●Write about Negotiable instruments act , 1881.
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Negotiable instruments act, 1881
A negotiable instrument means a promissory note , bill of exchange or cheque payable either to order or to bearer . It may be payable to two or more payee jointly, or it may be made to payable in the alternative to one of two , or one or some of several payees.
Provided that such useage may be excluded by any word in the body of instrument , which indicates an intention that the legal relation of parties shall be governed by this act , and it shall come into force on the first day of March , 1889.
Parliament of India enacted the negotiable instrument ( Amendment and miscellaneous provision) act , 2002 which is intended to plug the loop holes
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