prior parties
liable thereon. But beIore he does so, he can get the Iact oI the
dishonour oI the instrument authenticated by noting by a notary
public. Noting is the authentic and oIIicial prooI oI presentment
and dishonour oI the instrument.
Noting means nothing but the recording oI the Iact oI dishonor oI
the instrument by a notary public within a reasonable time aIter
dishonour. OI course, nothing is not compulsory neither it aIIects
the rights oI the holder thereon,
52
Noting contains the Iollowing particulars.
a) The Iact and the date oI dishonour oI the
instrument
b) The reason or reasons iI any, assigned Ior such
dishonour.
c) The rotary charges incurred.
d) II the instrument has not been expressly
dishonoured, the reason as to why the holder wants to
treat the same as dishonoured.
53
Protest:
According to section 100 oI this Act, when a
promissory note or a bill oI exchange has been
dishonoured b non-acceptance or non-payment, the
holder may, within a reasonable time, cause such
dishonour to be noted and certiIied by a notary public.
Such certiIicate is called a protest.
Thus protest is a Iormal certiIicate oI dishonour oI an
instrument issued by the notary public. OI ourse, it is
issued to the holder oI the instrument on his demand
only.
54
Contents of protest:
1.ither the instrument itselI, or a literal transcript oI the instrument and oI every
thing written or printed thereupon;
2.The name oI the person Ior whom and against whom the instrument has been
protested;
. A statement that payment or acceptance, or better security, as the case may be,
has been demanded oI such person by the notary public; the terms oI his answer. II
any, or a statement that he gave no answer, or that he could not be Iound;
4. When the note or bill has been dishonoured, the place and time oI dishonour, and
when better security has been reIused, the place and time oI reIusal;
5. The subscription oI the notary public making the protest;
1. 6 . In the event oI an acceptance Ior honour or oI a payment Ior honour, the name
oI the person by whom, oI the person Ior whom, and the manner in which, such
acceptance or payment was oIIered and eIIected.
2. 7. The signature oI the notary public.
55

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