According to Section 13 of the Negotiable Instrument Act, 1881, which of the following does not come…
Section 13(1) names promissory notes, bills of exchange and cheques payable to order or bearer. Currency notes are not a named class and are excluded from the…
Choose your answer
According to Section 13 of the Negotiable Instrument Act, 1881, which of the following does not come under the definition of the "Negotiable Instrument"?
Answer and explanation
Correct answer B
Section 13(1) names promissory notes, bills of exchange and cheques payable to order or bearer. Currency notes are not a named class and are excluded from the promissory-note definition by section 4.
Option feedback
Option A
Qualifying promissory notes are expressly included.
Option B
Currency note is not included and is excluded by section 4.
Option C
Qualifying bills of exchange are expressly included.
Option D
Qualifying cheques are expressly included.
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