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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- Computation of Dividend
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- ITC BENEFIT ON BROKRAGE PAID
- Sale of Mutual Funds In Diffirent Financial Years
- DUE DATE FOR ITR FILING
- U/S 194 T
- 44AD, 44ADA business details
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
