Prepared by Assist. Professor Rekha Khandelwal
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Corporate Law ( Commerial Law)- Negotiable Instruments Act, 1881 An Introduction
Negotiable Instruments Act, 1881 is a law related to all negotiable instruments like promissory notes, bills of exchange and cheques. The word “negotiable instrument” means a document which is transferable from one person to another.
The Object of the Act is to define and amend the law relating to “ Promisory Note”, “Bill of exchange” or “ Cheque”
Negotiable Instruments Act was enacted on 9th December, 1881.
According to Section – 1. It came into force on 15th March, 1882.The Act is known the name of the Negotiable Instruments Act, 1881.It extends to whole of India.
There are 17 Chapters and 148 Sections in the Negotiable Instruments Act, 1881.
Flow Chart of the Negotiable Instruments Act, 1881.
|Chapter No.||Chapter Name||Sections|
|I||Preliminary||Sections 1- 3|
|II||Of Notes, Bills And Cheques||4 – 25|
|III||Parties To Notes, Bills And Cheques||26 – 45A|
|46 – 60|
|61 – 77|
|VI||Of Payment And Interest||78 – 81|
|VII||Of Discharge From Liability On Notes, Bills And Cheques||82 – 90|
|VIII||Of Notice Of Dishonour||91 – 98|
|IX||Of Noting And Protest||99 – 104A|
|X||Of Reasonable Time||105 – 107|
|XI||Of Acceptance And Payment For Honour And Reference In Case Of Need||108 – 116|
|XIII||Special Rules Of Evidence||118 – 122|
|XIV||Of Crossed Cheques||123 – 131A|
|XV||Of Bills In Sets||132 – 133|
|XVI||Of International Law||134 – 137|
|XVII||Of Penalties In Case Of Dishonour Of Certain Cheques For Insufficiency Of Funds In The Accounts||138 – 148|