Description : Notice of dishonour must be given A. To the drawer and drawee only B. To the drawer, acceptor and endorser(s) only C. To all the parties liable on the instrument or to their duly ... agent D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent
Last Answer : D. To all the parties who are secondarily liable on the instrument or to their duly authorized agent
Description : In case of insolvency of a drawee, a bill should be presented for acceptance to the A. Official receiver B. Acceptor for honour C. Drawee incase of need
Last Answer : A. Official receiver
Description : With reference to a cheque which of the following is the „drawee bank‟ ? A. The bank that collects the cheque B. The payee‘s bank C. The endorser‘s bank D. The bank upon which the cheque is drawn
Last Answer : D. The bank upon which the cheque is drawn Explanation: Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft. A typical example is if you are cashing a paycheck.
Description : When a customer deposits cheque to a bank, the bank is a(n) A. Drawer B. Agent C. Principal D. Drawee E. Bailee
Last Answer : B. Agent Explanation: When a customer deposits cheque to a bank then that particular bank acts as an agent for the customer. Collection occurs when the drawee bank (the bank ordered by the cheques ... of the drawer (its customer who has written the cheque) and presents it to the collecting bank.
Description : To whom of the following, payment of the amount due on a promissory note, bill of exchange or cheque must be made in order to discharge the maker or acceptor A. Holder of the instrument B. Indorser of the instrument C. Indorsee of the instrument D. None of the above.
Last Answer : A. Holder of the instrument
Description : Who among the following cannot cross a cheque? A. Drawer B. Holder C. Banker D. Foreigner.
Last Answer : B. Holder
Description : A drawee is need to be given a deliberation of A. 24 hrs B. 48 hrs C. 72hrs D. 10 days
Last Answer : B. 48 hrs
Description : Alterations, if any, on cheques are required to be authenticated by the signature of _______ A. Payee B. Depositor C. Drawer D. Endorse E. All of the above
Last Answer : C. Drawer Explanation: Alterations, if any, on cheques are required to be authenticated by the drawer‘s signature against each such alteration.
Description : If a draft is made to bearer, payment should be made to _____. A. a bank B. drawer C. acceptor D. anyone who presents the draft E. all of the above
Last Answer : D. anyone who presents the draft
Description : A protest is made by A. The drawer B. The indorser C. A notary D. None of the above.
Last Answer : C. A notary
Description : A minor was facing a criminal prosecution for smuggling drugs. He borrowed Rs. 5000 to hire an advocate to defend him in the court of law. What is the remedy available to the creditor if the ... the age of majority D. The creditor can recover his amount from the parent or guardian of the minor
Last Answer : A. The creditor cannot recover the amount from the minor since a contract with a minor is void ab initio
Description : Which of the following is false with respect to minor entering a contract? A. An agreement with or by a minor is void ab initio B. A minor can be a beneficiary of a contract C. The ... be enforced at the option of the third party D. A minor cannot ratify a contract on attaining majority
Last Answer : C. The contracts involving a minor as a beneficiary may be enforced at the option of the third party
Description : Acceptor for honour can be a party to A. A cheque B. A bill of exchange C. A promissory note D. A hundi
Last Answer : B. A bill of exchange
Description : Witness is not necessary for delivery of a) Regd article addressed to an illiterate addressee b) An insured article received for delivery to a minor c) MO for payment an illiterate payee d) A TMO for payment to a payee without fingers
Last Answer : b) An insured article received for delivery to a minor
Description : Which of the following persons are not competent to contract? A. Minor B. Person disqualified by law C. Person of unsound mind D. All of the above
Last Answer : D. All of the above
Description : . If a money order cannot be paid owing to the death of the payee a) It should be paid to his relatives in the address b) It should be treated as an unclaimed order c) It should be kept in deposit d) None of these
Last Answer : b) It should be treated as an unclaimed order
Description : In the case of an inland MO, in which it is learnt that the payee has left India and his revised address, is known to the PO a) The MO cannot be redirected but is should be returned to the ... the redirected MO to a foreign country should be deducted in the original value of MO d) None of these
Last Answer : c) The Mo can be redirected, but he difference in the commission of the redirected MO to a foreign country should be deducted in the original value of MO
Description : The indorser is excluded from his liability for dishonour of instrument towards his subsequent holder in case of A. Sans Recourse Endorsement B. Facultative Endorsement C. Sans Frais Endorsement D. None of the above.
