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ENDORSEMENT

ENDORSEMENT OF NEGOTIABLE INSTRUMENT | ESSENTIALS & KINDS

What is Endorsement of Negotiable Instrument? According to section 15 of the Negotiable Instrument Act, the endorsement has been defined as follows: “When the maker or the holder of negotiable instrument signs the same, otherwise than as such maker, for the purpose of negotiation, on the back or face thereof or on a slip of…

NEGOTIABLE INSTRUMENT

HOLDER OF NEGOTIABLE INSTRUMENT | HOLDER IN DUE COURSE

What is Holder of Negotiable Instrument? The holder of the promissory note, bill of exchange or cheque means the payee or endorsee who is in possession of it or the bearer, thereof and who receives or recovers the amount due thereon from the parties thereto. When the bill, note or cheque is destroyed or lost,…

NEGOTIATION

WHAT IS NEGOTIATION | CONDITIONS AND MODES OF NEGOTIATION

What is Negotiation?  The negotiation has been defined under section 34 of The Negotiable Instrument Act as follows: ‘When a promissory note, bill of exchange or cheque is transferred to any person so as to constitute that person the holder thereof, the instrument is said to be negotiated”. CONDITIONS OF NEGOTIATION When we analyze this…

DISHONOUR OF CHEQUE

DISHONOUR OF CHEQUE | 21 REASONS WHY YOUR CHEQUE IS DISHONOURED

What is Dishonour of Cheque? A banker can terminate the payment of a customer’s and can dishonour of cheque. The following are the main 21 reasons that why cheque of a customer is dishonour or we can say that main conditions and circumstances in which the bank can dishonour the cheque of the customers. 21 REASONS…

DIFFERENCE BETWEEN CHEQUE AND BILL OF  EXCHANGE

DIFFERENCE BETWEEN CHEQUE AND BILL OF EXCHANGE

What is Difference Between Cheque and Bill Of Exchange? The following are the main points of difference between Cheque and bill of exchange. DIFFERENCE BETWEEN CHEQUE AND BILL OF EXCHANGE 1. DRAWEE A cheque is drawn only on the bank in which the drawer has his account. But the bill of exchange can be drawn on any…

DEFINITION OF CHEQUE

DEFINITION OF CHEQUE | KINDS | TYPES OF CROSSING | ESSENTIAL FEATURES

Definition of Cheque?  “A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand” Sec. 6. A cheque can also be defined as an unconditional order in writing addressed and signed by the customer of the bank requiring the later to pay on demand…

DIFFERENCE BETWEEN PROMISSORY NOTE AND BILLS OF EXCHANGE

DIFFERENCE BETWEEN PROMISSORY NOTE AND BILLS OF EXCHANGE

What is Difference Between Promissory Note and Bills Of Exchange? The following are the main points of difference between promissory note and bills of exchange. DIFFERENCE BETWEEN PROMISSORY NOTE AND BILLS OF EXCHANGE 1. MAKER A promissory note is written by the principal debtor who has to make payment of the note. But a bill of…

BILL OF EXCHANGE

BILL OF EXCHANGE | DEFINITION | ESSENTIAL ELEMENTS & KINDS

What is Bill Of Exchange? ”A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker. directing a certain person to pay on demand or at a fixed or determinable future a  certain sum of money only to, or to the order of a certain person or to the…

PROMISSORY NOTE

PROMISSORY NOTE DEFINITION | ESSENTIAL FEATURES OF PROMISSORY NOTE

What is Promissory Note? As already stated that a negotiable instrument means a promissory note, bill of exchange or cheques payable either to order or to the bearer. So from this definition, we find that there are three types of negotiable instruments and they are: Promissory Note Bill of Exchange Cheque PROMISSORY NOTE DEFINITION “A…

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