collecting banker

To get statutory protection, paying banker must make:

• a) Payment to a holder

• b) Payment to a holder in due course

• c) Payment in due course

• d) Payment to a drawee in case of need

A collecting banker is given protection only when he collects

• a) A crossed cheque

• b) An order cheque

• c) An Bearer Cheque

• d) An mutilated cheque

Define Collecting Banker

Define Paying banker

What is meant by Holder for value?

Mr P sold goods worth ₹150000 to Mrs Q on credit for three months. At the same time, Mr P had purchased raw material worth ₹150000 from Mr R on credit for three months. Henceforth, Mr P drafts a bill of exchange ordering Mrs Q to pay ₹150000 to Mr R, after three months. This draft was duly signed and accepted by Mrs Q, making it a legal____________________