Last Answer : B. Facultative Endorsement
Description : In determining reasonable time for the purpose of payment of a negotiable instrument A. Public holidays are included B. Public holidays are excluded C. Only the holidays observed by the banks are excluded D. None of the above.
Last Answer : B. Public holidays are excluded
Description : Can the holder of a negotiable instrument indorsed in blank convert the indorsement into an indorsement in full? A. No, such a conversion is not possible under the Negotiable Instruments Act, 1881 (Section ... the indorsement in blank to an indorsement in full (Section 49) D. None of the above.
Last Answer : C. Yes, the holder can by signing his own name and by writing above the indorser's signature a direction to pay to any other person as indorsee, convert the indorsement in blank to an indorsement in full (Section 49)
Description : A bill is drawn payable to 'A' or order. 'A' indorses it to 'B', the indorsement not containing the words '"or order" or any equivalent words. Can 'B' negotiate the instrument? A. Yes B. No C. Not always D. None of the above.
Last Answer : A. Yes
Description : 'At sight' under section 21 of the Negotiable Instrument Act, 1881, means A. On presentation B. On demand C. On coming into vision D. None of the above.
Last Answer : A. On presentation
Description : Under section 16 of the Negotiable Instrument Act, 'indorsement in blank' of an instrument means A. Where the indorser does not write anything on the instrument B. Where the indorser signs his name only on ... the indorser writes the name of the person who is directed to pay D. None of the above.
Last Answer : A. Where the indorser does not write anything on the instrument
Description : If in an instrument the amount undertaken or ordered to be paid is stated differently in figures and in words A. The instrument is void due to uncertainty B. The amount stated in figure shall be ... amount stated in words shall be the amount undertaken or ordered to be paid D. None of the above.
Last Answer : A. The instrument is void due to uncertainty
Description : If an instrument may be construed either as a promissory note or bill of exchange, it is A. A valid instrument B. An ambiguous instrument C. A returnable instrument D. None of the above.
Last Answer : A valid instrument
Description : The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the ... the instrument C. The bargaining between the parties to a negotiable instrument D. All of the above
Last Answer : A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof
Description : _______ is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque. A. Crossed Cheque B. Open Cheque C. General Crossing D. Restrictive Crossing E. None of the Above
Last Answer : B. Open Cheque Explanation: An open cheque is a cheque that is not crossed on the left corner and payable at the counter of the drawee bank on presentation of the cheque.
Description : What thoughts come to the mind when you’re under negative stress A. You think that you can cope with the situation B. You think that you cannot cope with the situation C. You think that everything will get fine eventually D. You think that you will get hep immediately
Last Answer : B. You think that you cannot cope with the situation
Description : Total managerial remuneration cannot exceed ____% of net profit A. 11 B. 12 C. 13 D. 14
Last Answer : A. 11
Description : In case of breach of condition, the buyer A. Has no remedy B. Can reject the goods. C. Cannot reject the goods. D. Can get the seller arrested
Last Answer : B. Can reject the goods.
Description : As per section 2(8), of the Sales of Goods Act, insolvent means a person A. Who has ceased to pay his debts in the ordinary course of business B. Or cannot pay his debts as they become due C. Both (a) and (b) D. None of above
Last Answer : C. Both (a) and (b)
Description : Sonia contracts with Anshul to buy a necklace, believing it is made of pearls whereas in fact it is made of imitation pearls of no value. Anshul knows that Sonia is mistaken and takes no steps ... the contract C. Sonia can cancel the contract alleging undue influence D. Sonia can claim damages
Last Answer : B. Sonia cannot cancel the contract
Description : Once a check has cleared, can the "payee" put a stop on it?
Last Answer : Hm, my advice would be to actually deposit it to the teller. Once the check is signed and dated and you worked those hours the company cannot legally put a check stop.
