NI ACT

Section

Description

5

Bill of exchange is defined as ? instrument in writing containing an unconditional

order signed by maker directing a certain person to pay certain sum of money only

to, or to the order of a certain person or to the bearer thereof

7

Drawer, Drawee and Payee

8

Holder of Bill of exchange means a person entitled in his name to possess the bill

and recover the amount presented by Bill.

9

Holder in Due Course means any person who for consideration become the

possessor of the bill

10

Payment in Due Course means payment in accordance with tenor of the bill of

exchange to the holder or holder in due course in good faith and without negligence

11

Inland bills

12

Foreign Bills

14

Negotiation : When a bill is transferred to any person so as to entitle him to claim

the amount represented by bill, then such transfer is called Negotiation

15

Endorsement: If the holder of instrument signs the bill of exchange for the purpose

of transferring it, such signing is called Endorsement.

19

Demand Bills

30

Liability of Drawer

32

Liability of Acceptor/Drawee of Bill

35

Liability of Endorser

79

Interest rate specified

80

Interest when no rate is specified

Accounting & Finance for Banking

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