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Question
A bearer negotiable instrument is payable to ______________.
A bearer negotiable instrument is payable to ______________.
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Solution
The correct option is A holder
A bearer instrument means that any check or draft can be transferred to the holder by delivery without having to be endorsed. Section 8 of N.I.Act 1881 defines 'Holder' as under. “The holder of a promissory note, bill of exchange or cheque means, any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto."
A bearer instrument means that any check or draft can be transferred to the holder by delivery without having to be endorsed. Section 8 of N.I.Act 1881 defines 'Holder' as under. “The holder of a promissory note, bill of exchange or cheque means, any person entitled in his own name to the possession thereof and to receive or recover the amount due thereon from the parties thereto."
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