Legal Question in Banking Law in India
Examine the nature and validity of the following documents with reasons :a) Pay Ramesh an amount of Rs. 5,000/- sixty days after the arrival of the ship Victory at Mumbai. b) I promise to pay on demand a sum of Rs. 10,000/- at my convenience.c) I promise to pay the bearer a sum of Rs. 5,000/- on demand. d) Rs. 10,000/- balance due to you and I am indebted to pay on demand.
Asked on 4/01/13, 11:23 pm
5 Answers from Attorneys
J. Radhakrishnan
independent Practice
Only d is a promossory note if it is stamped as a promissory note. C is invalid as except RBI and Govt. no bearer promissory note is valid.
Answered on 4/02/13, 8:47 pm
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
no academic questions
Answered on 4/03/13, 3:59 am
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