Which of the following is not a Negotiable Instrument as defined under The Negotiable Instrument Act,…
Under Section 13 of the Negotiable Instruments Act, 1881, a negotiable instrument means a "Promissory Note", "Bill of Exchange" or "Cheque" payable either to order or to…
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Which of the following is not a Negotiable Instrument as defined under The Negotiable Instrument Act, 1881?
Answer and explanation
Correct answer D
Under Section 13 of the Negotiable Instruments Act, 1881, a negotiable instrument means a "Promissory Note", "Bill of Exchange" or "Cheque" payable either to order or to bearer. A "Billing Receipt" is not a negotiable instrument, as it contains no unconditional promise or order to pay and is not freely transferable with title free from equities.
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