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bills of exchange

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 December 2010 Dear Sir/Madam

Acccomodation bill is also called -
(a) trade bill
(b) promissory note
(c) kite bill
(d) bank note

plase tell which is the answer with explanations?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
19 December 2010 Promissory note

Bill of exchange endorsed by a reputable third party (called an accommodation party or accommodation endorser) acting as a guarantor, as a favor and without compensation. The bill then can be discounted on the financial strength of the guarantor who remains liable until the bill is paid. Also called accommodation note, accommodation paper, or (in the UK) windbill.
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