The Negotiable Instruments Act, IPCC Paper-2: Business Laws, Ethics &Communications Chapter 2 CA. Chiranjiv Sodhi

Transcription

1 The Negotiable Instruments Act, 1881 IPCC Paper-2: Business Laws, Ethics &Communications Chapter 2 CA. Chiranjiv Sodhi 1

2 Learning Objectives 1 What is a Negotiable Instrument? 2 Promissory Note 3 Bills of Exchange 4 Cheques 5 Types of Instruments 6 Liabilities of Parties 7 Accommodation Bills 8 Negotiation & Assignment 9 Discharge of Parties 2

3 Abbreviations Used NI PN BE HDC Negotiable Instrument Promissory Note Bill of Exchange Holder in Due Course 3

4 What is a Negotiable Instrument? It is an instrument- which is transferable by delivery, like cash, and is also capable of being sued upon by the person holding for the time being. Section 13 of NI Act 1881 mentions only three kinds of NI viz: Bills, Notes & Cheques. 4

5 Characteristics of Negotiable Instrument Easy Negotiability, Transferee can sue in his own name without giving notice to debtor Better title to a transferee for value, Written & Signed 5

6 Presumption as to NI Consideration Date Acceptance within reasonable time Transfer before maturity Sequence/order of endorsements A lost NI was duly stamped Holder of NI 6

7 In nutshell A Negotiable Instrument is a written & signed document entitling a person to a sum of money specified in it -and- which is transferable from one person to another either by delivery or by an endorsement & delivery. 7

8 As per Section 31 of Reserve Bank of India Act: No person in India other than the RBI or the Central Govt. can make or issue a promissory note payable to bearer. No person India other than the RBI or the Central Govt. can draw or accept a bill of exchange and a promissory note payable to bearer on demand. A cheque payable to bearer on demand can be drawn. 8

9 An Intro. Promissory Note 9

10 Promissory Note - Section 4 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. 10

11 Essentials of a Promissory Note It must be in writing Promise to pay Unconditional Promise It must be signed Certainty about maker & amount Payee must be certain. 11

12 Points to be noted Consideration need not to be mentioned. Place and date of making it need not to be mentioned. An undated instrument will be treated as having been made on the date of its delivery. An antedated or post dated instrument is not invalid. 12

13 An Intro. Bills of Exchange 13

14 Bills of Exchange First of all, we must know how a bill of exchange ordinarily comes into existence. Suppose A sells goods worth Rs 1000/ to B on credit and allows him three months time to pay the price. A will draw a bill on B. After signing the bill A will present it to B for acceptance. Now A is the drawer and B is the drawee. After acceptance A is the drawer and B is the acceptor. 14

15 Bills of Exchange Bill is an unconditional written order signed by the drawer, directing a certain person to pay a certain sum of money to the specified person or to his order or to the bearer of the bill. 15

16 Essentials of a Bill of Exchange In writing Order to pay Unconditional Duly signed Certainty regarding parties Certainty regarding amount Money only 16

17 Promissory Note Vs. Bill of Exchange Number of parties Promise & Order Acceptance Nature of liability Maker s position It should be noted that neither a PN nor a BE can be made payable to bearer on demand Payable to bearer Notice of dishonour 17

18 An Intro. Cheque 18

19 Cheque - Section 6 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 truncate cheque and a cheque in the electronic form. All cheques are biils of exchange, but all bills of exchange are not cheque. 19

20 Similarities Between Bill & Cheque 1 Regarding Nature 2 Regarding Parties 3 Drawer & Payee 4 Written & Signed 5 Unconditional Order 6 Endorsement 20

21 Cheque Vs. Bill Of Exchange Differences A Cheque is always drawn on a banker- while a bill may be drawn on any person including a banker. A cheque can only be drawn payable on demand- whereas a bill may be drawn payable on demand or on the expiry of certain period. A cheque drawn payable to bearer is valid- but a bill drawn payable to bearer is absolutely void A cheque does not require any acceptance- whereas a bill requires acceptance. A cheque does not require any stamp- whereas a bill of exchange must be properly stamped. Three days of grace are allowed while calculating the maturity date in case of time bills- Since a cheque is always payable on demand, there is no any days of grace. 21

