GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bill payable after sight
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Duplicate DD issued to a customer
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A piece of paper for making endorsements
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A piece of paper attached to a negotiable instrument for making available more space for further endorsements
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Detailed explanation-1: -An allonge is a sheet of paper that is attached to a negotiable instrument, such as a bill of exchange. Its purpose is to provide space for additional endorsements when there is no longer sufficient space on the original instrument. The word “allonge” derives from the French word allonger, which means “to lengthen."
Detailed explanation-2: -Allonge (Real Estate Glossary) A transfer instrument attached to a negotiable instrument, such as a promissory note or a bill of exchange, in order to document an assignment of such instrument. An allonge is considered an extension of the instrument itself.
Detailed explanation-3: -The allonge is the endorsement that gives you the right to collect money. Sometimes you will find that you have an endorsement stamp on the actual note, and that actually will take place of the allonge if you don’t have it.
Detailed explanation-4: -A document attached to a promissory note or other negotiable instrument containing an indorsement that transfers the note or negotiable instrument over to a third party or bearer. The allonge must be firmly affixed to the note. An allonge is typically delivered to a successor lender when a loan is assigned.