III To pay a certain sum of money only to a specific person or the bearer. III Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. I Section defines Dishonour of cheque for insufficiency, etc. II Such cheque has been presented to the bank within a period of twelve months from the date on which it is drawn or within the period of its validity, whichever is earlier. III Imprisonment for such offence may be extended for period of five year. IV Section apply unless — the drawer of such cheque fails to make the payment of the said amount of money to the payee or, as the case may be, to the holder in due course of the cheque, within fifteen days of the receipt of the said notice.
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This is an exhaustive article dealing with various judgments on Section of the Negotiable instruments Act. In this fast-growing world, the business has an important role to play. With the development of business practices, various ways of financial transaction are also being born. Negotiable instruments have introduced favourable ways of business modes breaking away from the traditional procedure of transfer of cash by means of exchanging goods and services. The coming of the Negotiable Instruments Act, has made transaction procedures easier and simpler than before. The Act has come about with the aim to safeguard the use of several modes of payments like cheques usage, bill of exchange, promissory notes and highlights each of them individually thereby providing the relevance as to how they are to be applied as has been laid down under Section 13 1 of the said Act. A widely used model of payment nowadays in the form of cheques is post-dated cheques which provide a certain amount of understanding to the drawer of the cheque.
Negotiable Instruments Act, 1881 (Updated)
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