22 Cheque Vs Bill of Exchange - 2 Unlike cheque, bills can not be crossed. Unlike bills, there is no system of noting or protest in case of a cheque. The drawer of a bill is discharge from liability if it is not presented, but the drawer of cheque will not be discharge by delay of the holder in presenting it for payment unless failure of the bank. 22

23 Crossing of Cheques General Crossing (Sec 123) Special Crossing (Sec 124) Not Negotiable Crossing (Sec 130) 23

24 Crossing of Cheques - 2 Account Payee Crossing Not Negotiable A/C Payee Crossing Opening Of Crossing 24

25 Holder 25

26 Holder (Section 8) The holder of a N.I. means any person entitle to the possession of the instrument in his own name and to receive the amount due thereon from the parties liable thereto. 26

27 Holder In Value Holder in value means as regards all parties prior to himself, a holder of an instrument for which value has at any time been given. 27

28 Holder In Due Course (Section 9) A Holder in Due Course means a holder- who takes the instrument bona fide- for value -before it is overdue, and without any notice of defects in the title of the person, who transferred it to him. 28

29 Privileges of a Holder in Due Course He gets a better title than that of the transferor Privilege in case of inchoate stamped instruments (Sec. 20) Liability of prior parties Privilege in case of Fictitious bills (Sec. 42), Privilege when an instrument delivered conditionally is negotiated Estoppel against denying original validity of instrument (Sec. 120) Estoppel against denying capacity of payee to indorse 29

30 Example of Inchoate Stamped Instrument A signs his name on a blank but stamped instrument and gives to B with an authority to fill up as a note for a sum of Rs 4000 only. But B fills it for Rs 5000 and then transfers it to C for a consideration of Rs 5000 who takes it in good faith. Here C is entiled to recover full amount of the instrument because he is HDC. But B, being a holder, can not recover the amount because he filled in the amount in excess of his authority 30

31 Example of Conditional Instrument If I give a cheque to a shopkeeper with the condition that he should not encash the cheque till he supplies me the goods, anybody encashing the cheque prior to fulfilling the condition is liable to return the money except the holder in due course. 31

32 Example of better title to HDC If P obtains an instrument payable to bearer by theft or fraud, or for an unlawful consideration, he cannot sue on it. But if P transfers the instrument (being a bearer one) to R under circumstances (for value in good faith) which make R a holder in due course, R can sue on the instrument. The party liable to pay can take, as against P, the defence of theft or fraud, but as against R he will not be allowed to take such a defence. 32

33 An Intro. Types of Instruments 33

34 Time Instruments An instrument payable after a fixed time or on specified date is termed as time instrument. An instrument payable after happening of a certain event is also called as time instrument. 34

35 Demand (at sight) Instruments When no time of payment is specified, it is payable on demand. When it is expressed to be payable on demand or at a sight or presentation, it is demand instrument 35

36 Bearer Instruments An NI is said to be a bearer instrument if it is expressed to be so payable; or When the only or last endorsement is in blank. 36

37 Order Instrument When it is expressed to be payable to the order; or When it is expressed to be payable to a particular person and does not contain the words prohibiting or restricting its transfer. 37

38 Ambiguous Instrument - Sec 17 Ambiguous instrument means an instrument which may be treated as a bill or as a promissory note In such a case the holder may either treat it as a bill or a promissory note. But once he has made his choice the instrument shall henceforth be treated accordingly 38

39 Ambiguous Instrument - 2 In the following cases, instrument is an ambiguous instrument: when the drawer and drawee of a bill are the same person where the drawee of a bill is a fictitious person where the drawee of a bill is a person not having capacity to contract. 39

40 Inchoate Instrument It is an instrument that is signed and duly stamped but otherwise wholly or partially blank. Where one person sign and deliver properly stamped by wholly or partly blanked instrument, such incomplete instrument is called inchoate instrument 40

41 ESCROW When a NI is endorsed and delivered conditionally or as collateral security, it is called escrow. In this case, property in the instrument does not passes to the endorsee, he is merely a bailee with limited title and power of negotiating it. However, it does not affect the rights of a HDC. 41

42 Forged Instruments The holder of a forged instrument cannot enforce payment therefore. The true owner can compel debtor to pay it again to him. Even a holder in due course can not claim payment on forged instrument. 42

