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.
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”.
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.