Question 20

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Which of the following is not true for promissory note?

a.

The promisor is not a substitute

b.

The liability of the debtor cannot be shifted to any other person

c.

The debtor draws the instrument

d.

It requires acceptance by the drawee

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Question 21

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Which one of the following is not true for running account?

a.

This account is offered to corporates

b.

Bank allows Overdraft facility

c.

There is no limit of withdrawal

d.

Banks do not pay any interest on the credit balance