Negotiable Instruments definition
Examples of Negotiable Instruments in a sentence
Further, in case of dishonour of cheque(s), the parties agree that the Delhi courts alone shall have the exclusive jurisdiction to try cases under section 138 of the Negotiable Instruments Act, 1881.
The borrower shall not be entitled to call upon the Bank to refrain from presenting any cheque for payment and if the borrower does so, the Bank shall nevertheless be entitled to present the cheque for payment and in the event of dishonour the provisions under Chapter XVII of the Negotiable Instruments Act, 1881 shall apply.
If any Grantor shall at any time hold or acquire any Negotiable Instruments, including promissory notes, such Grantor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request.
In case of any cheque issued is dishonored or returned by the banker for any reason whatsoever then the Maintenance Agency without prejudice to its right to seek redressal under the Negotiable Instruments Act, 1881 and any other law shall be entitled to a service charge of Rs. 1000/- or such other service charge as may be revised by the Maintenance Agency from time to time in addition to the bill amount and interest for the delay, if any.
The Borrower/s further understand that in such event, the Lender shall be entitled to initiate action against all such drawer/s, for dishonor of such cheque or ECS / NACH, under Section 138 of Negotiable Instruments Act,1881 and / or under Section 25 of Payment and Settlement Systems Act, 2007.