NI Act 50अध्याय IV · Of Negotiation
धारा 50 · Effect of indorsement
अक्षर आकार — स्तर 1, कुल 4 में से
The indorsement of a negotiable instrument followed by delivery
transfers to the indorsee the property therein with the right of further negotiation; but the indorsement
may, by express words, restrict or exclude such right, or may merely constitute the indorsee an agent to
indorse the instrument, or to receive its contents for the indorser, or for some other specified person.
Illustrations
B signs the following indorsements on different negotiable instruments payable to bearer.--
(a) "Pay the contents to C only".
(b) "Pay C for my use."
(c) "Pay C or order for the account of B."
(d) "the within must be credited to C."
These indorsements exclude the right of further negotiation by C.
(e) "Pay C."
(f) "Pay C value in account with the Oriental Bank."
(g) "Pay the contents to C, being part of the consideration in a certain deed of assignment executed by C to the indorser and others."
These indorsements do not exclude the right of further negotiation by C.
Illustrations
B signs the following indorsements on different negotiable instruments payable to bearer.--
(a) "Pay the contents to C only".
(b) "Pay C for my use."
(c) "Pay C or order for the account of B."
(d) "the within must be credited to C."
These indorsements exclude the right of further negotiation by C.
(e) "Pay C."
(f) "Pay C value in account with the Oriental Bank."
(g) "Pay the contents to C, being part of the consideration in a certain deed of assignment executed by C to the indorser and others."
These indorsements do not exclude the right of further negotiation by C.
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