NEGOTIABLE INSTRUMENTS

Question

Define the following types of bills of exchange:
i) Order bills.
ii) Bearer bills.

 

Answer

(i) Order bills

Is payable to order which is expressed to be so payable and does not indicate an intention that it should not be transferable.

(ii) Bearer bills

Payable to bearer which is expressed to be so payable; the payee is a fictitious or non-existing person.

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