Section 29 in The Negotiable Instruments Act, 1881 29. Liability of legal representative signing.—A legal representative of a deceased person who signs his name to a promissory note, bill of exchange or cheque is liable personally thereon unless he expressly limits his liability to the extent of the assets received by him as such.
Question
Please explain with example, what does it means? Legal Heir will be liable if deceased person dies?
Section 27 in The Negotiable Instruments Act, 1881 27. Agency.—Every person capable of binding himself or of being bound, as mentioned in section 26, may so bind himself or be bound by a duly authorized agent acting in his name. A general authority to transact business and to receive and discharge debts does not confer upon an agent the power of accepting or indorsing bills of exchange so as to bind his principal. An authority to draw bills of exchange does not of itself import an authority to indorse.
Question
. If company authorizing to a person for transacting business, he will have the authority for accepting or discharging liablity.As far as I believe
Section 25. When day of maturity is a holiday.—When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day. Explanation.—The expression “Public holiday” includes Sundays 1[***] and any other day declared by the 2[Central Government], by notification in the Official Gazette, to be a public holiday.
Question
What will happen if the date on which validity period of cheque is expiring is on Second or Fourth Saturday or it is a National Holiday after which Sunday is Coming ?
