Transfer of negotiable instruments and shares
Full Text
(1) Where the execution of a document or the endorsement of the party in whose name a negotiable instrument or a share in a corporation is standing is required to transfer such negotiable instrument or share, the Judge or such officer as he may appoint in this behalf may execute such document or make such endorsement as may be necessary, and such execution or endorsement shall have the same effect as an execution or endorsement by the party.
(2) Such execution or endorsement may be in the following form, namely:—
“A. B. by C. D. Judge of the Court of (or as the case may be), in a suit by E. F. against A. B.”
(3) Until the transfer of such negotiable instrument or share, the Court may, by order, appoint some person to receive any interest or dividend due thereon and to sign a receipt for the same; and any receipt so signed shall be as valid and effectual for all purposes as if the same had been signed by the party himself.
Plain English Summary
Empowers the executing Judge to endorse negotiable instruments or execute share transfer deeds in statutory form on behalf of the defaulting debtor, with full legal effect as if executed by the registered owner.
Key Legal Elements
- Judicial Endorsement Power: Judge signs negotiable instruments or transfer forms in lieu of debtor.
- Statutory Signature Formula (Sub-rule 2): Standardized legal wording creating conclusive title.
- Interim Dividend Receiver (Sub-rule 3): Appointment of court receiver to collect intermediate dividends/interest.
Practical Note
Transferring Physical Share Certificates: Where physical share certificates are sold, draft the SH-4 transfer deed with the statutory endorsement under Rule 80(2) and present it to the presiding Judge for execution. The company is statutorily bound to register the transfer.
हिंदी पाठ
(1) जहां किसी परक्राम्य लिखत या अंश के अंतरण के लिए किसी दस्तावेज के निष्पादन या पृष्ठांकन (Endorsement) की आवश्यकता है, वहां न्यायाधीश या नियुक्त अधिकारी आवश्यक दस्तावेज निष्पादित कर सकेगा या पृष्ठांकन कर सकेगा, और उसका वही विधिक प्रभाव होगा मानो स्वयं मूल पक्षकार ने किया हो।
(2) पृष्ठांकन का प्ररूप इस प्रकार होगा:
“क. ख. के विरुद्ध ग. घ. के वाद में (अमुक) न्यायालय के न्यायाधीश च. छ. द्वारा क. ख. के लिए”
(3) अंतरण होने तक न्यायालय ब्याज या लाभांश प्राप्त करने और रसीद देने हेतु किसी व्यक्ति को नियुक्त कर सकेगा।