negotiable instruments law (peca's digest)

7/23/2019 Negotiable Instruments Law (Peca's Digest)

1/19

Xmie = a`=>& @EGWUMW\ 7>& =&888 yjewe m xmwnef a`

fmoc na$ayoec g| ^x~/ Wmnja ym~ ilpeo m~ m ~enuwls| àw sje ~mlc dawsimie~

^x~/ Fmim~nm$ ezenusec mo lo~swudeos ceoadlomsec m~ M^ÛDXSLAO A@ DAWSIMIE uocew yjlnj sje|

agflimsec sjed~efpe~ sa m~~ude sje ~mlc agflimslao~ sa sje I^L^; sje| mf~a ~enuwe sje wefem~e a` sjedawsimie napewloi sje xawslao a` sje fmoc gefaoiloi sa ^x~/ Wmnja& ~mlc uocewsmkloi ym~ oas ùf`lffec;

I^L^ ezswmbuclnlmff| àwnfa~ec sjms dawsimie moc sje nmu~ec sje dawsimiec xwaxews| sa ge ~afc ms xugfln

munslao uxao `mlfuwe a` sje ^x~/ Fmim~nm sa nadxf| ylsj sje naoclslao~ a` sje dawsimie& xmwslnufmwf| sje

xm|deos a` sje mdawslrmslao cue

^x~/ Wmnja dawe sjmo 7 |emw~ m`sew sje ezswmbuclnlmf àwenfa~uwe& sje| `lfec ylsj sje nauws m xeslslao sa

cenfmwe sjms sje ~mlc àwenfa~uwe ge cenfmwec m~ ouff moc palc; sje| xwm|ec sjms sje| ge mffayec sa wenapew

sje xwaxews| `wad I^L^ moc!aw ge awcewec sje fmssew sa xm| sjed sje pmfue a` sje ~mlc fmoc& aw sje| ge

mffayec sa wexuwnjm~e sje ~mde; sje| mffeiec sjms sje| ~lioec sje dawsimie naoswmns~ oas m~ ~uwesle~ aw

iumwmosaw~ àw sje Fmim~nm ~xau~e~ gus sje| dewef| impe sjelw naddao xwaxews| sa sje ~mlc na$ayoew~

yja yewe ~afef| geoe`lsec g| sje famo~ `wad sje I^L^/

N@L~ Wufloi cl~dl~~ec sje xeslslao àw fmnk a` dewls

NM wepew~ec sje cenl~lao a` sje N@L; jafcloi sje ezswm$buclnlmf àwenfa~uwe ym~ palc ~lone ^x~/ Wmnja ym~

oas oasl lec m~ we}ulwec elsjew m~ sa sjelw ceflo}ueon| lo sje xm|deos a` mdawslrmslao aw m~ sa sje

~ug~e}ueos àwenfa~uwe a` sje dawsimie g| wem~ao a` mo| ce`mufs lo ~unj xm|deos; sjms sje oaslne ~jaufc

ge xugfl~jec lo sje oey~xmxew& moc xa~sec xuw~umos sa ên > a` Mns >=>5 l~ oas sje oaslne sa yjlnj sje

dawsimiaw l~ eoslsfec uxao sje mxxflnmslao geloi dmce aw mo ezswmbuclnlmf awenfa~uwe

L^ÛE2 YAO sje ezswmbuclnlmf awenfa~uwe l~ pmflc/

^N~ Wufloi2 \e~/

Gasj xmwsle~ weflec ao sje xwapl~lao~ a` ênslao 7< a` Mns Oa/ 78>=& asjewyl~e koayo m~ sje Oeiaslmgfe

Lo~swudeos~ Fmy& yjlnj xwaplce sjms mo mnnaddacmslao xmws| l~ aoe yja jm~ ~lioec mo lo~swudeos m~

dmkew& cwmyew& mnnexsaw a` locaw~ew ylsjaus wenelploi pmfue sjeweàw& gus l~ jefc flmgfe ao sje lo~swudeos

sa m jafcew àw pmfue mfsjauij sje fmssew koey jld sa ge aof| mo mnnaddacmslao xmws|/

Sje xwadl~~aw| oase jewelogeàwe }uasec& m~ yeff m~ sje dawsimie ceec~ ~ugbens a` sjl~ nm~e& mwe nfemwf|

oas oeiaslmgfe lo~swudeos~/ Sje~e canudeos~ ca oas nadxf| ylsj sje àuwsj we}ul~lse sa ge nao~lcewec m~

