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of <h1>Section 47: Promissory Notes and Cheques Negotiable by Delivery, Subject to Conditions and Section 58 Exceptions.</h1> Section 47 of the Negotiable Instruments Act, 1881, states that promissory notes, bills of exchange, or cheques payable to the bearer can be negotiated by delivery, subject to Section 58. However, if such instruments are delivered with the condition that they only take effect upon a certain event, they are not negotiable unless the event occurs, except for holders for value without notice of the condition. Illustrations clarify that delivery to an agent or transfer of credit to a bank account constitutes negotiation, making the recipient the holder of the instrument.
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