Which of the following is not a negotiable instrument:
Section 13 identifies a promissory note, bill of exchange or cheque payable to order or bearer as a negotiable instrument. An ordinary fixed-deposit receipt records a bank…
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Which of the following is not a negotiable instrument:
Answer and explanation
Correct answer B
Section 13 identifies a promissory note, bill of exchange or cheque payable to order or bearer as a negotiable instrument. An ordinary fixed-deposit receipt records a bank deposit; it is not simply a freely negotiable instrument merely because repayment is due. The named note, bill and cheque are the recognised categories, subject to their statutory form and payability requirements.
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