60. Instrument negotiable till payment or satisfaction.—A negotiable instrument may be negotiated (except by the maker, drawee or acceptor after maturity) until payment or satisfaction thereof by the maker, drawee or acceptor at or after maturity, but not after such payment or satisfaction. Explore the Negotiable Instruments Act 1881, meaning, history, objectives, features, and types. Know its importance in regulating promissory notes, bills, and cheques in India. Negotiable Instruments Act , 1881 was enacted to provide a uniform legal framework for the use of negotiable instruments in India. Introduction The Negotiable Instruments Act , 1881 (NI Act ) is a critical piece of legislation in India that governs the usage of specific financial instruments like promissory notes, bills of exchange, and cheques. These instruments play a pivotal role in facilitating trade, commerce, and credit in the economy. Introduced during British colonial rule, the Act has undergone several amendments to suit the evolving banking and business environment. In modern times, especially with the growth of ...
