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Bare Acts
/ NI
The Negotiable Instruments Act, 1881
NI · 1881
Jump to a chapter
Ch. I
PRELIMINARY
Ch. II
OF NOTES, BILLS AND CHEQUES
Ch. III
PARTIES TO NOTES, BILLS AND CHEQUES.
Ch. IV
OF NEGOTIATION
Ch. V
OF PRESENTMENT
Ch. VI
OF PAYMENT AND INTEREST
Ch. VII
OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES
Ch. VIII
OF NOTICE OF DISHONOUR
Ch. IX
OF NOTING AND PROTEST
Ch. X
OF REASONABLE TIME
Ch. XI
OF ACCEPTANCE AND PAYMENT FOR HONOUR AND REFERENCE IN CASE OF NEED
Ch. XII
OF COMPENSATION
Ch. XIII
SPECIAL RULES OF EVIDENCE
Ch. XIV
OF CROSSED CHEQUES
Ch. XV
OF BILLS IN SETS
Ch. XVI
OF INTERNATIONAL LAW
Ch. XVII
OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS
Ch. I
· PRELIMINARY
s. 1
Short title
s. 2
Repeal of enactments. Rep
s. 3
Interpretation-clause
Ch. II
· OF NOTES, BILLS AND CHEQUES
s. 4
“Promissory note”
s. 5
“Bill of exchange”
s. 6
“Cheque”
s. 7
“Drawer” “Drawee”
s. 8
“Holder”
s. 9
“Holder in due course”
s. 10
“Payment in due course”
s. 11
Inland instrument
s. 12
Foreign instrument
s. 13
“Negotiable instrument”
s. 14
Negotiation
s. 15
Indorsement
s. 16
Indorsement “in blank” and “in full”
s. 17
Ambiguous instruments
s. 18
Where amount is stated differently in figures and words
s. 19
Instruments payable on demand
s. 20
Inchoate stamped instruments
s. 21
“At sight”
s. 22
“Maturity”
s. 23
Calculating maturity of bill or note payable so many months after date or sight
s. 24
Calculating maturity of bill or note payable so many days after date or sight
s. 25
When day of maturity is a holiday
Ch. III
· PARTIES TO NOTES, BILLS AND CHEQUES.
s. 26
Capacity to make, etc., promissory notes, etc
s. 27
Agency
s. 28
Liability of agent signing
s. 29
Liability of legal representative signing
s. 30
Liability of drawer
s. 31
Liability of drawee of cheque
s. 32
Liability of maker of note and acceptor of bill
s. 33
Only drawee can be acceptor except in need or for honour
s. 34
Acceptance by several drawees not partners
s. 35
Liability of indorser
s. 36
Liability of prior parties to holder in due course
s. 37
Maker, drawer and acceptor principals
s. 38
Prior party a principal in respect of each subsequent party
s. 39
Suretyship
s. 40
Discharge of indorser's liability
s. 41
Acceptor bound, although, indorsement forged
s. 42
Acceptance of bill drawn in fictitious name
s. 43
Negotiable instrument made, etc., without consideration
s. 44
Partial absence or failure of money-consideration
s. 45
Partial failure of consideration not consisting of money
s. 45A
Holder's right to duplicate of lost bill
Ch. IV
· OF NEGOTIATION
s. 46
Delivery
s. 47
Negotiation by delivery
s. 48
Negotiation by indorsement
s. 49
Conversion of indorsement in blank into indorsement in full
s. 50
Effect of indorsement
s. 51
Who may negotiate
s. 52
Indorser who excludes his own liability or makes it conditional
s. 53
Holder deriving title from holder in due course A holder of a negotiable
s. 54
Instrument indorsed in blank
s. 55
Conversion of indorsement in blank into indorsement in full
s. 56
Indorsement for part of sum due
s. 57
Legal representative cannot by delivery only negotiate instrument indorsed by deceased
s. 58
Instrument obtained by unlawful means or for unlawful consideration
s. 59
Instrument acquired after dishonour or when overdue
s. 60
Instrument negotiable till payment or satisfaction
Ch. V
· OF PRESENTMENT
s. 61
Presentment for acceptance
s. 62
Presentment of promissory note for sight
s. 63
Drawee’s time for deliberation
s. 64
Presentment for payment
s. 65
Hours for presentment
s. 66
Presentment for payment of instrument payable after date or sight
s. 67
Presentment for payment of promissory note payable by instalments
s. 68
Presentment for payment of instrument payable at specified place and not elsewhere
s. 69
Instrument payable at specified place
s. 70
Presentment where no exclusive place specified
s. 71
Presentment when maker, etc., has no known place of business or residence
s. 72
Presentment of cheque to charge drawer
s. 73
Presentment of cheque to charge any other person
s. 74
Presentment of instrument payable on demand
s. 75
