BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following defines ‘At sight’ under section 21 of the Negotiable Instrument Act, 1881?
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on presentation
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on demand
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on coming into vision
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none of the above
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Explanation:
Detailed explanation-1: -21. The expression “after sight” means, in a promissory note, after presentment for sight, and, in a bill of exchange, after acceptance, or noting for non-acceptance, or protest for non-acceptance.
Detailed explanation-2: -Section 13 in The Negotiable Instruments Act, 1881.
Detailed explanation-3: -14. Negotiation.-When a promissory note, bill of exchange or cheque is transferred to any person, so as to constitute the person the holder thereof, the instrument is said to be negotiated.
There is 1 question to complete.