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Description
Negotiable Instruments Act, 1881 is an act in India dating from the British colonial rule, that is still in force largely unchanged.
What is Negotiable Instrument Act 1881?
Negotiable Instruments Act, 1881 is a law relating to all negotiable instruments such as promissory notes, bills of exchange and cheques. The word “negotiable instrument” means a document which is transferable from one person to another. … Such a person can sue upon the instrument in his own name.
Features of Negotiable Instruments
- Easily Transferable: A negotiable instrument is easily and freely transferable. …
- Must be in Writing: All negotiable instruments must be in writing. …
- Time of Payment must be Certain: If the order is to pay when convenient then such an order is not a negotiable instrument.
What are the four types of negotiable instruments?
Types of Negotiable Instruments. There are many types of negotiable instruments. The common ones include personal checks, traveler’s checks, promissory notes, certificates of deposit, and money orders.
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