Presentment by or to agent, representative of deceased, or assignee of insolvent
s. 75A
Excuse for delay in presentment for acceptance or payment
s. 76
When presentment unnecessary
s. 77
Liability of banker for negligently dealing with bill presented for payment
Ch. VI
· OF PAYMENT AND INTEREST
s. 80
Interest when no rate specified
s. 81
Delivery of instrument on payment or indemnity in case of loss
Ch. VII
· OF DISCHARGE FROM LIABILITY ON NOTES, BILLS AND CHEQUES
s. 82
Discharge from liability
s. 83
Discharge by allowing drawee more than forty-eight hours to accept
s. 84
When cheque not duly presented and drawer damaged thereby
s. 85
Cheque payable to order
s. 85A
Drafts drawn by one branch of a bank on another payable to order
s. 86
Parties not consenting discharged by qualified or limited acceptance
s. 87
Effect of material alteration
s. 88
Acceptor or indorser bound notwithstanding previous alteration
s. 89
Payment of instrument on which alteration is not apparent
s. 90
Extinguishment of rights of action on bill in acceptor's hands
Ch. VIII
· OF NOTICE OF DISHONOUR
s. 91
Dishonour by non-acceptance
s. 92
Dishonour by non-payment
s. 93
By and to whom notice should be given
s. 94
Mode in which notice may be given
s. 95
Party receiving must transmit notice of dishonour
s. 96
Agent for presentment
s. 97
When party to whom notice given is dead
s. 98
When notice of dishonour is unnecessary
Ch. IX
· OF NOTING AND PROTEST
s. 99
Noting
s. 100
Protest
s. 101
Contents of protest
s. 102
Notice of protest
s. 103
Protest for non-payment after dishonour by non-acceptance
s. 104
Protest of foreign bills
s. 104A
When noting equivalent to protest
Ch. X
· OF REASONABLE TIME
s. 105
Reasonable time
s. 106
Reasonable time of giving notice of dishonour
s. 107
Reasonable time for transmitting such notice
Ch. XI
· OF ACCEPTANCE AND PAYMENT FOR HONOUR AND REFERENCE IN CASE OF NEED
s. 108
Acceptance for honour
s. 109
How acceptance for honour must be made
s. 110
Acceptance not specifying for whose honour it is made
s. 111
Liability of acceptor for honour
s. 112
When acceptor for honour may be charged
s. 113
Payment for honour
s. 114
Right of payer for honour
s. 115
Drawee in case of need
s. 116
Acceptance and payment without protest
Ch. XII
· OF COMPENSATION
s. 117
Rules as to compensation
Ch. XIII
· SPECIAL RULES OF EVIDENCE
s. 118
Presumptions as to negotiable instruments
s. 119
Presumption on proof of protest
s. 120
Estoppel against denying original validity of instrument
s. 121
Estoppel against denying capacity of payee to indorse
s. 122
Estoppel against denying signature or capacity of prior party
Ch. XIV
· OF CROSSED CHEQUES
s. 123
Cheque crossed generally
s. 124
Cheque crossed specially
s. 125
Crossing after issue
s. 126
Payment of cheque crossed generally
s. 127
Payment of cheque crossed specially more than once
s. 128
Payment in due course of crossed cheque
s. 129
Payment of crossed cheque out of due course
s. 130
Cheque bearing “not negotiable”
s. 131
Non-liability of banker receiving payment of cheque
s. 131A
Application of Chapter to drafts
Ch. XV
· OF BILLS IN SETS
s. 132
Set of bills
s. 133
Holder of first acquired part entitled to all
Ch. XVI
· OF INTERNATIONAL LAW
s. 134
Law governing liability of maker, acceptor or indorser of foreign instrument
s. 135
Law of place of payment governs dishonour
s. 136
Instrument made, etc., out of India, but in accordance with the law of India
s. 137
Presumption as to foreign law
Ch. XVII
· OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS
s. 138
Dishonour of cheque for insufficiency, etc., of funds in the account
s. 139
Presumption in favour of holder
s. 140
Defence which may not be allowed in any prosecution under section 138
s. 141
Offences by companies
s. 142
Cognizance of offences
s. 142A
Validation for transfer of pending cases
s. 143
Power of Court to try cases summarily
s. 143A
Power to direct interim compensation
s. 144
Mode of service of summons
s. 145
Evidence on affidavit
s. 146
Bank’s slip prima facie evidence of certain facts
s. 147
Offences to be compoundable
s. 148
Power of Appellate Court to order payment pending appeal against conviction
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