What is Valuable Security in Law, according to Sub-section 30 of Pakistan Penal Code, 1860, and also in Civil and Criminal Cases, 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.
Meaning in Urdu
قیمتی سیکورٹی
Meaning in Hindi
मूल्यवान सुरक्षा
Moolyavaan Suraksha
Illustration or Examples
Akbar writes his name on the back of a Bill of Exchange. As the effect of the 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“
Law Cases & Law Judgments
Power of Attorney is a Valuable Security.
1989 PCr.LJ 239
22 DLR 708
Elements of Valuable Security
Valuable security requires certain things which are as follows:
(i) Valuable security is a document.
(ii) It is such a document whereby any legal right is created, extended, transferred, restricted or extinguished.
(iii) It is a document whereby any person acknowledges the legal liability or legal right of another person.
Valuable Security in Divorce Deed
A deed of divorce is a valuable security because it extinguishes a legal right of the parties. A kabuliat is for the same reason a valuable security. An assessment order is a valuable security under Section 420, Indian Penal Code. Therefore, if the cheating, employed by the accused, resulted in inducing the Income-tax Officer, it would amount to inducing the Income-tax Officer to make a valuable security.