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Vic. c. 59, sec. 19, which, however, contains the words 'any subsequent indorsement.' The omission from the Indian Act of any corresponding words has given rise to the doubt whether the protection afforded by sec. 85 extends to any indorsement other than that of the original payee 1. Material alteration made by a stranger avoids a bill—the Act here following English decisions. The rule in sec. 90, as to the extinguishment of rights of action on & negotiated bill held, at or after maturity, by the acceptor in his own right should certainly be extended to notes.
Chapter VIII treats of notice of dishonour, and Chapter IX of Doting and protest. The latter Chapter has been recently improved by Act II of 1885. But it still contains no provision for drawing up a protest when the services of a notary cannot be obtained. The English Bills of Exchange Act, 1882, contains, in Sec. 94, the requisite provision.
Chapter X contains rules for calculating the reasonable time for presentment for acceptance or payment, for giving notice of dishonour, and for noting. It lacks a rule as to reasonable time for protesting a dishonoured note or bill (sec. 100).
Chapter XI deals with acceptance and payment for honour.
Chapter XII treats of the compensation payable in case of dishonour, and also of the return-bills commonly called redrafts. It provides for a case omitted in the corresponding section (57) of the English code, that, namely, of a drawer of a bill in a foreign country accepted in England and subsequently dishonoured and protested.
Chapter XIII, entitled Special Rules of Evidence, contains rules as to certain rebuttable presumptions as to negotiable instruments and lost notes, bills and cheques, and declares the estoppels as to (a) denying the original validity of a note, bill or cheque, (b) denying a payee's capacity to indorse, and (c) denying the signature or capacity of prior parties.
Chapter XIV contains rules as to crossed cheques corresponding with those contained in 39 & 40 Vic. c. 81, secs. 4, 5, 7-10, 12.
Chapter XV consists of two sections on bills in sets, which correspond with the English law on the subject. See 45 & 46 Vic. e. 61, sec. 71.
Chapter XVI contains some rules on international law which way be compared with those headed Conflict of Laws' in 45 & 46 Vic. c. 61, sec. 72.
It will be observed that in India an indorser's liabilities are regulated by the lex loci solutionis. Where
a negotiable instrument is made etc. in a foreign country but in accordance with British Indian law, sec. 136 declares that the circumstance that any agreement evidenced by such instrument is invalid according to the law of the foreign country does not invalidate any subsequent acceptance or indorsement made thereon in British India. I am not aware that such case has arisen in England. Mr. Chalmers supposes that sec. 136 was taken in part from the German General Exchange Law, sec. 85.
The Act is silent as to foreign stamp laws. It should have contained a clause like this : Where a bill is issued out of British India it is not invalid by reason only that it is not stamped in accordance with the law of the place of issue?'
Lastly, the Act contains a chapter added by Act II of 1885, erpressly empowering the Governor-General in Council to appoint Notaries public under the Negotiable Instruments Act; to make rules for their guidance; and to fix their fees.
Other statutory provisions as to negotiable instruments will be found in the second volume of this work. They are contained
in the Stamp Act I of 1879, secs. 3, 5, 10, 11, 12, 16, 18, 19, 20, 22, 23, 27, 29, 34, 44, 51, 61, 62, 63, 66, 67; Schedule 1, Nos. II, 19, 41, 45, and Schedule II, Nos. 15, 17;
in the Limitation Act, XV of 1877, secs. 3, 4, and Schedule II, Nos. 54, 58, 69-80, 91, 92;
in the Civil Procedure Code, secs. 29 (joinder of parties liable on a bill or note), 61 (suits on lost negotiable instruments), 261, 262 (decree for indorsing negotiable instruments), 270 (attachment of negotiable instrument), 296 (execution-sale of negotiable instrument), 532–538 (summary suits on negotiable instruments) ; Schedule, Nos. 30-48 (forms of plaints); and
in the Evidence Act, I of 1872, s. 114, ill. (c) (presumption as to acceptance or indorsement for good consideration), sec. 117 (acceptor estopped from denying drawer's authority).
Besides these, the Companies Act, VI of 1882, secs. 65, 67, 72, 144, contains provisions as to the execution of bills and notes by companies having power to bind themselves by negotiable instruments, and the Presidency Banks Act, XI of 1876, sec. 33, enzpowers certain officers of the Banks of Bengal, Madras and Bombay to endorse promissory notes and to draw, accept and endorse bills of exchange, bank post bills, and letters of credit.
Compare 45 & 46 Vic. c. 72. bankers for remitting money) as bills proviso (a).
of exchange. In Forbes v. Marshal, ? The Indian legislature regards 11 Exch. 167, Martin B. thought them these instruments (which are used by
At the end of the Negotiable Instruments Aet will be found Tables showing the corresponding sections of that Act and the English Bills of Exchange Act, 1882. It will be seen that the Indian Act has no sections corresponding with sections 12, 16, 18, 23, 24, 27, 40, 53, 58, 69, 70, 75, 78, 85, 90, 91, 93, 94, 95, 97–100 of the English Act, and that the English Act has no sections corresponding with the following sections of the Indian Act : 27, 31, 33, 36, 38, 39, 42, 44, 45, 57, 67, 73, 77, 80, 102, 118 (c) and (f), 119, 126, 137
Maturity,' Days of grace
sight. When day of maturity is a holiday .
Liability of agent signing