promissory note, bill of exchange.

This query is : Resolved 

22 September 2010

1) 118. Presumptions as to negotiable instruments of consideration

(f) as to stamps-that a lost promissory note, bill of exchange or cheque was duly stamped;

Query : What does the clause (f) says pls if possible with the help of a example.

Section 7

"Acceptor for honour": 1[When a bill of exchange has been noted or protested for non-acceptance or for better security], and any person accepts it supra protest for honour of the drawer or of any one of the endorser, such person is called an "acceptor for honour".

Query : what is the meaning of the above one with the help of a example because i am confused that what does this term means " noted, protested for non-acceptance , it supra protest for honour . so pls explain me pls.


2) 11- Appointment of arbitrators.
(1) A person of any nationality may be an arbitrator, unless otherwise agreed by the parties.
(2) Subject to sub-section (6), the parties are free to agree on a procedure for appointing the arbitrator or arbitrators.
(3) Failing any agreement referred to in sub-section (2), in an arbitration with three arbitrators, each party shall appoint one arbitrator, and the two appointed arbitrators, shall appoint the third arbitrator who shall act as the presiding arbitrator.

Query : So as per section 11(3) if there are 5 or 7 or 9 arbitrator than how will select whom & how pls clarify me with the example(S).

3) 14- Failure or impossibility to act
(1) The, mandate of an arbitrator shall terminate if –
(a) he becomes de jure or de facto unable to perform his functions or for other reasons fails to act without undue delay; and
(b) he withdraws from his office or the parties agree to the termination of his mand.

Query : what do u mean by de jure or de facto as per section 14(1)(a).

The Above Query With the Suitable example (S)

Thanks In Advance.

M/s. Y-not legal services (Expert)
31 July 2015

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