43 An Intro. Accommodation Bill 43

44 Accommodation Bill X draws a bill (payable to himself) on Y, Y accepts the bill without consideration just to accommodate X to enable X to raise money from market by negotiating the bill in the market. This is accommodation bill. Though Y accepts the bill, X is primary liable to the bill. He can not demand amount from Y. However If X transfer the bill, after maturity to Z for good consideration, and Z becomes the holder in good faith- Z is entitle to recover the amount. 44

45 Accommodation Bill - 2 No consideration No creditor-debtor relation No obligation for payment Liability for subsequent holder for value All benefits of holder in due course No presentation for payment does not discharge the drawer 45

46 An Intro. Maturity of Negotiable Instruments 46

47 Maturity of Negotiable Instruments: Rules for calculating maturity:- Payable after a stated number of months, 3 days after the corresponding date of the month of payment. If the month has no corresponding date, on the last day of such month. Exclude the day on which instrument is presented for acceptance or sight or on which the event happens. 47

48 Rules for calculating Maturity.. If maturity day is a public holiday/ Sunday, immediate preceding business day shall be deemed as maturity day. If it is an emergency holiday, then on subsequent date.. If instrument is payable on installments, 3 days grace will be allowed on each installment 48

49 An Intro. Negotiating 49

50 Negotiating of Negotiable Instruments NEGOTIATION Negotiation means transfer of a NI by one person to another in order to make the transferee the holder of the instrument. ASSIGNMENT Assignment of a NI means transfer of ownership of the instrument from one person to another (assignor to assignee). 50

51 Negotiation Vs. Assignment Consideration Title Notice of transfer Mode 51

52 Negotiable Back An instrument is said to have been negotiable back, when a person who has been a party to NI takes it again. 52

53 Example A B D B B C C D Here B is the person who is the prior party to the instrument. 53

54 Example Cont. Every subsequent party may sue every prior party. Hence B can sue D, D can sue C and C can sue B. To prevent this, section 52 of NI enacts an exception to the general rule to provide that HDC may sue all the prior parties thereto. Hence B can not sue C or D, he can sue A. 54

55 An Intro. Liabilities 55

56 Liability of Legal Representative - Section 29 The Legal Representative of a deceased person, who signs his own name on the instrument, is personally liable to the entire amount. But he can expressly limit his liability to the extent of the assets received by him as Legal Representative. 56

57 Liability of a Drawer (Section 30) The drawer s liability is conditional and secondary. It arises only in the event of dishonour by drawee or acceptor. It may be noted that the drawer may, by an expressed stipulation in the instrument, limit or exclude his liability. 57

58 Liability of Drawee of Cheque (Section 31) The drawee of a cheque is always a banker. It is the duty of the banker to pay the cheque provided he has sufficient funds of drawer in his hands and the funds are properly applicable to such payment. If the banker refuses payment without any sufficient cause being shown, he must compensate the drawer any loss caused by such improper refusal 58

59 A Banker is Justified to Dishonour the Cheque in following cases: If the cheque is undated; If it is stale, that is if it has been not presented within prescribed time; If it is inchoate and not free from reasonable doubt; If the cheque is post dated and it is presented before that date; If the drawer s funds are not properly applicable to the payment of cheque; 59

60 A Banker is Justified to Dishonour the cheque in following cases If the banker receives the notice of customer s insolvency or lunacy; If there is any order by court for attachment of the account; If the banker has received the notice of death of the drawer; If notice of closure of account has been served by either parties; If it contains material alternations, irregular signature or irregular endorsement. 60

61 Liability of Maker of Note and Acceptor of Bill (Sec 32) The maker of a note is bound to pay the amount on maturity Under section 32 of the Act, the liability of an acceptor arises only when he accepts the bill. 61

62 Liability of an Endorser (Sec.35) Every endorser who endorsed an instrument before its maturity is liable to the parties that are subsequent to him. And his liability arises only if there is a default by the party who is primary liable to pay the instrument on maturity. 62

63 Liability of Parties to Holder in Due Course (Sec 36) Every prior party to an instrument is liable to a holder in due course until the instrument is satisfied 63

64 Effect of Forged Endorsement on Acceptor s Liability (Sec 41): The acceptor can not be relieved from the liability knowing that the endorsement is forged 64

