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Author Topic: depositing a SECURITY cheque, for non payment of interest  (Read 206 times)

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Offline New user

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depositing a SECURITY cheque, for non payment of interest
« on: July 09, 2018, 05:02:14 AM »
One year ago, Person borrowed 80k from me and gave me pronote
He also issued cheque-1 as security and promised to pay monthly interest
after 3 months, he gave another cheque-2
after 3 months, he gave another cheque-3
after 3 months, he gave another cheque-4 and stopped paying interest
For the past 4 months, he is neither paying interest nor picking up the phone

Cheque-4 was completely filled by loan borrower, he issued this cheque as security for principal amount, not for the discharge of legal debt, he never asked me deposit it.

I deposited this cheque in my bank account few days ago for non payment of interest without permission from loan borrower, as he has changed his mobile number.  the cheque was returned due to Insufficient Funds.

Now, will this attract Section 138 of the Negotiable Instruments Act, 1881 for depositing a SECURITY cheque, for non payment of interest without consent of cheque issuer?

cheque date is 12-Apr-2018
I deposited the cheque just before 1 week of cheque's 3 months expiry date. 
Court will ask me why did you wait for 2 months 3 weeks to deposit the cheque?

Offline Deepak Joshi

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Re: depositing a SECURITY cheque, for non payment of interest
« Reply #1 on: July 09, 2018, 08:46:19 AM »
No court will not ask you why you dnt deposit cheque earlier, but will check legality  of transaction.
Sent legal notice to borrower as per section 138 of negotiable instrument act for making payment balance payment in 15 days from receipt of notice.

Offline advjaibansal

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Re: depositing a SECURITY cheque, for non payment of interest
« Reply #2 on: July 09, 2018, 11:30:25 PM »
please deposit the cheque and issue legal notice once the cheque is bounced on the grounds that the cheque was issued for the principle amount after the interest part is over. Then file the case under 138 of NI Act.
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

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