Lawzonline.com   Sign-in | Register
 
Home | Discussion Forum | Communities | Professional Search | Law Dictionary | Bare Acts | Law Schools | State Bare Acts | Free Judgement Search | Law quotes
Articles  |    Humor    |    Law Digest
 
 
Bare acts search

  Bookmark and Share
   
Bare acts > Negotiable Instruments Act, 1881 > Section 7
 
   


 

7. 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.


Drawee in case of need :
When 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.


Acceptor:
After the drawee of a bill has signed his assent upon the bill, or, if there are more parts thereof than one, upon one of such parts, and delivered the same, or given notice of such signing to the holder or to some person on his behalf, he is called the “acceptor”.


Acceptor for honour:
When a bill of exchange has been noted or protested for non-acceptance or for better security, and any person accepts it supra protest for honour of the drawer or of any one of the endorser, such person is called an acceptor for honour.


Payee :
The person named in the instrument, to whom or to whose order the money is by the instrument directed to be paid, is called the payee.

 

 

 

 

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

 

Quick Links          
           
Family Laws Insurance Laws Environmental law Tax Law FDI  
Company Law Telecommunication Law Labour Laws Central Rules RBI  
Business & Commercial Laws Consumer laws Corporate laws Criminal laws SEBI  
Intellectual Property law Media & Press laws Pharma & Medical laws Property law FEMA  
Debt Recovery Laws Amendments Professional law Banking Laws Legal Links  
           
           
 
 
  Partner Site
Adbeed.com India No 1 Business Directory and Classified Portal
Mybeed.com Your Online Library
 
 
 

 
   
 

 

 

Privacy PolicyDisclaimer | Link partners

Copyright @2010