Umar Hafeez Profile

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• Rules regarding for the presentment for payment

  Presentment for payment must be made during the hours of business, and, in .case of cheque during banking hours. More >>

  On 2012-03-29 | Ethics

• Time and place of presentment for payment

  According to Sec.61, “A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, If he can, after reasonable search, be found, by a person entitled... More >>

  On 2012-03-29 | Ethics

• Types of acceptance

  It also known as absolute acceptance. A general acceptance is according to the apparent tenor of the bill of exchange, i.e., the drawee accepts the bill is originally drawn. More >>

  On 2012-03-29 | Ethics

• Holder of bill of exchange

  According to Section 8, “The holder of a promissory note, bill of exchange or cheque means any person entitled in his name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.” More >>

  On 2012-03-29 | Ethics

• Bill presented for acceptance

  A bill can be presented for acceptance to any one of the following: 1) Drawee: The drawee of the bill or his duly authorized agent. More >>

  On 2012-03-29 | Ethics

• When presentment of acceptance is excused

  Presentment for acceptance is generally necessary but in following case, it is excused: More >>

  On 2012-03-29 | Ethics

• Presentment for sight

  “Presentment for sight.” is necessary only in the case of a promissory note which is made payable at a certain period after sight so that the maturity of the note may be ascertained. More >>

  On 2012-03-29 | Ethics

• Difference between promissory note and bill of exchange

  A promissory note is an instrument in writing but containing an unconditional undertaking signed by maker, to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument. More >>

  On 2012-03-29 | Ethics

• Negotiation by unauthorised parties

  A lost negotiable instrument is. one, which has been lost by its holder before it becomes due. According to Section 45-A: More >>

  On 2012-03-29 | Ethics

• Endorsement

  According to Sec. 15, “where the maker or holder of a negotiable instrument signs the same, otherwise then as such maker, for the purpose of negotiation on the back or face thereof or on a slip of paper... More >>

  On 2012-03-29 | Ethics

• Essentials of a valid endorsement

  An endorsement in order to operate as the negotiation must comply with the following conditions. More >>

  On 2012-03-29 | Ethics

• Types of endorsements

  When the endorser signs his name only on the face or back of the instrument, it is known as blank or general endorsement. More >>

  On 2012-03-29 | Ethics

• Extent of liability

  According to Sec. 117, “The compensation payable in case of dishonor of a promissory note, bill of exchange, cheque, by any party liable to the holder, or any endorsee, shall be determined by the following rules: More >>

  On 2012-03-29 | Ethics

• Privileges of a holder in due course

  Holder in due course acquiring the Instrument for consideration and in good faith gets the following rights under Act: More >>

  On 2012-03-29 | Ethics

• Ambiguous instruments

  The term ambiguous instrument is defines in section 17 of the Negotiable Instruments Act. As per this section, an ambiguous instrument is one which in form is such that it may either be treated as promissory note or bill of exchange. More >>

  On 2012-03-29 | Ethics

• Difference between holder and holder in due course

  The holder cannot have a good title on an Instrument if the title of any of the prior parties is defective. More >>

  On 2012-03-29 | Ethics

• Promissory note

  According to Sec.4 “A promissory note is an instrument in writing (not being a bank note or Currency note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person to the bearer of the instrument”. More >>

  On 2012-03-29 | Ethics

• Essentials of a valid promissory note

  It must be in Writing. The writing may, however be in pencil or ink, and includes printing or ting or engraving or lithographing. More >>

  On 2012-03-29 | Ethics

• Specimen of a promissory note

  Ninety five lays after sight for value received, I promise to pay Mr. Tahir Petiwala (A-480,Sector 11C-21,Street 1075,Karachi) or order the sum of Rupees One Lac fifty thousand Only. More >>

  On 2012-03-29 | Ethics

• Bill of exchange

  The term ‘bill of exchange’ may be defined as an order, in writing, requiring a certain person to pay a certain sum of money to a specified person. More >>

  On 2012-03-29 | Ethics