~unj uocew ênslao = a` Mns Oa/ 78>= genmu~e sje| mwe oelsjew xm|mgfe sa awcew oaw sa gemwew/ Sje oase l~

xm|mgfe sa m ~xenl`lec xmws|& sje I^L^/ Mg~eos sje màwe~mlc we}ul~lse& sje xwapl~lao~ a` Mns Oa/ 78>=

yaufc oas mxxf|; iapewomone ~jmff ge m`àwcec& lo~semc& g| sje xwapl~lao~ a` sje Nlplf Nace moc ~xenlmf fmy~

ao dawsimie~/

@mnsumf `locloi~ a` we~xaoceos nauws mwe sjms xwlpmse we~xaoceos~ ~lioec sje canudeos~ 'aof| sa ilpe sjelw

nao~eos sa sje dawsimie m~ we}ulwec g| I^L^'& ylsj sje fmssew jmploi ùff koayfecie sjms sje famo~ ~enuwec

sjeweg| yewe ~afef| àw sje geoe`ls a` sje Fmim~nm ~xau~e~/ Sjl~ mxxemw~ sa ge cuf| ~uxxawsec g| ~u``lnleos

eplceone ao wenawc/ Loceec& ls yaufc ge uou~umf àw sje I^L^ sa mwwmoie àw moc cecuns sje daosjf|

mdawslrmslao~ ao sje famo~ `wad sje ~mfmw| m~ mo mwd| a` lnew a` @fmplmoa Fmim~nm ylsjaus flkeyl~e

m`ènsloi cecunslao~ `wad sje ~mfmw| a` L~mgefa Wmnja yja ym~ mf~a mo mwd| ~ewiemos/ Sjeo sjewe l~ mf~a

sje uocl~xusec `mns& m~ mfwemc| ~smsec& sjms sje Fmim~nm ~xau~e~ ezenusec m ~a$nmffec 'M~~udxslao a`

Dawsimie' xwadl~loi sa eznfuce xwlpmse we~xaoceos~ moc sjelw ~jmwe a` sje dawsimiec xwaxews| `wad

flmglfls| sa sje dawsimiee/ Sjewe l~ oa losldmslao sjms sje àwdew ezenusec ~unj lo~swudeos àw m

nao~lcewmslao& sju~ nao`lwdloi sjms sje| clc ~a xuw~umos sa sjelw awlilomf miweedeos/

â faoi m~ pmflc nao~eos ym~ ilpeo& sje `mns sjms sje famo~ yewe ~afef| àw sje geoe`ls a` sje Fmim~nm

~xau~e~ yaufc oas lopmflcmse sje dawsimie ylsj we~xens sa xwlpmse we~xaoceos~) ~jmwe lo sje xwaxews|/ Lo

nao~eosloi sjewesa& epeo m~~udloi sjms xwlpmse we~xaoceos~ dm| oas ge m~~udloi xew~aomf flmglfls| àw sje

cegs& sjelw ~jmwe lo sje xwaxews| ~jmff oepewsjefe~~ ~enuwe moc we~xaoc àw sje xewàwdmone a` sje

xwlonlxmf agflimslao/ Sje xmwsle~ sa sje dawsimie naufc oas jmpe loseocec sjms sje ~mde yaufc mxxf| aof|

sa sje mfl}uas xawslao a` sje Fmim~nm ~xau~e~ lo sje xwaxews|& asjewyl~e sje nao~eos a` sje xwlpmse

we~xaoceos~ yaufc oas jmpe geeo we}ulwec/Sje ezswmbuclnlmf àwenfa~uwe e`ènsec g| I^L & Ye nmooas

XENM~ Clie~s$Oeiaslmgfe Lo~swudeos~ Fmy


2/19

Xmie 7 a`=& =08&888 yjlnj Njloclwmdmol cexa~lsec lo sje ~mploi~ mnnauos a` jew ylè moc dasjew/

Demoyjlfe& \moi we}ue~sec @EGSN moc E}ulsmgfe sa ~sax xm|deos ao sje lo~swudeos~ geflepec sa ge fa~s/

Gasj gmok~ nadxflec ylsj jew we}ue~s/ Gus uxao sje wexwe~eosmslao a` XNLG& @ENSN ~ug~e}ueosf| fl`sec sje

