BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
(i) and (ii) only
|
|
|
(ii) and (iii) only
|
|
|
(i) and (iii) only
|
|
|
(i), (ii) and (iii)all
|
Detailed explanation-1: -A holder in due course holds the negotiable instrument free from any defect of title of prior parties, and free from defences available to prior parties among themselves, and may enforce payment of the instrument for the full amount thereof against all parties liable thereon.]
Detailed explanation-2: -A holder in due course (HDC) is a person who acquires the negotiable instrument bonafide for some consideration, whose payment is still due. A holder cannot sue all prior parties. A holder in due course can sue all prior parties. The instrument may or may not be obtained in good faith.
Detailed explanation-3: –The “holder” of a promissory note, bill of exchange or cheque means any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.