Negotiable Instruments Of Money Market
Negotiable Instruments Of Money Market
Definition of Negotiable Instruments
According to section 13 of the Negotiable Instruments ACT, 1881, a negotiable instrument means "promissory note, bill of exchange. or cheque, payable either to order or to bearer".
Types Of Negotiable Instruments
According to the Negotiable Instruments Act, 1881 there are three types of negotiable instruments i.e., promissory note bill of exchange and cheque. However many other document are also recognized as negotiable instruments on the basis of custom and usage. like hundis, treasury bills, share warrants, etc.. provided they possess the features of negotiability. In the following sections, we shall study about Promissory Notes (popularly called pro notes), Bills of Exchange (popular) called bills), Cheques and Hundis (a popular indigenous document prevalent in India), in detail.
Promissory Note (Section - 4 of N.I.ACT 1881)
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