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Section 13: ''Negotiable instrument''.

The Negotiable Instruments Act, 1881Central Act · Act 26 of 1881

[(1) A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.

Explanation (i) -- A promissory note, bill of exchange or cheque is payable to order which is expressed to be so payable or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it shall not be transferable.

Explanation (ii) -- A promissory note, bill of exchange or cheque is payble to bearer which is expressed to be so payable or on which the only or last indorsement is an indorsement in blank.

Explanation (iii) -- Where a promissory note, bill of exchange or cheque, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.]

[(2) A negotiable instrument may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of serveral payees.]

Where this provision sits

ActThe Negotiable Instruments Act, 1881
Section13
Marginal note''Negotiable instrument''.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it1

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 8 of 1919. . Subs. by Act 8 of 1919, s. 3, for the original sub-section.
  • inserted, Act 5 of 1914. . Ins. by Act 5 of 1914, s. 2.

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