The Negotiable Instruments Act of 1881 establishes guidelines for the usage of negotiable instruments as well as their legal status. The Act makes it possible for negotiable instruments to be transferred quickly and easily, which makes them a crucial tool for commercial operations. A legal foundation for disputes involving negotiable instruments is also provided under the Act. The scheme of the act is such that after describing the types of negotiable instruments it lays down the ways in which when the transferor has failed in a way to pay the payee , what rights can be exercised by the payee to ensure his payment .
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