Negotiable instrument act

pratik (Querist) 09 June 2010 This query is : Resolved
I Have heard that as per the Negotiable instrument act crossed cheque is not a Negotiable instrument WHY SO ? ANd pls tell me that which are the cheque & documents are not Negotiable instrument .

meaning of Fiduciary relation as per the hindu succession act & contract act, 1872.

Thanking u all experts in advance.

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Surrender K Singal (Expert) 09 June 2010
Cheque remains a negotiable instrument for the N I Act, even if it is crossed !

Parthasarathi Loganathan (Expert) 09 June 2010
Author is incorrect in his presumption. Crossing of cheque is only a notice to the paying banker that the proceeds must be credited to the beneficiary's bank account and should not be paid cash to a third party.

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