Common Rules regarding Bills of Exchange (Sections 132 and 133)

        i.            The bill of exchange is drawn in sets or parts; all the parts put together make a set and the whole set constitutes only one bill.
      ii.            The payment made on one part extinguishes the whole bill.
    iii.            Each part of the bill in a set shall be numbered and contains a provision that it shall continue to be payable only so long as the other parts remain unpaid.
    iv.            The drawer has to sign each part of the bill and deliver all the parts.
      v.            Only one part needs to be stamped. Similarly, one part only needs to be accepted.
    vi.            In case a person accepts or endorses different parts of the bill in favour of different persons, he and the subsequent endorsers of each part are liable for such parts as if it were a separate bill.

No comments:

Post a Comment