~sax xm|deos/

\moi ~je mwiuec sjms Cmplc l~ oas m jafcew lo cue nauw~e a` sje njenk~ lo }ue~slao oasylsj~smocloi l` je

ym~ omdec m~ sje xm|ee sjewea` ~lone je `mlfec sa lo}ulwe `wad Njmoclwmdmol mgaus jay sje fmssew

mn}ulwec xa~~e~~lao a` ~mlc njenk~; sjms ls nmooas ge ~mlc sjms Cmplc ym~ uomymwe a` mo| ceèns aw

lo`lwdls| lo sje slsfe a` Njmoclwmdmol sa sje njenk~ ms sje slde a` sje oeiaslmslao; sjms sje njenk~ yewe

nwa~~ec& Cmplc ~jaufc jmpe dmce lo}ulwle~ sa cesewdloe sje feimfls| a` sje njenk

Cmplc je nauosew~ sjms je pewl`lec sje ieouloeoe~~ a` sje njenk~ je wenelpec ylsj jl~ gmok moc aof|

m`sew pewl`|loi je cexa~ls sje ~mlc njenk~; sjms je jmc oa oaslne a` sje xweplau~ cl~jaoauw aw mo| lo`lwdls|

sjms yaufc jmpe mwau~ec jl~ ~u~xlnlao~& sje lo~swudeos~ geloi nadxfese lo ls~ `mne; sjms sje njenk~ yewe

nm~jlew~ njenk& g| ls~ omsuwe ls l~ jlijf| uoflkef| sjms je yaufc jmpe ~u~xensec sjms ~adesjloi ym~ mdl~~;

sjms oeiaslmgfe lo~swudeos~ mwe xwe~udec sa jmpe geeo l~~uec àw pmfumgfe nao~lcewmslao& moc je yja

mffeie~ asjewyl~e du~s naoswapews sje xwe~udxslao ylsj ~u``lnleos eplceone/

L^ÛE2 YAO Cmplc l~ m jafcew lo cue nauw~e/

XENM~ Clie~s$Oeiaslmgfe Lo~swudeos~ Fmy


9/19

Xmie < a`=& =


10/19

Xmie =8 a`=8 ^NWM 70=

@MNS^

Nm~m Daose~~awl jmc m nuwweos mnnauos ylsj GXL ylsj ls~ Xwe~lceos Nmwlom Fegwao m~ aoe a` ls~ musjawlrec

~liomsawle~; m`sew naocunsloi mo lope~slimslao& Nm~m cl~napewec sjms oloe a` ls~ njenk~ jmc geeo eonm~jec

g| m newsmlo ^AOO\ ^MOSA^ ~lone =


15/19

Xmie =5 a`= a` sje OLF xwaplce~2

ênslao 7>/ @awiec ~liomsuwe; e`èns a`/ $$ Yjeo m ~liomsuwe l~ àwiec aw dmce ylsjaus sje musjawls| a`

sje xew~ao yja~e ~liomsuwe ls xuwxaws~ sa ge& ls l~ yjaff| loaxewmslpe& moc oa wlijs z z z sa eoàwne

xm|deos sjewea` mimlo~s mo| xmws| sjewesa& nmo ge mn}ulwec sjwauij aw uocew ~unj ~liomsuwe& uofe~~ sje

xmws| mimlo~s yjad ls l~ ~auijs sa eoàwne ~unj wlijs l~ xwenfucec `wad ~essloi ux sje àwiew| aw ymos a`musjawls|/

Uocew sjl~ xwapl~lao& m àwiec ~liomsuwe l~ m wemf[aw mg~afuse ceèo~e& moc m xew~ao yja~e ~liomsuwe ao m

oeiaslmgfe lo~swudeos l~ àwiec l~ ceedec sa jmpe oepew genade m xmws| sjewesa moc sa jmpe oepew

nao~eosec sa sje naoswmns sjms mffeiecf| impe wl~e sa ls/

Sje nauosewèlsloi a` mo| ywlsloi& nao~l~sloi lo sje ~lioloi a` moasjew~ omde ylsj loseos sa ce`wmuc& l~

àwiew|/

Lo sje xwe~eos nm~e& ye jafc sjms sjewe ym~ àwiew| a` sje cwmyew~ ~liomsuwe ao sje njenk/

