Payment in due course – explained
Sec 10 of the Negotiable Instrument Act defines ‘Payment in due course” as ‘payment in accordance with the apparent tenor of the instrument in good faith and without negligence to any person in possession thereof under circumstances which do not afford a reasonable ground for believing that he is not entitled to receive payment of…
Read article Holder in due Course explained
Section 9 of N.I. Act, define holder in due course as under. “Holder in due course means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque, if payable to bearer, or the payee or indorsee thereof, if payable to order, before the amount mentioned in it became…
Read article Holder: Who is the holder of a negotiable instrument?
Section 8 of N.I.Act 1881 defines ‘Holder’ as under. “The holder of a promissory note, bill of exchange or cheque means, any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto. Where the note, bill or cheque is lost or destroyed…
Read article Allonge: When is an allonge to be used?
Allonge is a French word which means lengthening. When a piece of paper which has been firmly attached to a negotiable instrument for further endorsements, such piece of paper attached thereto is called allonge. However, a blank slip of paper attached to a negotiable instrument cannot be called allonge unless an endorsement is written on…
Read articleBank employees DA for May-July 2017
The confirmed DA for the months of May-July 2017 is @45.60% on ‘pay’ (which includes allowances eligible for DA) @ the rate of 0.10% per slab. It means a decrease of 13 slabs over the previous (February –April 2017) level of DA for the Bank employees and officers. The DA slabs are calculated based on…
When precisely one becomes a customer of the bank?
The point in time when one precisely becomes a customer of the bank is extensively debated on and off. The subject of deeming a person as a customer of the bank is important more so to bankers in the following situations. The banker may risk forfeiting immunity provided to him under section 131 of NI…
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