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Home > LAWYERS > Business Law > Negotiable Instruments > Hundis |
In this book, the author has taken great pains to collect the various forms of hundis and customs relating thereto prevalent in India and has given, wherever possible, the law relating to hundis. The commentary has not only been based on the Indian case-law but frequent references have been made to English cases, and where the two laws differ, the distinction has been pointed out. Every attempt has been made to make the work exhaustive so far as the Indian case-law is concerned. Care has been taken to select only the important decisions for reference.
An instructive introduction containing the origin, the growth, the object and meaning of negotiable instruments and hundis has been given. A brief summary has also been added, which will be found useful not only by beginners to form a clear idea of the outlines of the subject but also by advanced students for the purposes of revision. Appendices giving the law relating to hundis, stamps on negotiable instruments, the rules relating to notaries public and the Bills of Exchange Act have been added.
An attempt has been made throughout the work to make this highly complicated subject so easy, clear and simple that even the students of elementary law may be able to understand it and yet so accurate and exhaustive as not to lose its value for an up-to-date lawyer. Special attention has also been paid to make the work of practical interest for bankers, businessmen and students of commerce.
PREFACE TO THE NINTH EDITION III PREFACE TO THE FIRST EDITION IV TABLE OF CASES XI INTRODUCTION 1-27 SUMMARY 28-39
Short title, local extents, saving of usage relating to hundis, etc. 40 (Repealed ) 53 Interpretation clause 54
''Promissory Notes'' 58 ''Bill of Exchange'' 91 ''Cheque'' 96 ''Drawer'', ''Drawee'', ''Drawee in the case of need'', ''Acceptor'', ''Acceptor for honour'', ''Payee'' 113 ''Holder'' 119 ''Holder in due course'' 126 ''Payment in due course'' 133 ''Inland instrument'' 134 ''Foreign instrument'' 135 ''Negotiable instrument'' 136 Negotiation 149 Indorsement 153 Indorsement ''in blank'' and ''in full'', Indorsee 153 Ambiguous instruments 157 Where amount is stated differently in figures and words 160 Instruments payable on demand 161 Inchoate stamped instruments 162 ''At sight'', ''On presentment'', ''After sight'' 168 ''Maturity'', Days of grace 170 Calculating maturity of bill or note payable so many months after date or sight 171 Calculating maturity of bill or note payable so many days after date or sight 173 When date of maturity is a holiday 173
Capacity to make, etc., promissory notes, etc., Minor 173 Agency 179 Liability of agent signing 192 Liability of legal representative signing 197 Liability of drawer 199 Liability of drawee of cheque 203 Liability of maker of note and acceptor of bill 217 Only drawee can be acceptor except in need or for honour 221 Acceptance by several drawees not partners 224 Liability of Indorser 224 Liability of prior parties to holder in due course 228 Maker, drawer and acceptor principals 229 Prior party a principal in respect of each subsequent party 230 Suretyship 234 Discharge of indorser's liability 237 Acceptor bound although indorsement forged 239 Acceptance of bill drawn in fictitious name 240 Negotiable instrument made etc., without consideration 240 Partial absence or failure of money consideration 250 Partial failure of consideration not consisting of money 251 Holder's right to duplicate of lost bill 253
Delivery 254 Negotiation by delivery 260 Negotiation by indorsement 262 Conversion of indorsement in blank into indorsement in full 263 Effect of indorsement 264 Who may negotiate 272 Indorser who excludes his own liability or makes it conditional 275 Holder deriving title from holder in due course 276 Instrument indorsed in blank 277 Conversion of indorsement in blank into indorsement in full 278 Indorsement for part of sum due 278 Legal representative cannot, by delivery only negotiate instrument, indorsed by deceased 280 Instrument obtained by unlawful means or for unlawful consideration 280 Instrument acquired after dishonour or when overdue Accommodation note or bill 286 Instrument negotiable till payment or satisfaction 289
