Meaning and definition of Negotiable Instrument -
According to Black's dictionary of Law Negotiable instrument is written and signed the unconditional promise or order to pay the specified sum of money on demand or at a definite time payable to order or bearer.
There are two types of Negotiable Instruments -
1) Negotiable instrument by statute
2) Negotiable instrument by custom or usage.
Read in Detail >>>> Kinds of Negotiable Instruments
Parties to Negotiable Instrument -
Drawer - The person who writes the bill of exchange or Cheque is called a drawer.
Maker - The person who writes the promissory note is called the maker.
A person to whom the bill of exchange or cheque is drawn or written is called drawee. (The drawee of the cheque is always a banker.)
The specified person with the instrument, to the payment of money is directed or on whom an order of the payment of money is directed, is called a payee.
When drawee of a bill of exchange or on its any part agreeing with it and informs the holder or any person on behalf drawee is called acceptor.
What is an Endorsement? What are the Essentials of Endorsement?
Endorser - The person or payee who endorses the instrument to any other person is called Endorser.
Endorsee - The person, in whose favor, the instrument is endorsed, is called an Endorsee.
Drawee in case of need -
When a person other than a drawee is mentioned in the negotiable instrument to whom the holder may contact for payment in case of need, the person or drawee is called a Drawee in case of need.
Acceptor for honour -
When a bill of exchange has been refused and any person accepts for the honor of drawee or endorser, the person is called Acceptor for Honor.
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