Drawee - Law Dictionary Search Results
Home Dictionary Name: draweeDrawee in case of need
Drawee in case of need, when in the bill or in any endorsement thereon the name of any person is given in addition to the drawee to be resorted to in case of need, such person is called a 'drawee in case of need'. [Negotiable Instruments Act, 1881 (26 of 1881), s. 7]...
Drawer, Drawee
Drawer, Drawee, the maker of a bill of exchange or cheque is called the 'drawer'; the person thereby directed to pay is called the 'drawee'. [Negotiable Instruments Act, 1881 (26 of 1881), s. 7]...
drawee
drawee : the party (as a bank) on which a draft is drawn compare drawer, payee ...
Drawee
Drawee, the person on whom a bill of exchange is drawn, who is called, after acceptance, the acceptor. He must be named or otherwise indicated in the bill with reasonable certainty, (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 6. See BILL OF EXCHANGE...
Presetment of Bill of Exchange, Cheque, or Pro-missory Note
Presetment of Bill of Exchange, Cheque, or Pro-missory Note, the presenting of a bill by the holder to the drawee for acceptance, or to the acceptor or an indorser for payment of, a cheque to the banker for payment, and of a note to the maker or indorser for payment.The law on this subject is regulated by the (English) Bills of Exchange Act, 1882, as follows:-Presentment of Bill for Acceptance.--Presentment is necessary if the bill be payable after sight or if it be expressly stipulated for by the bill, or if it be drawn payable elsewhere than at the residence or place of business of the drawee, but in no other case (s. 39). When a bill payable after sight is negotiated, the holder must either present or negotiate it within a reasonable time (s. 40).'The presentment must be made by or on behalf of the holder to the drawee or to some person authorized to accept or refuse acceptance on his behalf at a reasonable hour on a business day and before the bill is overdue.' Presentment must be ...
Acceptance of bill of exchange
Acceptance of bill of exchange, 'Acceptance' in regard to a bill of exchange does not'mean 'taking' or 'receiving'. Acceptance of a bill of exchange is the signification by the drawee of his assent to the order of the drawer. It is the act by which the drawee evinces his consent to comply with, and be bound by, the request contained in a bill of exchange directed to him, and is the drawee's agreement to pay the bill when it falls due. In commercial parlance acceptance of a bill of exchange is the drawee's signed engagement to honour the draft as presented, American Express Bork Ltd. v. Calcutta Steel Co., (1993) 2 SCC 199 (207). [Negotiable Instruments Act, 1881, ss. 7, 32, 33]...
Acceptance
Acceptance, the taking and receiving of anything in good part, and as it were a tacit agreement to a preceding act, which might have been defeated or avoided if such acceptance had not been made, Jac. Law Dict.The assenting to an offer: it is by the acceptance, whether express or implied, of an offer that all contracts are made. See CONTRACT, AGREEMENT.Acceptance of a bill of exchange is defined by the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. C. 61), s. 17, as 'the signification by the drawee of his assent to the order of the drawer.' It must be written on the bill, and signed by the drawee, whose mere signature is sufficient to charge him: and it must not express that the drawee will perform his promise by any other means than the payment of money, Ib. See BILL OF EXCHANGE.Means communicated acceptance, Ashok Kumar Sahu v. Union of India, (2006) 6 SCC 704....
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Post-dated cheque
Post-dated cheque, are not invalid, but the banker should not pay such a cheque if presented before the date it bears. If therefore, a cheque dated on a Sunday is presented on the previous business day, it should be returned with the answer post-dated. A post-dated cheque, however, if presented at or after its ostensible date, should be paid though the banker knows it to be post-dated, and even if it has been presented before the date and refused payment, Halsbury's Laws of England, 4th Edn., Vol. 3(1), p. 143.Means a cheque must not be post-dated, that is, dated after the day on which it is presented for payment to the drawee branch. Post-dated cheques present for more difficulties to the banker than antedated cheques. There are practical difficulties rather than legal ones ..... But a cheque is generally post-dated because the drawer does not expect to have the funds to meet it until that date arrives. It is a mandate to the banker to the effect that it should not be paid before that...
bank
bank : an organization for the custody, loan, or exchange of money, for the extension of credit, and for facilitating the transmission of funds branch bank : a banking facility that is a separate but dependent part of a chartered bank ;esp : a facility that performs some banking functions and is separate from a main office bridge bank : a national bank that is chartered for a limited time to operate an insolvent bank until it is sold central bank : a national bank that establishes monetary and fiscal policy and controls the money supply and interest rate collecting bank : a bank other than the payor bank that is handling for collection a negotiable instrument or a promise or order to pay money commercial bank : a bank organized chiefly to handle the everyday financial transactions of businesses (as through deposit accounts and commercial loans) cooperative bank : an association (as a credit union) owned by and offering banking services for its members ;specif : savings and ...
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