Presentment for acceptance 290 Presentment of promissory note for sight 293 Drawee's time for deliberation 294 Presentment for payment 294 Hour for presentment 304 Presentment for payment of instrument payable after date or sight 304 Presentment for payment of promissory note payable by instalments 305 Presentment for payment of instrument payable at specified place and not elsewhere 305 Instrument payable at specified place 305 Presentment where no exclusive place specified 306 Presentment when maker, etc., has no known place of business or residence 307 Presentment of cheque to charge drawer 307 Presentment of cheque to charge any other person 307 Presentment of instrument payable on demand 308 Presentment by or to agent, representative of deceased, or assignee of insolvent 309 Excuse for delay in presentment for acceptance or payment 309 Presentment of negotiable instrument in riot areas not necessary 310 When presentment unnecessary 310 Liability of banker for negligently dealing with bill presented for payment 313
To whom payment should be made 314 Interest when rate specified 322 Interest when no rate specified 325 Delivery of instrument on payment, or indemnity in case of loss 328
Discharge from liability-(a) by cancellation; (b) release; (c) by payment 329 Discharge by allowing drawee more than forty-eight hours to accept 338 When cheque not duly presented and drawer damaged thereby 339 Cheque payable to order 342 Drafts drawn by one branch of a bank on another payable to order 347 Parties not consenting discharge by qualified or limited acceptance 348 Effect of material alteration. Alteration by indorsee 350 Acceptor or indorser bound notwithstanding previous alteration 358 Payment of instrument on which alteration is not apparent 358 Extinguishment of rights of action on bill in acceptor's hand 359
Dishonour by non-acceptance 359 Dishonour by non-payment 360 By and to whom notice should be given 361 Mode in which notice may be given 364 Party receiving must transmit notice of dishonour 366 Agent for presentment 366 When party to whom notice given is dead 367 When notice of dishonour is unnecessary 367
Noting 369 Protest, Protest for better security 370 Contents of protest 372 Notice of protest 372 Protest for non-payment after dishonour by non-acceptance 373 Protest of foreign bills 373 When noting equivalent to protest 373
Reasonable time 373 Reasonable time of giving notice of dishonour 374 Reasonable time for transmitting such notice 375
Acceptance for honour 375 How acceptance for honour must be made 376 Acceptance not specifying for whose honour it is made 377 Liability of acceptor for honour 377 When acceptor for honour may be charged 378 Payment for honour 378 Right of payer for honour 378 Drawee in case of need 379 Acceptance and payment without protest 380
Rules as to compensation 380
Presumptions as to negotiable instruments-(a) of consideration; (b) as to date; (c) as to time of acceptance; (d) as to time of transfer; (e) as to order of indorsement; (f) as to stamp; (g) that holder is a holder in due course 383 Presumption on proof of protest 392-A Estoppel against denying original validity of instrument 392-B Estoppel against denying capacity of payee to indorse 393 Estoppel against denying signature or capacity of prior party 394
Cheque crossed generally 394 Cheque crossed specially 396 Crossing after issue 397 Payment of cheque crossed generally. Payment of cheque crossed specially 398 Payment of cheque crossed specially more than once 399 Payment in due course of crossed cheque 399 Payment of crossed cheque out of due course 400 Cheque bearing ''Not negotiable'' 401 Non-liability of banker receiving payment of cheque 402 Application of chapter to draft 407
Sets of bills 408 Holder of first acquired part entitled to all 409
Law governing liability of maker, acceptor or indorser of foreign instrument 409 Law of place of payment governs dishonour 412 Instrument made, etc., out of India but in accordance with the law of India 413 Presumption as to foreign law 414
(Repealed ) 415 (Repealed ) 415 SCHEDULE (Repealed ) 415
Hundis 417-435 Stamp Duties on Negotiable Instruments 435-443 Relevant provisions of Limitation Act, 1963 444-445 The Bills of Exchange Act, 1882 445-473 The Notaries Act, 1952 (LIII of 1952) 473-477 The Notaries Rules, 1956 477-496 The Punjab Debtors' Protection Act, II of 1936 496-501 The Punjab Relief of Indebtedness Act, VII of 1934 501-513 The Code of Civil Procedure, 1908, Order XXXVII 513-514 The Banking Companies Act (X of 1949) 514-518 The Indian Independence (Rights, Property and Liabilities) Order, 1947 518-520 The Indian Independence Act, 1947 521-522 The Banking Laws (Amendment) Act, 1968 (58 of 1968) 523-548 Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) 549-564 SUBJECT INDEX 565
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