operational standpoint? • Consumers have to deal with distributors for contacts‚ but with B&L for other items – confusion for consumers • B&L has more cash and fewer assets in inventory – better for B&L • Gives them financing (steady cash flow on promissory notes and profits) for other goods • Allows them to engage in other goods Advantages: Marketing resources immediately freed up to focus on the disposable contact lens market Lower SG&A expenses with new distribution plan Less inventory held
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person entitled to enforce the instrument. For example‚ Arthur makes a note of $1‚000 payable to the order of Bryan. Bryan indorses the note “Pay to the order of my account no. 16154 at First Bank‚ Bryan.” Bryan then gives the note to his employee‚ Clark‚ to take to the bank. Clark takes the note to Arthur‚ who pays Clark the $1‚000. Clark then runs off with the money. Arthur is not discharged of his primary liability on the note because he did not make his payment consistent with the restrictive indorsement
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DISHONOUR OF CHEQUES SECTION 138 NEGOTIABLE INSTRUMENTS ACT‚ 1881 Dissertation Submitted to The Guru Gobind Singh Indraprastha University‚ in Partial fulfillment of the requirement for the Degree of L.L.B.(Hons.) TABLE OF CONTENTS Table of Cases i – xi Chapter - I History of Banks 1-17 Chapter - II Meaning of Negotiable Instruments. Kinds of Instruments‚ specifically cheques 18-32 Chapter - III Dishonour of cheque 33-39 Chapter - IV Duty of the Bank
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issued debt obligation that matures in 91 days. It is sold at a discount and the buyer is paid the face value at maturity. The yield is the difference between the discounted price and the face value. ii) 90 Day Commercial Paper – it is a promissory note issued by a company that matures in 90 days. In case the issuing company defaults‚ the buyer has no recourse. Similarly to a treasury bill‚ commercial paper is also sold at a discount. iii) 90 Day Bankers Acceptance – it is a short term corporate
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instrument means a promissory note‚ bill of exchange or cheque payable either to order or to bearer‚ whether the word “order” or “ bearer” appear on the instrument or not.” A negotiable instrument is a document guaranteeing the payment of a specific amount of money‚ either on demand‚ or at a set time‚ with the payer named on the document. Examples of negotiable instruments include promissory notes‚ bills of exchange‚ and cheques. PROMISSORY NOTE A promissory note may be a negotiable
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let us learn about these documents. Learning objectives On completion of this topic‚ you should be able to: Describe the principle of negotiability and the uses of negotiable instrument; Describe the nature of accommodation bills and promissory notes; Outline the main legislation dealing with negotiable instruments; Describe the definitions and types of instruments under the Cheques Act; Explain transferability with respect to cheques; Describe the use of signatures and the consequences
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* Premable "An Act to define and Law relating to Promissory Notes‚ Bills of Exchange and cheques" MEANING: - a negotiable instrument means an instrument the property in which is acquired by any one who takes it bonafide and for the value notwithstanding any defect in the title of the prior party . DEFINITION [SEC 13] A negotiable instrument means - A promissory note; or - Bill of exchange; or - Cheque - Payable either
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a) Advise on the relationship between a bank and its customer. Explain the duties and rights each has towards each other. b) Name and discuss any three types of negotiable instruments AUTHOR: KATALILO JOY INTRODUCTION This paper is aimed at discussing the relationship between a bank and its customer and the duties and rights each has towards each other. In discussing the relationship a scenario will be considered. The paper will further discuss
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Content Sr No. Particular Page No. 1 Introduction of Negotiable Instruments 3 2 Need of Negotiable Instrument 6 3 Features of Negotiable Instrument 8 4 Types of Negotiable Instruments 10 5 Promissory Notes 10 6 Evolutions in Promissory Notes 13 7 Bills of Exchange 16 8 Cheque 22 9 Section 138‚ Negotiable Instruments Act 23 10 Ingredients of offence under section 138 24 11 Revolution in cheques 27 12 Necessity to Introduced Negotiable Instruments 31 13 Evolution
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hundi‚ promissory note or engagement for the payment ofmoney payable to bearer on demand. This Section further provides that no one except the RBI or the Central Government can make or issue a promissory note expressed to be payable or demand or after a certain time. Section 32 of the Reserve Bank of India Act makes issue of such bills or notes punishable with fine which may extend to the amount of the instrument. The effect or the consequences of these provisions are: 1. A promissory note cannot
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