خلاصہ
The Bills of Exchange Act 1882 codified the law relating to bills of exchange, cheques, and promissory notes. Though cheque usage has declined, the Act remains foundational for negotiable instruments law.
اہم نکات
- Defines bill of exchange as an unconditional order in writing to pay a sum certain (s.3)
- Cheque defined as a bill of exchange drawn on a banker payable on demand (s.73)
- Promissory note defined (s.83)
- Holder in due course — takes free of defects in title (s.29)
- Negotiation by delivery (bearer) or endorsement and delivery (order)
- Liability of drawer, acceptor, and endorser
حصے اور دفعات
ترامیم کی تاریخ
1992 — Cheques Act 1992
Introduced non-transferable cheques (account payee crossings).