Valuable security in IPC – Valuable security definition

Valuable security in IPC – Valuable security definition

[See: Section 30 IPC]

‘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

  – whereby 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 to transfer the right to the bill to any person who may become the unlawful holder of it, the endorsement is a “valuable security”.