Description : Single, childless people, who is the beneficiary/POD payee on your bank account?
Last Answer : Mine are my parents too.
Description : If someone receives ssi Disabillity, what is the purpose of having a payee?
Last Answer : ”…but im afraid he will spend his money on weed, liquor and stupid stuff and end up on the street.” If I had to take a guess, I’d say that’s the answer to your question.
Description : Who is a payee in case of cheque?
Last Answer : Who is a payee in case of cheque?
Description : What is the Loss payee address for Honda finance?
Last Answer : American Honda Finance is a lien holder that provides financingto approved customers. The loss payee address for American Honda isClient Services PO Box 65021 Hunt Valley MD 21065.
Description : im trying to be my own payee and need help getting there?
Last Answer : go to a doctor and have them write a statement that explains that you can be your own payee. You might also need documentation showing that you can handle finances w/o problems
Description : Bank deposits that can be withdrawn without notice are called - (1) account payee deposits (2) fixed deposits (3) variable deposits (4) demand deposits
Last Answer : (4) demand deposits Explanation: Demand deposits are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand ... of account which cannot be accessed for a predetermined period (typically the loan's term).
Description : The safest form of Crossed Cheque is _____ A. Double Crossing B. General Crossing C. Special Crossing D. Account payee crossing E. None of the Above
Last Answer : D. Account payee crossing Explanation: In Account payee crossing the amount will not be paid to anybody over the counter. It will be credited to the account of the payee only. Thus account payee crossing ensures safe transfer of funds.
Description : .A person that money or a cheque is paid to a) payer b) paye c) remit d) payee
Last Answer : d) payee
Description : MO become void when a) The MO not paid to payee or remitter b) The MO not paid to payee or remitter at the end of the month following the month of its issue c) The MO not paid to payee or remitter at the end of the year d) None of these
Last Answer : b) The MO not paid to payee or remitter at the end of the month following the month of its issue
Description : Payment of crossed Indian Postal order will be made a) By cash b) Direct to the payee c) Through PO Saving bank or any of the bank d) All the above
Last Answer : c) Through PO Saving bank or any of the bank
Description : An IPO should not be paid to the payee it a) The signature of the issuing postmaster is wanting b) The round MO/special stamp of issuing office is not impressed. c) Both the signature of issuing Postmaster/ Round impression wanting d) All the above
Last Answer : c) Both the signature of issuing Postmaster/ Round impression wanting
Description : The cases in which defective IPOs be paid without reference to higher authority a) The IPO was first erroneously receipted by a person other than the payee entire cancelled and properly receipted by ... receipted the purchaser, it subsequently cancelled and receipted by the payee. d) All the above
Last Answer : d) All the above
Description : Memo of admission of payment is obtained a) When duplicate money order are issued b) When a money order is lost before payment c) When a money order is lost after payment d) When money order was paid to a person other than the payee
Last Answer : c) When a money order is lost after payment
Description : Payment of a MO addressed to a place not served daily by postman will be a) Made to the messenger as authorized by the payee in a letter given to the Postmaster of office of payment b) Paid only to the payee c) Kept in deposit for 7 days an returned for repayment to the remitter d) All the above
Last Answer : a) Made to the messenger as authorized by the payee in a letter given to the Postmaster of office of payment
Description : If a remitter of money order wants to stop its payment to the payee a) Value of MO and commission paid will be refunded to him b) Value of Mo will be refunded c) No refund d) None of these
Last Answer : b) Value of Mo will be refunded
Description : If a payee of the VPMO (sender of the VP article) for Rs 400/- is deceased, then the VPMO should be a) Returned to the addressee of the VP article b) paid to the claimant in the ... witness c) Returned to Audit office as unpaid d) Paid to the claimant after obtaining indemnity bond with one surety
Last Answer : d) Paid to the claimant after obtaining indemnity bond with one surety
Description : If the remitter wants to change the name of payee, after booking of MO a) No fee is to be collected from eh remitter for the first alteration b) Second commission equal to first c) Half of the first commission d) Postage stamp for Rs 10 to be affixed on the request form
Last Answer : b) Second commission equal to first