Fri. Nov 27th, 2020

Section 30 Valuable security

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Section 30 Valuable security.

The words “valuable security” denote a document which is, or purports to be, a document whereby any legal right is created, extended, transferred, restricted, extin­guished or released, or where by any person acknowledges that he lies under legal liability, or has not a certain legal right.

Illustration

A writes his name on the back of a bill of exchange. As the effect of this endorsement is transfer the right to the bill to any person who may become the lawful holder of it, the endorse­ment is a “valuable security”.

COMMENTS

Certificates

The certificates which are found as forged for being admitted in the college could be described as valuable security; Kansaheb Kalu Patil v. State of Maharashtra, AIR 1981 SC 80: 1980 Cr LJ 1312.

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