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Dishonor of Cheque: Section 138 of the Negotiable Instruments Act, 1881

The term ‘Negotiable’ means ‘transfer by endorsement or delivery’ and the term ‘Instrument’ means ‘any legal document in writing, which is created in favour of any person. Therefore, Negotiable Instruments are written statements implying payment of money, either on demand or within a particular time period with the drawer’s/payer’s name on it. In case of any related legal matter, please Post Your Requirement anonymously and get free proposals OR Search for a Lawyer and book a free appointment directly. History and background In India, Negotiable Instruments Act, 1881 codifies the law governing transactions involving negotiable instruments. As can be seen, this is a law passed during the British Era which continues till date to govern economical transactions. There are various negotiable instruments; such as cheques, promissory notes, bills of exchange, bank notes, etc. Cheques Parties to a ‘cheque’ Drawer – Is the maker of the cheque. Drawee – Is the person thereby directed to pay. 1. 2. 3.

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