Legislative Dictionary - B
Judicial Dictionary
Legislative Dictionary
Bill of exchange
| Category | B |
|---|---|
| Title | Bill of exchange |
| Details | A "bill of exchange" is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay on demand or at a fixed or determinable future time a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
[See, section 5, the Negotiable Instrument Act, 1881 (Act No. XXVI of 1881)]. "Bill of exchange" means a bill of exchange as defined by the Negotiable Instruments Act, 1881, and includes also a hundi, and any other document entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money. [See, section 2 (2), the Stanmp Act, 1899 (Act No. II of 1899)]. "Bill of exchange" includes a hundi and a cheque. [See, section 2 (2), the Limitation Act, 1908 (Act No. IX of 1908)]. |
| Created On | June 1, 2011, 12:34 PM |
| Hits | 369 |