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Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.?
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Nitin made promissory note in favour of Sachin for Rs. 10,000 and deli...
Introduction
In this scenario, we need to analyze whether Arjun can recover the amount from Nitin under the Negotiable Instruments Act, 1881, considering the endorsement and delivery process involved.
Key Facts
- Nitin issued a promissory note for Rs. 10,000 in favor of Sachin.
- Sachin endorsed the note to Arjun but delivered it to Arjun's agent.
- The agent subsequently died, and Arjun found the note in the agent's drawer.
Legal Provisions
- Under the Negotiable Instruments Act, 1881, a promissory note is a negotiable instrument that can be transferred through endorsement and delivery.
- An endorsement must be made by the holder of the instrument and can be followed by delivery to the endorsee.
Analysis
- Sachin, as the holder of the note, had the right to endorse it to Arjun.
- The delivery of the note to Arjun's agent constitutes a valid transfer, making Arjun the rightful holder.
- The death of Arjun's agent does not affect the validity of the endorsement or the transfer of the promissory note.
Possession of the Note
- Arjun discovering the note in his agent's drawer indicates that the agent was in possession of it on behalf of Arjun.
- The principle of "possession is nine-tenths of the law" applies here, as Arjun can claim ownership despite the agent’s death.
Conclusion
Based on the provisions of the Negotiable Instruments Act, 1881, Arjun can successfully sue Nitin for the recovery of the amount due under the promissory note. The endorsement and delivery process were valid, and Arjun retains the right to enforce the note's payment.
In this scenario, we need to analyze whether Arjun can recover the amount from Nitin under the Negotiable Instruments Act, 1881, considering the endorsement and delivery process involved.
Key Facts
- Nitin issued a promissory note for Rs. 10,000 in favor of Sachin.
- Sachin endorsed the note to Arjun but delivered it to Arjun's agent.
- The agent subsequently died, and Arjun found the note in the agent's drawer.
Legal Provisions
- Under the Negotiable Instruments Act, 1881, a promissory note is a negotiable instrument that can be transferred through endorsement and delivery.
- An endorsement must be made by the holder of the instrument and can be followed by delivery to the endorsee.
Analysis
- Sachin, as the holder of the note, had the right to endorse it to Arjun.
- The delivery of the note to Arjun's agent constitutes a valid transfer, making Arjun the rightful holder.
- The death of Arjun's agent does not affect the validity of the endorsement or the transfer of the promissory note.
Possession of the Note
- Arjun discovering the note in his agent's drawer indicates that the agent was in possession of it on behalf of Arjun.
- The principle of "possession is nine-tenths of the law" applies here, as Arjun can claim ownership despite the agent’s death.
Conclusion
Based on the provisions of the Negotiable Instruments Act, 1881, Arjun can successfully sue Nitin for the recovery of the amount due under the promissory note. The endorsement and delivery process were valid, and Arjun retains the right to enforce the note's payment.
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Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.?
Question Description
Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.?.
Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.?.
Solutions for Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? in English & in Hindi are available as part of our courses for CA Foundation.
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Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.?, a detailed solution for Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? has been provided alongside types of Nitin made promissory note in favour of Sachin for Rs. 10,000 and delivered to him. Sachin endorsed the promissory note in favor of Arjun, but delivered to Arjun's agent. Subsequently, Arjun's agent died, and promissory note was found by Arjun in his agent's table drawer. Arjun sued Nitin for the recovery of promissory note. Whether Arjun can recover amount under the provision of the Negotiable Instrument Act 1881, please write the answer as accordingly, CA Foundation, ICAI Materials.? theory, EduRev gives you an
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