Effects of dishonour of B/R is given
Answers
Step-by-step explanation:
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Answer:
Dishonor by non-acceptance has the effect of granting the bill's bearer an immediate right of action against the drawer and indorsers. It is not essential for the holder to wait until the note's maturity date or to deliver it for payment.
Step-by-step explanation:
When a negotiable instrument is not honored, either by non-acceptance or non-payment, the holder is fully entitled to take legal action against the responsible parties. ii. The holder is required to provide notice of dishonor to each party he intends to take legal action against. How are accounts receivable handled in Dishonored
The bill is delivered to the drawee for payment on the due date by the bill's holder.
- The drawer has several options for how to handle the bill:
- until it reaches maturity.
- Bank discounts are available.
- endorsing a different individual.
- Send it to the bank for collection
hence When the drawee doesn't pay the bill on the due date, it is considered to be dishonored.