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

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Question 22

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Payment in accordance with apparent tenor means

a.

The Payee needs to follow the instruction given by drawer for dealing with cheque.

b.

The Payee needs to follow the instruction given by drawee for dealing with cheque.

c.

The drawee needs to follow the instruction given by drawer for dealing with cheque.

d.

The drawer needs to follow the instruction given by drawee for dealing with cheque.

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Question 23

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Special endorsement is done when

a.

Endorsee signs the back of cheque and writes the name of endorser

b.

Endorser signs the back of cheque and does not write the name of endorsee

c.

Endorsee signs the back of cheque and does not write the name of endorser

d.

Endorser signs the back of cheque and writes the name of endorsee