65 Liability of Acceptor of a Bill Drawn in a Fictitious Name (Sec 42) Suppose: X uses a fictitious name in drawing a bill upon Z. Then he endorses the bill in the same fictitious name to Y, who presents the bill to Z for acceptance. Now if Z accepts the bill, he will be liable for payment in spite of fact that the name of drawer is fictitious. 65

66 Liability on an Instrument Drawn, etc. without Consideration: Sec 43: Such an instrument creates no obligation of payment between the parties to the transaction. Example: If a PN is delivered by the maker to the payee as a gift, it can not be endorsed against the maker by the payee. 66

67 Bouncing of Cheque Dishonour of cheque due to insufficient funds is an offence. The drawer, u/s 138, will be punishable with an imprisonment up to 2 years or with a fine twice the cheque amount or with both 67

68 However, in order to attract the penalties, following conditions must be satisfied Dishonour due to Insufficient funds; Payment should be for discharge of liability; Cheque must be present within validity period; Notice- demanding payment within 15 days; Complaint within 1 month 68

69 Question A drawer of a cheque after issuing the cheque, informs the drawee not to present cheque as well as informs bank to stop payment. Does it constitute an offence under the Act? Once a cheque is issued by the drawer, a presumption u/s 139 follows. Merely because the drawer issues a notice thereafter to drawee or to the bank for stoppage of payment does not discharge the drawer from his liability. Hence he shall be deemed to have committed an offence. 69

70 An Intro. Rights & Obligations 70

71 Rights & Obligations - Finder of Lost Instrument Finder will not get good title; True owner can recover the amount; Holder in due course can recover the amount; Endorsee of HDC can also recover the amount. 71

72 Rights & Obligations of Person who had obtained the instrument by Unlawful Means The possessor will not get good title Holder in due course can get good title X steels a bill from acceptor; X does not get any good title of it. If X collected the proceeds of bill, the acceptor can recover it from X If X endorses the bill to Y against value and If Y is HDC, Y can recover the money from X but no from other party 72

73 Forged Instruments 73

74 Forged Instruments As a general rule, a forged signature is worthless, having no legal impact. The holder of a forged instrument cannot enforce payment therefore. The true owner can compel debtor to pay it again to him. Even a HDC can not claim payment on forged instrument 74

75 Forged Instruments Imp. Points Person who forges an instrument, gets no title on the instruments, even holder in due course can not claim. The holder of instrument, who has acquired it after dishonour, has as against the other parties, only rights thereon of his transferor 75

76 Forged Instruments. If the instrument is acquired after maturity, the holder of an overdue instrument is affected by the defect in the title of his transferor. 76

77 Example P is a drawer and Q is the drawee and acceptor. Q deposits some goods with P as collateral security. The bill, not having been paid on maturity, P sells the goods and retained the money. Now P endorses the bill (after maturity) to R. R having rights of P can not recover money from Q. But if R was a bona fide endorsee before maturity, then he could realize money from Q 77

78 Forged Instruments. In an accommodation bill or note, a defect in the title of the transferor does not affect the title of the holder acquiring after maturity. 78

79 Hundi Darshani hundi Miadi hundi or Muddati hundi Shah Jog hundi Nam Jog hundi Jokhmi hundi Dhani Jog Hundi 79

80 Presentation of Instruments 80

81 Presentation of Instruments Presentation means showing a NI to the drawee, acceptor or maker for: acceptance, sight, or payment 81

82 Presentation for Acceptance A bill payable on demand or at a sight, or on certain fixed date need not to be presented for acceptance unless it is specifically agreed that such a bill is to be presented for acceptance. But presentation of acceptance is obligatory in case of a bill payable some period after sight or after presentation or when there is an express stipulation in the bill that it shall be presented for acceptance. 82

83 Modes of acceptance: General Acceptance: When the drawee, while accepting the bill, does not attach any condition or qualification to it, it is called general acceptance. Qualified Acceptance : The acceptance is qualified when it is given subject to some conditions or qualifications 83

84 Presentation for Acceptance to Whom The drawee or his duly authorized agent; His legal representative, if the drawee has died; His assignee, if the drawee has been declared insolvent; - All the drawees, if there are several drawees unless they are partners or agents of one another. 84

85 Presentation for Acceptance Excused The drawee is a fictitious or incompetent person; He cannot be found after reasonable search Although the presentation has been irregular, acceptance has been refused on some other ground. 85

