265
Question
Kinds of Negotiable Instruments
A bill of exchange is called as a/an ______ when bill of exchange drawn by one bank on another bank, or by itself on its own branch.
Kinds of Negotiable Instruments
A bill of exchange is called as a/an ______ when bill of exchange drawn by one bank on another bank, or by itself on its own branch.
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Solution
The correct option is C Bank draft
A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank on its own branch. Typically, banks will review the bank draft requester's account to see if sufficient funds are available for the check to clear
A bank draft is a payment on behalf of a payer that is guaranteed by the issuing bank on its own branch. Typically, banks will review the bank draft requester's account to see if sufficient funds are available for the check to clear
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