NI Act Section 13: ''Negotiable instrument''
Negotiable Instruments Act, 1881 · Chapter 2: Of notes, bills and cheques
Also available in: हिंदी
¶[(1) A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.
¶Explanation (i) -- A promissory note, bill of exchange or cheque is payable to order which is expressed to be so payable or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it shall not be transferable.
¶Explanation (ii) -- A promissory note, bill of exchange or cheque is payble to bearer which is expressed to be so payable or on which the only or last indorsement is an indorsement in blank.
¶Explanation (iii) -- Where a promissory note, bill of exchange or cheque, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.]
¶[(2) A negotiable instrument may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of serveral payees.]
Official reference: India Code, Government of India — official section HTML — source review: 5 October 2026.Recorded edition / snapshot date: 2026-10-05.Banaka reference transcription of the official HTML snapshot; not an official or certified edition. Source wording and amendment brackets are retained; layout and footnote callouts are omitted. The recorded date is the review snapshot, not a separately dated consolidation. Hindi guides are original explanations. Read the source amendment notes and current judicial interpretation alongside the text. The historical schedule and section 2 are repealed.Read the original schedule and amendment notes
This text is for reference, not legal advice. Consult the official source for the authoritative text.
Other sections in this chapter
- 4. ''Promissory note''
- 5. ''Bill of exchange''
- 6. ''Cheque''
- 7. ''Drawer.''
- 8. ''Holder''
- 9. ''Holder in due course''
- 10. ''Payment in due course''
- 11. Inland instrument
- 12. Foreign instrument
- 14. Negotiation
- 15. Indorsement
- 16. Indorsement ''in blank'' and ''in full''
- 17. Ambiguous instruments
- 18. Where amount is stated differently in figures and words
- 19. Instruments payable on demand
- 20. Inchoate stamped instruments
- 21. ''At sight''
- 22. ''Maturity''
- 23. Calculating maturity of bill or note payable so many months after date or sight
- 24. Calculating maturity of bill or note payable so many days after date or sight
- 25. When day of maturity is a holiday