In the case of (2018), the Supreme Court clarified the concept of a "holder" under the NIL. The Court held that a holder is not necessarily the owner of the instrument but is entitled to enforce its payment.
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: It must be payable on demand or at a fixed/determinable future time. In the case of (2018), the Supreme Court
: It must be in writing and signed by the maker or drawer. In the case of (2018)
The NIL governs instruments like checks, promissory notes, and bills of exchange. It ensures these documents can substitute for money while protecting the rights of "holders in due course." Core Functions of the NIL