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BILLS OF EXCHANGE ACT 1909 – SECT 50 – Rules as to presentment for payment

by Live In Private | Feb 23, 2024 | Bills of Exchange Act 1909, Useful Info

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BOE Cheque

How does it work?

A Bill of Exchange Cheque is essentially a written, legally enforceable order issued by one party (the drawer) instructing a bank or financial institution (the drawee) to pay a specified amount of money to a designated person or entity (the payee), either immediately or at a future date. It combines the characteristics of a bill of exchange—a formal, negotiable instrument used in trade—and a cheque, which is a direct order to a bank to pay on demand.

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