Legislative Dictionary - H
Judicial Dictionary
Legislative Dictionary
Holder
| Category | H |
|---|---|
| Title | Holder |
| Details | The "holder" of a promissory note, bill of exchange or cheque means the payee or indorsee who is in possession of it or the bearer thereof but does not include a beneficial owner claiming through a benamidar.
Explanation.—Where the note, bill or cheque is lost and not found again, or is destroyed, the person in possession of it or the bearer thereof at the time of such loss or destruction shall be deemed to continue to be its holder. [See, section 8, the Negotiable Instruments Act, 1881 (Act No. XXVI of 1881)]. |
| Created On | August 27, 2011, 6:27 AM |
| Hits | 242 |