(1)2008The words “valuable security” denote a document or an electronic record2020 which is, or purports to be, a document or an electronic record2020 whereby any legal right is created, extended, transferred, restricted, extinguished, or released, or whereby any person acknowledges that he lies under legal liability, or has not a certain legal right.
Section history
Section 30 — “Valuable security”
Consolidated view is experimental and may be broken for certain provisions.
Amendments
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 whereby any person acknowledges that he lies under legal liability, or has not a certain legal right.
Illustrations
A writes his name on the back of a bill of exchange. As the effect of this endorsement is to transfer the right to the bill to any person who may become the lawful holder of it, the endorsement is a “valuable security”.
(2)Notwithstanding the generality of subsection (1), “valuable security” includes credit cards, charge cards, stored value cards, automated teller machine cards and such other cards which have money or money’s worth or other financial rights attached.
Illustrations2008Illustration2008·2021Illustrations2021
A writes his name on the back of a bill of exchange. As the effect of this endorsement is to transfer the right to the bill to any person who may become the lawful holder of it, the endorsement is a “valuable security”.
(a) A writes his name on the back of a bill of exchange. As the effect of this endorsement is to transfer the right to the bill to any person who may become the lawful holder of it, the endorsement is a “valuable security”.
(b) An electronic bill of lading in the form of an electronic record in a secure electronic trading system is a “valuable security”.
[Indian PC 1860, s. 30]