BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Who among the following is not a competent to endorse a cheque
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A minor
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An insolvent person on behalf of the other competent person who has given him a mandate
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An illiterate person who cannot sign
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A pardanashin lady
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Explanation:
Detailed explanation-1: -An endorser is the one who endorses and delivers a negotiable instrument before maturity. Every endorser has a liability to the parties that are subsequent to him.
Detailed explanation-2: -(Minor)-A minor may draw, indorse, deliver and negotiate such instruments so as to bind all parties except himself.
Detailed explanation-3: -An Account Payee Cheque is a highly secured type of cheque as the amount can only be deposited in the account of payee. The payee cannot endorse this cheque to anyone else.
Detailed explanation-4: -Minor: A minor may draw, endorse, deliver and negotiate such instruments so as to bind all parties except himself.
There is 1 question to complete.