@lw~s& gasj sje NM moc sje WSN àuoc sjms We~xaoceos \mgus jld~ef` jmc pafuosmwlf| mcdlssec& sjwauij moM``lcmpls& sjms je jmc àwiec sje cwmyew~ ~liomsuwe moc eonm~jec sje njenk~/ Je oepew weùsec sje~e

`locloi~/ Sjms je jmc geeo naewnec losa mcdl~~lao ym~ oas nawwagawmsec g| mo| eplceone ao wenawc/

ênaoc& sje mxxeffmse moc sje swlmf nauws~ mf~a wufec sjms sje XOX Nwlde Fmgawmsaw|& m`sew ls~ ezmdlomslao

a` sje ~mlc njenk~& jmc naonfucec sjms sje jmocywlsloi~ sjeweao $$ nadxmwec sa sje ~smocmwc ~liomsuwe a`

sje cwmyew $$ yewe oas jew~/ Sjl~ naonfu~lao ym~ sje ~mde m~ sjms lo sje Wexaws sjms sje XOX Nwlde

Fmgawmsaw| jmc emwflew l~~uec sa GXL $$ sje cwmyee gmok $$ uxao sje fmssew~ we}ue~s/

Sje pafuosmw| mcdl~~lao a` \mgus clc oas plafmse jl~ nao~slsuslaomf wlijs~ *=, ao nu~saclmf lope~slimslao& moc

*7, mimlo~s ~ef`$lonwldlomslao/

Lo sje `lw~s xfmne& je ym~ oas uocew nu~saclmf lope~slimslao/ Jl~ M``lcmpls ym~ ezenusec lo xwlpmse moc geàwe

xwlpmse loclplcumf~/ Sje dmosfe a` xwasenslao uocew ênslao =7 a` Mwslnfe LLL a` sje =0T moc mcdlol~swmslpe xwaneecloi~ sjms xa~~e~~ m nwldlomf aw xeomf

m~xens $$ gus oas sa xwlpmse lope~slimslao~ caoe g| xwlpmse loclplcumf~/

ênaoc L~~ue2 Oeiflieone l~ msswlgusmgfe sa GXL mfaoe&

Ye jmpe wexemsecf| edxjm~lrec sjms& ~lone sje gmokloi gu~loe~~ l~ ldxwe~~ec ylsj xugfln losewe~s& a`

xmwmdauos ldxawsmone sjewesa l~ sje swu~s moc nao`lceone a` sje xugfln lo ieoewmf/ Nao~e}ueosf|& sje

jlije~s ceiwee a` clflieone l~ ezxensec& moc jlij ~smocmwc~ a` loseiwls| moc xew awdmone mwe epeo

we}ulwec& a` ls/ G| sje omsuwe a` ls~ ùonslao~& m gmok l~ uocew agflimslao sa swems sje mnnauos~ a` ls~

cexa~lsaw~ ylsj deslnufau~ nmwe& mfym|~ jmploi lo dloc sje lcunlmw| omsuwe a` sjelw wefmslao~jlx/

/ Ls~ oeiflieone nao~l~sec lo sje adl~~lao a` sjms ceiwee a` clflieone we}ulwec a` m gmok/ Ls nmooas oay

èlio lioawmone& àw pew| emwf| ao ye jmpe mfwemc| wufec sjms m gmok l~ gauoc sa koay sje ~liomsuwe~ a` ls~

nu~sadew~; moc l` ls xm|~ m àwiec njenk& ls du~s ge nao~lcewec m~ dmkloi sje xm|deos aus a` ls~ ayo

ùoc~& moc nmooas awclomwlf| njmwie sje mdauos ~a xmlc sa sje mnnauos a` sje cexa~lsaw yja~e omde ym~

àwiec/Lo `mns& GXL ym~ sje ~mde gmok lopafpec yjeo ye l~~uec sjl~ wufloi ~epeos| |emw~ mia/

E~saxxef xwenfuce~ loclplcumf~ `wad ceo|loi aw m~~ewsloi& g| sjelw ayo ceec aw wexwe~eosmslao& mo|sjloi

naoswmw| sa sjms e~smgfl~jec m~ sje swusj& lo feimf naosedxfmslao/ Auw wufe~ ao eplceone epeo dmke m buwl~

es ce buwe xwe~udxslao[


16/19

Xmie =0 a`=

negotiable instruments law (peca's digest)

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