Course Description
The course on the "Negotiable
Instruments Act" deals with complete details of enactment of the various
acts with its amendments in conjunction with other laws under Indian
Contract Act, Indian Stamps Act, Transfer of Property Act, Partnership
Act, Indian Companies Act etc.
What are Negotiable
Instruments, its definition under Section 13, and the essential features
of a Negotiable Instrument are discussed with suitable examples,
wherever necessary. How a Promissory note is defined under Section 4, a
Bill of Exchange under Section 5 and a cheque under Section 6 are
explained in a lucid manner for understanding the subject, for the
beginners. Along with the technological developments in all other
sectors, the banking sector also has undergone vast changes with the
introduction of Core Banking Solutions and Internet based banking /
Mobile banking services. The introduction of the computers and MICR
cheques in 1980s were the early off-shooters in the banking sector,
which have entirely changed the banking scenario in the country. The
distinctions between a Promissory Note, Bill of Exchange and a Cheque
are specifically narrated and discussed which will help the readers /
listeners to fully understand them.
Classification of
bills into Inland bills and Foreign bills, its individual features,
dishonour of a bill, the rights available to the drawer and its
endorsees on dishonour, the necessity for noting and protesting of a
foreign bill, the process involved in the same, are explained in detail.
Who is a "Holder in due course" as defined under
Section 9, what are the rights and privileges to him, are narrated
clearly. The definition of "Payment in due course" under Section 10 and
how it will protect a paying banker while making payment of an
instrument are also discussed.
What is "negotiation" and
what is the difference between "negotiation" and "assignment" are also
discussed for a better understanding.
"Once a bearer,
always a bearer" is the accepted norm under the banking circles which
gives protection to a Collecting banker under Sections 131 and 85.
Various other stipulations, such as the collecting banker should collect
the instrument for his customer only, the instrument should be crossed
and the banks should act in good faith and without negligence are the
prime conditions to be met, for getting protection under Section 131,
for a Collecting banker. This has been clearly explained here.
Definition of Endorsement, its different types and various provisions with regard to each, have been discussed in this lecture.
Different
types of crossings such as general crossing, special crossing,
Non-negotiable crossing, what are the implications of each crossing and
the liability of the paying banker under Section 126, are briefed with
illustrations. What does not constitute a crossing, like a "single line"
or and mark "X" are also discussed for getting a clearer picture.
The responsibilities of a Paying banker and a Collecting banker are also explained in a nice manner.
Curriculum
Classification of bills
Continuation of Promissory Note
Distinction between a Bill of Exchange and a cheque
Distinction between Pro note and Bill of Exchange
Features of Negotiable Instruments
Features of Promissory notes_Bill of Exchange and Cheque
Holder in due course
Introduction to Negotiable Instruments
Section 1: Overview of Negotiable Instruments Act
Section 2: Learning about Bills of Exchange, Pro note & Cheque
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