BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mr. Harish Kumar fraudently induces Mr. Ramesh Chand to make a promissory note in his favour. He endorses it to Mr. Sachin Kumar who takes it for value and without any notice of the fraud. On presentation of the note for payment, it is dishonored. Mr. Sachin Kumar wants to recover this money. Whom he can sue for recovery?
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Since the note has been the result of a fraud, he cannot recover from any party
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Since Harish Kumar has notice of fraud he is the only person liable on the note
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Since Ramesh Chand is also the victim, he is not liable on the note
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Both Mr. Ramesh Chand and Harish Kumar are liable on the note
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Explanation:
There is 1 question to complete.