What is the meaning of Legal representative cannot by delivery only negotiate instrument indorsed by deceased? What is Instrument obtained by unlawful means or for unlawful consideration? Legal representative cannot by delivery only negotiate instrument indorsed by deceased and Instrument obtained by unlawful means or for unlawful consideration are defined under Section 57 and 58 of Negotiable Instruments Act 1881
The legal representative of a deceased person cannot negotiate by delivery only a promissory note, bill of exchange or cheque payable to order and indorsed by the deceased but not delivered.
When a negotiable instrument has been lost, or has been obtained from any maker, acceptor or holder thereof by means of an offence or fraud, or for an unlawful consideration, no possessor or indorsee who claims through the person who found or so obtained the instrument is entitled to receive the amount due thereon from such maker, acceptor or holder, or from any party prior to such holder, unless such possessor or indorsee is, or some person through whom he claims was, a holder thereof in due course.
Negotiable Instruments Act 1881
Section 41 - Acceptor bound, although, indorsement forged
Section 42 - Acceptance of bill drawn in fictitious name
Section 43 - Negotiable instrument made, etc., without consideration
Section 44 - Partial absence or failure of money-consideration
Section 45 - Partial failure of consideration not consisting of money
Section 45A - Holder's right to duplicate of lost bill
CHAPTER IV OF NEGOTIATION
Section 47 - Negotiation by delivery
Section - 48 Negotiation by indorsement
Section 49 - Conversion of indorsement in blank into indorsement in full
Section 50 - Effect of indorsement
Section 51 - Who may negotiate
Section 52 -Indorser who excludes his own liability or makes it conditional
Section 53 - Holder deriving title from holder in due course
Section 54 - Instrument indorsed in blank
Section 55 - Conversion of indorsement in blank into indorsement in full
Section 56 - Indorsement for part of sum due
Section 57 - Legal representative cannot by delivery only negotiate instrument indorsed by deceased
Section 58 - Instrument obtained by unlawful means or for unlawful consideration
Section 59 - Instrument acquired after dishonour or when overdue
Section 60 - Instrument negotiable till payment or satisfaction