01. The
following are covered in negotiable instruments act: promissory note, bill of
exchange, cheque, exchequer bill, circular note, dividend warrant, share
warrant, bearer debenture, bank note, bank draft
02. The
following are not negotiable instruments: money order, postal order, deposit
receipt and share certificate
03. The
following are semi negotiable instruments: bill of lading, dock warrant,
carriers’ receipt, letters of credit, railway receipt and wharefinger’s
certificate
04. The bill
of exchange consists of three parties namely; drawer, drawee and payee
05. There
are four caterogiries of cheques namely; open cheque, crossed cheque, bearer
cheque and order cheque.
06. Open
cheque is un crossed cheque or is called as blank cheque
07. Two
parallel transverse lines on the face of the cheque denotes crossing of the
cheque
08. When the
name of any bank is written between the two transverse lines, it is called as
special crossing
09. Normally
all cheques are bearer cheques. It means that it can be payable to the payee or
to the bearer of the cheque
10. By
striking the words “bearer” in the cheque, the cheque can be made payable to
order
11. Cheques
can also be categorized into ante dated cheque, stale cheque, mutilated cheque
and post dated cheque
12. When the
cheque is out of date, it is said to be a stale one
13. When the
cheque contains unwanted words or figures in the chque and some portion of the
cheque is found missing, it is said to be mutilated
14. Post
dated cheques are cheques where the date of the cheque is found to be the
future date
15. The
following are the varieties of hundies namely; darshani hundi, mitti hundi or
muddati hundi, nam-jog hundi, furman jog hundi, dhani jog hundi, shah jog
hundi, jokhim hundi, jawabi hundi, khaka hundi and khoti hundi
16. Dharshani
hundi is payable immediately on demand
17. Mitti
hundi is payable after the expiry of some period
18. Nam jog
hundi is payable only to person named in the hundi
19. Furman
jog hundi is payable to person the named in the hundi or any other person
20. Dhani
jog hundi is payable to holder or bearer
21. Shah jog
hundi is payable to shahs in the area
22. Johim
hundi consists of conditions
23. Jawabi
hundi invites acknowledgment from the person on acceptance
24. Khaka
hundi is one which has been paid already
25. Khoti
hundi is a defective hundi
26. In the
case of deposit, the customer is creditor and the banker is debtor
27. In the
case of overdraft account, the banker is creditor and the customer is debtor
28. A person
who makes deposit with the bank is called as the depositor
29. A person
who avails loan from the bank is called as the borrower
30. When any
loan is backed by any immovable security like land, house, factory, it is said
to be under mortgage
31. The
person who mortgages the security is called as the mortgagor and the banker is
called as the mortgagee
32. When any
loan is backed by any movable security like auto, truck, computer etc. it is
said to be under hypothecation
33. The
person who hypothecates the security is called as the hypothecator and the
banker is called as the hypothecatee
34. When a
person avails any loan against the security of LIC policy, it is said to be
under assignment
35. When a
person offers a fixed deposit as security for a loan, it is treated as pledge
36. The
customer who pledges the deposit is called as pledgor
37. The
banker on whom the deposit is pledged is called as the pledge
38. In the
case of locker, the customer is lessee and the banker is called as lessor
39. In the
case of safe custody receipt, the customer is called as bailor and the banker
is called as the bailee
40. The
different types of customers are – individuals and others
41. The
individuals can be single individuals, joint individuals, minors, married
woman, pardanashin woman, illiterate person and lunatic
42. In the
case of hindu undivided family, the seniormost male member is called as the
karta
43. The
business accounts can be opened by partnership firm, trustees, societies,
charitable institutions and clubs
44. The
person named in the will to receive the properties in the will is called as
executor
45. In the
absence of will, the person who is appointed by the court to receive the money
is called as the administrator
46. Proprietorship
firm is an account managed by a single individual called as proprietor
47. Companies
can be divided into private limited company and public limited company
48. When the
bank in India opens an account with a bank in a foreign country it is called as
nostro account
49. When the
bank in a foreign country opens an account with a bank in India, it is called
as vostro account
50. When a
bank in one foreign country opens an account with another bank in another
country it is called as Loro account
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