On 1.1.2005 Raju sold goods to Anil for Rs. 20,000/ – and draw upon

1.	On 1.1.2005 Raju sold goods to Anil for Rs. 20,000/ – and draw upon him a bill for 2 months. Anil accepted the bill and returned it to Raju. Later Raju endorsed the bill to Tom. On the date of maturity the bill was dishonoured. Give advice to Tom, regarding the steps to be undertaken immediately after the dishonour.
Answer» 1. The holder of the bill, Tom should send a notice of dishonour to the drawer, Raju within a reasonable time. Otherwise, the other parties of the bill may deny their liability. 2. When the bill is dishonoured it is better to get the fact noted with a Notary public.

On 1.1.2005 Raju sold goods to Anil for Rs. 20,000/ – and draw upon him a bill for 2 months. Anil accepted the bill and returned it to Raju. Later Raju endorsed the bill to Tom. On the date of maturity the bill was dishonoured. Give advice to Tom, regarding the steps to be undertaken immediately after the dishonour.

Answer»

1. The holder of the bill, Tom should send a notice of dishonour to the drawer, Raju within a reasonable time. Otherwise, the other parties of the bill may deny their liability.

2. When the bill is dishonoured it is better to get the fact noted with a Notary public.

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