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.
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