86 Acceptance for Honour Acceptance for honour means the acceptance given by some stranger when the original drawee refuses to accept or to give better security when demanded by a notary. The stranger may accept the bill of the honour of any party already liable thereto. Such stranger is called an acceptor for honour or acceptor supra protest 86

87 Conditions - Valid Acceptance for Honour That the bill has been noted or protested for non acceptance or better security, Acceptance has been made with the consent of holder, The acceptor for honour is not already liable on the bill, that the acceptance is for the honour of any party already liable on the bill, and that the acceptance is by writing on the bill. 87

88 Presentation for Sight A Promissory Note payable after sight- must be presented to the maker for sight- to determine the maturity. It should be present during office hours, and on a business day. 88

89 Presentment for Payment PN, BE and Cheques must be presented for payment to the maker, acceptor or drawee thereof respectively, by or on behalf of the holder. If default is made, the parties other than parties primarily liable are discharged of their liability (Sec 64) 89

90 Presentation for payment- When & Where? Presentation for payment must be made during usual business hours. It must be made : at the place of payment specified in the instrument; if no place is specified, at a place of business or residence; in any other case, wherever the party liable to pay can found. 90

91 Presentation for Payment to Whom? To the drawee, maker or acceptor, as the case may be or to their duly authorized agent; To legal representative, if drawee, maker or acceptor has died; To the assignee, where drawee, maker or acceptor was declared insolvent. 91

92 Presentation for Payment is not necessary in the following cases: Where it is intentionally prevented by the maker, drawee or acceptor; or Where the business of the maker, drawee or acceptor is closed or he can not be found after a reasonable search, or there is no person at the place of payment; or Where there is a promise to pay, notwithstanding non presentation; or 92

93 Presentation for Payment is not necessary in the following cases: - 2 Where payment is expressly or impliedly waived; or Where the bill is dishonoured by non acceptance; or Where the drawee is a fictitious person; or Where the presentation becomes impossible. 93

94 Payment for Honour Just as a bill may be accepted for the honour of a party to bill, it may also be paid for the honour of a party liable to pay the bill. After payments he can recover from that person or any party prior to him. 94

95 Dis-honour by Non-Acceptance(Sec 91) Not accepted by drawee within 48 hours of presentation; Default in acceptance; Qualified acceptance; Presentment is excused and the bill remains unaccepted; Drawee is incompetent to contract. 95

96 Dis-honour by Non Payment (Sec 92) When the party primarily liable makes default in payment. When presentment for payment excused and the instrument when overdue, remains unpaid, under section 76 of the Act. 96

97 Distinction between dishonour by non acceptance and non payment: If a bill is dishonoured for non acceptance, there is no right of action against the drawee as he is not a party to the bill. The holder of bill can proceed only against the drawer or endorser, if any. On dishonoured by non payment, the drawee can be sued. 97

98 Effects of Dis-honour: As soon as a NI is dishonoured, the holder becomes entitle to sue the parties liable to pay thereon. The drawer of cheque, maker of note, acceptor & drawer of bills and all the endorsers are liable severally and jointly to a holder in due course. 98

99 Notice of Dishonour By the holder to any of the parties to the instrument (Sec 93) Any party receiving notice must also transmit the same to all prior parties. He can not sue any prior party, if notice has not transmitted. 99

100 Notice to Whom To all parties (other than the maker of a note, acceptor of a bill, or drawee of a cheque) to whom the holder seeks to make liable or to their duly authorized agents Where there are two or more persons jointly liable as drawer or endorsers, notice to any one of them is sufficient. To legal representative, in case of death of person, and to official assignee in case of insolvency (Sec 97). 100

101 What is Reasonable Time? If business and living place are same- to be receive on day of dishonour or day after dishonour. If business and living places are different, it is to be dispatched by the next post or on the day next after the day of dishonour. 101

102 When Notice of Dishonour Is Unnecessary? Dispensed with by an express waiver, Party charged would not suffer damage Party not found after due search, When drawer is accepter, Accidental omission, In the case of a PN which is not negotiable, Party promises to pay unconditionally. 102

103 Noting: Noting is the process of recording the fact and reasons of dishonour of a NI by the notary public. Noting must be made within reasonable time after dishonour 103

