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Negotiable Instrument:

·         Section 13 of the Act deals with negotiable instrument.

·         A “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer.

Promissory Note:

·         Section 4 of the Act deals with promissory note.

·         A “promissory note” is an instrument in writing (not being a  bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay on demand or at a fixed or determinable future time a certain sum of money only to, or to the order of, a certain person, or to the bearer of the  instrument.

Bill of Exchange: 

·         Section 5 of the Act deals with bill of exchange.

·         “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay on demand or at fixed or determinable future time a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.