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6 Negotiable Instruments

• Published: September 2019
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This chapter discusses the law relating to negotiable instruments as interpreted and applied by Indian courts. The legal requirements and the legal effects of a negotiable instrument such as a bill of exchange or a promissory note or cheque are governed by the Negotiable Instruments Act, 1881. Section 134 of the Act lays down the rule that in the absence of a contract to the contrary in respect of a negotiable instrument, the liability of the maker or drawer of a promissory note, bill of exchange, or cheque is regulated in all essential matters by the law of the place where he made the instrument.

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• General Editors’ Foreword
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• The Suggested Framework of the Choice-of-Law Rules Relating to Negotiable Instruments (Chapters V–VIII)

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I Negotiability, Negotiable Instruments, and the Law of Bills, Notes, and Cheques

From: international negotiable instruments, benjamin geva, sagi peari.

This chapter examines the basic concept of ‘negotiability’ as the transferability of an instrument embodying monetary claims by its physical delivery—possibly free of adverse claims and contract defences to liability under it. Accordingly, one of the typical features of a negotiable instrument is that it may be divorced from the underlying causes and has to be judged on its own merits, independent from the bargain from which the instrument originated and the underlying contract. The chapter then looks at the principal instruments that, subsequent to their emergence and earlier development, were accorded with the quality of negotiability. These instruments are bills of exchange, promissory notes, and cheques. The chapter also discusses the rules governing liability under and transfer of such instruments as a crystallization of the general rules of contract and tangible property, and describes their contemporary uses. Moreover, it outlines early national codification, major difference among the global systems, and major international efforts to unify and substantively harmonize this area of law.

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The Negotiable Instruments Act, 1881

Negotiation in Negotiable Instrument Act

• Post author: myspeakhr
• Post category: Law Notes
• Reading time: 2 mins read

In this article we will discuss about the Negotiation in Negotiable Instrument Act. Negotiation in Negotiable Instrument Act relates to the concept of transferring the ownership from one person to the other. In general terms we use the word negotiation at par with bargaining. When it comes to Negotiable Instrument Act the Legal meaning of the word Negotiation is different. Let us discuss the meaning and types of negotiation in Negotiable Instrument Act 1881.

Negotiation

When a Negotiable Instrument is transferred from one person to another in a motive to make him as a holder then it is called as negotiable. To complete the negotiation it is essential that the negotiable instrument has to be delivered. The delivery must be voluntary. Sec 46 states that the negotiation ends with delivery.

Note : When it is transferred only for safe custody then it is not a negotiation.

There are two types of negotiation

Negotiation by delivery: when the instrument passes along with ownership from one person to another it is called negotiation by delivery here the bearer of the instrument becomes the owner of the instrument (sec 47).

Negotiation by endorsement and delivery: when the transferor transfer the instrument along with the name to whom it is assigned in the face or back of the instrument it is called endorsement and delivery.

Kinds of negotiation:

There are different kinds of negotiation. An instrument can be negotiated in different ways. Some of the kinds are given below:

• Actual:-  Negotiable Instrument change hand physically

• Constructive:- Negotiable Instrument has been given to agent

• Conditional or special:- Negotiable Instrument can be delivered on condition for happening or non-happening of such event. The property in this case will not transfer even after delivery.

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