Understanding Negotiable Instruments Act and Types of Instruments
Explore the essential concepts of the Negotiable Instruments Act, including promissory notes, bills of exchange, and cheques. Learn about different types of negotiable instruments, such as inchoate instruments and instruments payable on demand. Gain insights into the significance of inland instruments and time instruments as per the Act.
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Presentation Transcript
Name Rushikesh Anil Shirke Roll No-164 Name Rushikesh Kantilal Wagh Roll No-166 Guide- Mr. Jaywant Pawar Assistant Professor, Dept.of commerce and Management
Subject- kinds of negotiable instrument
Introduction- According to negotiable instrument act- section 13 of the negotiable instruments act defines it by specifying three kinds of negotiable instatement accounting to this section a negotiable instruments means promissory note bill of exchanges and a cheque payable either to order or to bearer whether the world order or bearer apar on the instrument or not
Points to Remember 1. According to negotiable Instruments act: instrument in writing which contains an unconditional promise by one person to pay a certain sum of money to a specified person. 2. According to customary practice : Share warrants, port trust or improvement trust debentures, treasury bills, railway bonds payable to bearer or railway recipts are considered equivalent to negotiable instruments either by mercantile custom or by other enactment like the companies Act. Promssory note : It is a negotiable
3. Inchoate instrument : instrument. Either it is wholly blank or incomplete in the sense of stamping or wrong amount etc. 4. Instruments payable on demand : a promissory note or bill of exchange in which no time for payment is specified and a cheque, are payable on demand. 5. Time instruments : the term time instrument may be defined as the instrument which is some time in future. 6. Inland instruments : section 11 provides the term of inland instrument as a promissory note bill of exchange or cheque drawn or made in india, and made payable in , or drawn upon any person resident in India, shall be deemed to be an inland instrument. the term inchoate instrument means an incomplete
