Question

rights of maker, acceptor and endorser of negotiable instrument

Answer 1

A maker is authorized to sign various negotiable instruments such as promissory notes, cheques or bills of exchange.

An acceptor of a negotiable instrument is bound to pay the amount mentioned in it at or after the date of maturity to the holder of demand. If the acceptor fails to do so, he/she is bound to make the necessary compensation in this regard.

An endorser of a negotiable instrument signs on the reverse side of the negotiable instrument and may/may not include the words “without recourse”. When these words are included, the endorser incurs no liability.

Answer 2

Maker, Acceptor, and Endorser are the parties of Negotiable Instrument as per the Negotiable Instruments Act 1881.

Explanation:

Maker:

• The authorized signatory of a bill of exchange, cheque and promissory notes.

• The maker is an executor of promissory notes and honouring of the party to the note.

Acceptor:

• Third-party payment is made by the acceptor.

• Acceptor assumes the right in the bill of exchange along with drawee and drawer.

Endorser:

• One who signs on the back of the instrument

• An endorser is responsible for transferring the title or owner of an instrument.

Maker, Acceptor and Endorser of a bill of exchange:

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