drawn in sets
This query is : Resolved
24 July 2010
what is "drawn in sets"
promissory note can't be drwn in sets but bills of exchange can be drawn in sets
page no 2.6 icai book business law
promissory note can't be drwn in sets but bills of exchange can be drawn in sets
page no 2.6 icai book business law
02 August 2010
BILLS IN SETS
Bills of exchange may be drawn in parts. All the parts together make a set, but the whole set constitutes only one bill. Bills are sometimes drawn in several parts. All the parts so drawn are referred as bill ‘drawn in sets’. The drawer of the ‘bills in sets’ has to sign all the parts and deliver all the parts but the acceptance should be written only on one part. If the drawee accepts more than one part and if such separate accepted parts get into the hands of different holders in due course, he and the subsequent endorsers of each part are liable on every such part as if it were a separate bill.
Bills of exchange may be drawn in parts. All the parts together make a set, but the whole set constitutes only one bill. Bills are sometimes drawn in several parts. All the parts so drawn are referred as bill ‘drawn in sets’. The drawer of the ‘bills in sets’ has to sign all the parts and deliver all the parts but the acceptance should be written only on one part. If the drawee accepts more than one part and if such separate accepted parts get into the hands of different holders in due course, he and the subsequent endorsers of each part are liable on every such part as if it were a separate bill.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- LTCG EXEMPTION AND TAX APPLICABILITY
- ITR 3 VALIDATION
- EPF withdrawal before 5 years and Disclosure in ITR-2
- Brokage income from sale and purchase of property
- Error while validating
- 44AD business and F&O loss
- Clarification on ITR 3: Is Sl. No. 64 required for 44ADA income?
- Investment guidance for NRI
- Professional Resume and Linkedin Writing Service in Malaysia
- Setting of short term capital loss
- RCM on repair and maintenance
- Accounting entry for instalment payments and gst obigations
- Purchase of Time Deposit in AIS
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Stamp Duty & Registration Fees on Sale Deed
- GST on Restaurant service
- Revision under Section 264 in The Income Tax Act, 1961
- TDS under section 195.
- Filing GST Returns after death of proprietor
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
