Question

Explain the following terms regarding Bills of Exchange: (i) Endorsement of bill (ii) Noting of a bill iii) Payee - 4marks​

Answer 1

Answer:

Option (i) Endorsement of bill

Explanation:

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Answer 2

Answer:

1)Endorsement of Bill

Endorsement of the bill implies the procedure by which the maker or holder of bill transfers the title of the bill in assistance of his/her creditors. The individual transferring the title is called “Endorser” and the individual to whom the bill is exchanged called “Endorsee”.

2)According to the Negotiable Instruments Act 1881, a bill of exchange is defined as “an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument”.

3)The payee is the person in whose favour the promissory note is drawn.The above mentioned is the concept, that is elucidated in detail about ‘Bill of Exchange’ for the Commerce students.

Explanation:

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