https://www.taxtmi.com/caselaws?id=97627 Implied authority may validate a branch manager's endorsement of a promissory note where the company's constitution empowers the managing director to negotiate instruments and delegate that power. Section 89 of the Indian Companies Act, 1913 recognises endorsements made under express or implied authority. In conjunction with the presumption under section 118 of the Negotiable Instruments Act, the burden lies on those challenging authority to rebut it. A transferee may therefore claim holder-in-due-course protection absent proof negating the manager's authority. Recovery remains limited to the unpaid balance established on the record. en-us Wed, 16 Apr 1958 00:00:00 +0530 Tue, 17 Jan 2012 15:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97627 Implied authority may validate a branch manager's endorsement of a promissory note where the company's constitution empowers the managing director to negotiate instruments and delegate that power. Section 89 of the Indian Companies Act, 1913 recognises endorsements made under express or implied authority. In conjunction with the presumption under section 118 of the Negotiable Instruments Act, the burden lies on those challenging authority to rebut it. A transferee may therefore claim holder-in-due-course protection absent proof negating the manager's authority. Recovery remains limited to the unpaid balance established on the record. Case-Laws Companies Law Wed, 16 Apr 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97627