104 PROTESTING: Protest is a formal certificate of dishonour issued by the notary public to the holder of a bill or note on his demand. Sec 100. Important difference between Noting & Protesting is that noting consists of recording the fact and reasons of dishonor of NI upon the instrument; whereas Protest is the certificate as to the fact that instrument has been dishonoured. 104

105 Discharge of An Instrument: When it becomes completely useless, When the party makes the payment in due course at or after maturity (u/s78), When the party becomes insolvent, When the holder cancels the instrument with intention to release the party. 105

106 Discharge of One Or More Parties By cancellation By release By allowing drawee more than 48 hours to accept (Sec 83) By taking qualified acceptance (Sec 86) By not giving notice of dishonour 106

107 Discharge of One Or More Parties - 2 By not presentment for acceptance of bill (Sec 61) By delay in presenting cheque (Sec 84) By negotiating back of a bill 107

108 Multiple Choice Questions: Read the questions carefully. Answer the questions honestly Do your Self Assessment.. All the best!!! 108

109 #1: The undertaking contained in a promissory note, to pay a certain sum of money is---- (a) Conditional (b) Unconditional (c) May be conditional or unconditional depending upon the circumstances (d) None of the above. Answer : (b) Unconditional 109

110 # 2: Which of these is not a negotiable Instrument as per the Negotiable Instrument Act,1881 (a) Bill of exchange (b) Delivery note (c) Bearer Cheque (d) Share certificate Answer: (d) Share Certificate 110

111 # 3: Which of the following is not a payment in due course under NI Act 1881? a) Payment should be made in accordance with the apparent tenor of the instrument b) A payment is made on instrument before the date of maturity c) Payment is made to the possessor of the instrument d) Payment made in good faith & without negligence Answer: b) A payment is made on instrument before the date of maturity 111

112 #4 : X drew a bill on Y and sent it to Y for acceptance. In which of the following instances, it is a valid acceptance? a) Y signs on bill and keeps it with him b) He writes accepted on the back of bill but does not put his signature on bill c) He puts his signature on face of bill and returns it to X d) He write accepted on the face of bill but does not put his signature Answer: c) He puts his signature on face of bill and returns it to X 112

113 # 5: In which of the following situations could a bill of exchange not be negotiated? a) The time to pay is not determinable. b) The promise to pay is conditional. c) The amount to be paid is the amount owing on account." d) All of the above. Answer: d) All of the above 113

114 #6: X made a note payable to the order of his son Y as a birthday gift payable after one month. Y presented the note after 3 months and X refused to pay. Can Y sue for payment? a) Yes, because a note, unlike a cheque, cannot become stale dated b) Yes, because the note is a negotiable instrument that is required to pay c) No, because a note, like a cheque, can become stale dated. d) No, because the note was gratuitous so it is not binding for a lack of consideration. Answer: d) No, because the note was gratuitous so it is not binding for a lack of consideration 114

115 # 7: Which of the following is NOT a part of the criteria for a holder in due course? a) The instrument is held by a party immediate to the promisor. b) The instrument is taken by someone, or through someone, who has given consideration for it. c) The instrument is taken complete and regular on its face. d) The instrument is taken before it is overdue and without notice of any dishonour. Answer: a) The instrument is held by a party immediate to the promisor. 115

116 # 8: B issued a cheque for Rs 10,000/ in favour of S. B had sufficient funds in his account. The cheque was not presented within reasonable time. In the meantime, bank became insolvent. a) S can recover money from B b) B is discharged from his liability. c) S can recover from official assignee of the bank d) S can sue B and Bank jointly Answer: b) B is discharged from his liability 116

117 #9: P draws a bill of Rs 10,000 on Q. Q accepts it. On maturity, the bill was dishonoured. P filed a suit against Q. Q proved that the bill was accepted for value of Rs 7000/ and balance Rs 3000/ as an accommodation bill. a) P can recover Rs 10,000/ from Q. b) P can recover Rs 7,000/ from Q. c) P can not recover anything because bill is confusing. d) Bill is void ab initio Answer: b) P can recover Rs 7000/ from Q 117

118 Lesson Summary Negotiable Instrument Types of Negotiable Instruments Dishonour of Negotiable Instruments Different parties of Negotiable Instruments & their Liabilities Discharge of Negotiable Instruments and Discharge of Parties 118

119 Thank you very much. Wishing you best of luck! CA. Chiranjiv Sodhi 119