BBG E231 Lecture Notes - Lecture 29: Promissory Note, Negotiable Instrument
Document Summary
Negotiable instruments must be written and signed by the parties according to the rules relating to promissory notes, bills of exchange and cheques: money. Negotiable instruments are payable by legal tender money of india. The liabilities of the parties of negotiable instruments are fixed and determined in terms of legal tender money: negotiability: Negotiable instruments can be transferred from one person to another by a simple process. In the case of bearer instruments, delivery to the transferee is sufficient: title: The transferee of a negotiable instrument, when he fulfils certain conditions, is called the holder in due course. The holder in due course gets a good title to the instrument even in cases where the title of the transferee is defective. It is not necessary to give notice of transfer of a negotiable instrument to the party liable to pay. The transferee can sue in his own name. Essential features of negotiable instruments (negotiable instruments act, 1881)
