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A EESSESESS, >. 4 will not make q, , , , 1994 PI “if or the Central, , , , —, pone k of India it ° coed in, yy the Reserve a Me ratp hen a al, by tack of any of the eae {Bapanna_Krishnayya Vv. ¢ haparata, , ment a promissory Mm, document a promissory jo) 2, Hae Oe BILL OF EXCHANGE, a trument in writing containing an, , - exchange is an ins' ae es Ags, A bill of Sete a! by the maker, directing a certain pe rson to, unconditional order, © only to, or to the order of, a certain person or, 5)., , 1 f money, , nay a certain sum o vy te, the bearer of the instrument (Sec., , to b three parties to a bill of exchange, viz., the, , , , Parties to a bill. oe ar, trawer, the drawee and the payee., * ie person who gives the order to pay or who makes the bill is called, , the drawer., , The person who is directed to pay is called the drawee., , When the drawee accepts the bill, he is called the acceptor,, , The person to whom the payment is to be made Is called the payee., Where the payee named in a bill is a fictitious or non-existing person, the, bill is treated as payable to bearer [Clutton v. Attenborough, (1897) A.C., 90]. In some cases, the drawer and the payee, or when a principal draws, on his agent, the drawer and the drawee may be one and the same person., , The drawer or the payee who {fs in possession of the bill is called the, holder. The holder must present the bill to the drawee for his acceptance., , When the holder indorses the bill, note or cheque, he is called the, indorser. The person to whom the bill, note or cheque is indorsed is, , called the indorsge., When in the bill or in any indorsement thereon the name of any, e drawee to be referred to in case of need,, , Person is given in addition to th, in case of need (Sec. 7, para 2). The name of, , Specimen of a bill of. exchange, Sham of Delhi buys good, 00 to be paid 3 months sitee date, aed of Bombay for Rs., r Rs. 500 on similar terns. Now Krishan may ord, Ram of Delhi, um of Rs. 500 to Ram. This order will be a bill of enact Sham to pay the, exchange