Anyone can indorse a check, and checks, unlike some earlier types of negotiable instruments
, are payable on demand, or without delay.
Articles 8 and 9 specify certain information that must be included in a negotiable instrument
Indeed, under negotiable instrument
law prior to Article 3, only a holder in due course was immune to the defense of theft, not a mere holder.
1) The most prevalent problem in the industry, by far, centers on check fraud, but also involves other counterfeit negotiable instruments
, such as traveler's checks, credit cards, certified bank checks, money orders, and currency.
10) The idea is that if the note holder obtains a foreclosure or money judgment on the note, the negotiable instrument
should be removed from the stream of commerce to avoid the possibility of a borrower facing a later claim by someone else claiming they are a holder in due course.
For example, corporate principals may be subject to personal liability because of the way they signed corporate checks or other negotiable instruments
KPH lawyers have sent legal notice against bouncing of cheques to NVD Solar Limited, Saibal Kumar Hazra and other Directors of NVD Solar Limited U/ S 138 of The Negotiable Instrument
Act, 1881, as amended, by The Banking Public Financial Institutions & Negotiable Instruments
Laws Amendment Act, 1988 for bouncing of four cheques of ` 25 lakh each tendered by NVD India to KPH .
The bill also provides that if a check or other negotiable instrument
is sent unsolicited, a consumer would not be liable for the debt unless the creditor could prove that the consumer received and negotiated the instrument.
The court passed the direction on a plea filed by Bhalla, challenging the metropolitan magistrate's order, which convicted him under the Negotiable Instrument
Topics addressed include: applicability of Article 3, characteristics of a negotiable instrument
, negotiation and endorsement, holder in due course, defenses, liability and warranty, checks and banking, documents of title and letters of credit.
The law facilitates check truncation by creating a new negotiable instrument
called a substitute check, which permits banks to truncate original checks, to process check information electronically, and to deliver substitute checks to banks that want to continue receiving paper checks.
Check 21 legalizes a negotiable instrument
called a substitute check, which permits banks to truncate original checks, to process check information electronically and to deliver substitute checks to banks that want to continue receiving paper checks.