Question

What is payment and collection of cheques and other negotiable instruments?

Answer 1

Answer:

The person named in the instrument, to whom or to whose order the money is, by the instrument directed, to be paid, is called the 'payee'. A cheque is a Negotiable Instrument, which can be further negotiated by means of endorsement and is payable on demand.

Answer 2

The payment and collection of cheques and other negotiable instruments are a ‘bill of exchange’ drawn on a ‘specified banker’.  

Explanation:

• The negotiable instruments are methods of payments on-demand using the checks, drafts, bearer bonds, some certificates of deposit, promissory notes, and money from the bank.  

• The cheque is an instrument that is made for payment by the payee on demand.  

• It is a ‘bill of exchange’ that is made on a specified name and it is not to be payable other than on-demand.

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