Section 4 -
Promissory note
A “promissory note” is
an instrument in writing
(not being a bank-note
or a currency-note)
containing an
unconditional undertaking,
signed by the maker,
to pay a certain sum
of money
only to, or to the
order of, a certain person,
or to the bearer of
the instrument.
Section 5 - Bill of
exchange
A “bill of exchange”
is an instrument in writing containing an unconditional order, signed by the
maker, directing a certain person to pay a certain sum of money only to, or to
the order of, a certain person or to the bearer of the instrument.
Section 6 - Cheque
A cheque is a bill of
exchange drawn on a specified banker and not expressed to be payable otherwise
than on demand and it includes the electronic image of a truncated cheque and a
cheque in the electronic form.
Section 13 -
Negotiable Instruments
A Negotiable
Instrument means a promissory note, bill of exchange or cheque payable either
to order or to bearer.
Section 123 -
Cheque Crossed Generally
Where a cheque bears
across its face an addition of the words and company or any abbreviation
thereof, between two parallel transverse lines, or of two parallel transverse
lines simply, either with or without the words, not negotiable, that addition
shall be deemed a crossing, and the cheque shall be deemed to be crossed
generally.
Section 124 -
Cheque crossed specially
Where a cheque bears
across its face an addition of the name of a banker, either with or without the
words not negotiable, that addition shall be deemed a crossing, and the cheque
shall be deemed to be crossed specially, and to be crossed to that banker.
Section 126 Cheque
crossed specially
Where a cheque is
crossed generally, the banker, on whom it is drawn shall not pay it otherwise
than to a banker.
Payment of cheque
crossed specially. - Where a cheque is crossed specially, the banker on whom it
is drawn shall not pay it otherwise than to the banker to whom it is crossed,
or his agent, for collection.
Section 130 Cheque
bearing Not Negotiable
A person taking a
cheque crossed generally or specially, bearing in either case the words not
negotiable, shall not have, and shall not be capable of giving, a better title
to the cheque than that which the person from whom he took it had.
