Negotiable instrument

Thnx shubham ..

Shubham i didnt get my ans in ur notes . T ws mentioning mre of acounting part of bill rather than teling d law ..

Mr. Rahul,

 

If the bill of exchange is not accepted by the drawee, it is not at all a valid bill of exchange. it shall remain only a draft bill till its accepted by the drawee. once, its accepted, it becomes a valid nogotiable instrument and then only it can be endorsed.

 

Regards,

 

CA Amol G. Kabra

Thnx sir 4 taking d eforts 4 answering my que . I posted t long tym bk n til dis tym i researched on t alot .. N acording to my research . T S NT AT ALL MANADATORY .. F drawee didnt acept t den also t s valid b/e bt primary liability in dat case ll b of drawer n nt f drawe , since drawer has signed d bill .. Aceptance f drawe s manadatory in only 2 instance where bill of exchange s drawn on after d date of sight n 2ndly where payee wants xtra security on bill .. Lot f buk hv nt mentioned abt t including g.k kapur n munish bhandari .. I found t in m.c. Kuchal ..