Podcast
Questions and Answers
In the Negotiable Instrument Act, which section defines the meaning of a Negotiable Instrument?
In the Negotiable Instrument Act, which section defines the meaning of a Negotiable Instrument?
According to the NI Act, under which section are public holidays declared?
According to the NI Act, under which section are public holidays declared?
Which section of the NI Act provides protection to Paying Banker against forged endorsement in Order Cheques?
Which section of the NI Act provides protection to Paying Banker against forged endorsement in Order Cheques?
Under which section of the NI Act are inchoate instruments defined?
Under which section of the NI Act are inchoate instruments defined?
Signup and view all the answers
According to the NI Act, what is the section that describes the capacity of a minor to draw or endorse negotiable instruments?
According to the NI Act, what is the section that describes the capacity of a minor to draw or endorse negotiable instruments?
Signup and view all the answers
Which section of the NI Act defines the obligation of a paying banker to make payment of genuine instruments?
Which section of the NI Act defines the obligation of a paying banker to make payment of genuine instruments?
Signup and view all the answers
What section of the NI Act deals with the protection of Paying Banker against forged endorsement in case of Demand Drafts?
What section of the NI Act deals with the protection of Paying Banker against forged endorsement in case of Demand Drafts?
Signup and view all the answers
Under which section of the NI Act is the protection to Paying Banker against material alteration in a cheque available?
Under which section of the NI Act is the protection to Paying Banker against material alteration in a cheque available?
Signup and view all the answers
Which section of the NI Act provides protection to the Collecting Banker?
Which section of the NI Act provides protection to the Collecting Banker?
Signup and view all the answers
In case of dishonor of a cheque due to insufficiency of funds, the relevant section under the NI Act is:
In case of dishonor of a cheque due to insufficiency of funds, the relevant section under the NI Act is:
Signup and view all the answers
What is the term for the person to whom the amount mentioned in a promissory note is payable?
What is the term for the person to whom the amount mentioned in a promissory note is payable?
Signup and view all the answers
What is the term for a Promissory Note or Bill of Exchange payable after a certain period of time?
What is the term for a Promissory Note or Bill of Exchange payable after a certain period of time?
Signup and view all the answers
How many parties are involved in a Promissory Note and a Bill of Exchange respectively?
How many parties are involved in a Promissory Note and a Bill of Exchange respectively?
Signup and view all the answers
What is a Bill of Exchange payable on some future date called?
What is a Bill of Exchange payable on some future date called?
Signup and view all the answers
In case of a foreign bill sent in multiple copies, what are the other copies called after receipt of the accepted copy?
In case of a foreign bill sent in multiple copies, what are the other copies called after receipt of the accepted copy?
Signup and view all the answers
Study Notes
Negotiable Instrument Act
- Section 13 of the NI Act defines the meaning of a Negotiable Instrument.
- Public holidays are declared under Section 25 of the NI Act.
- Section 85 of the NI Act provides protection to Paying Banker against forged endorsement in Order Cheques.
- Inchoate instruments are defined under Section 20 of the NI Act.
- The capacity of a minor to draw or endorse negotiable instruments is described under Section 26 of the NI Act.
- The obligation of a paying banker to make payment of genuine instruments is defined under Section 31 of the NI Act.
- Section 87 of the NI Act deals with the protection of Paying Banker against forged endorsement in case of Demand Drafts.
- The protection to Paying Banker against material alteration in a cheque is available under Section 87A of the NI Act.
- Section 128 of the NI Act provides protection to the Collecting Banker.
- In case of dishonor of a cheque due to insufficiency of funds, the relevant section under the NI Act is Section 138.
Promissory Note and Bill of Exchange
- The person to whom the amount mentioned in a promissory note is payable is called the payee.
- A Promissory Note or Bill of Exchange payable after a certain period of time is called a usance bill.
- A Promissory Note involves two parties, while a Bill of Exchange involves three parties.
- A Bill of Exchange payable on some future date is called a usance bill.
- In case of a foreign bill sent in multiple copies, the other copies are called "duplicate copies" after receipt of the accepted copy.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of the sections of the Negotiable Instrument Act with this quiz. Answer questions about the definitions and provisions of different sections of the act.
