yes, its a non negotiable instrument
No You are asking if the medium of transfer is a negotiable instrument It is not. A wire transfer represents the medium (or method) of transfer. It is like asking if the stage coach transporting the money is a negotiable instrument, it is not. Money itself is a negotiable instrument, the medium itself is not.
A demand draft is a monetary instrument that can be considered as equivalent to cash. It is similar to a cheque but with a difference that it is fully safe because the drawer of the draft has to make the payment in order to get the draft. So, the receiver of the draft can be sure that he will get paid for the draft. That is why most schools and colleges expect payment via demand draft for their exam fees, admission fees etc.
no it does not complt with the definition of a cheque and its not a valid negotiable instrument
No, a mortgage is a contract.
There is no definite section that defines demand draft. "The Demand Draft is a pre-paid Negotiable Instrument, wherein the drawee bank undertakes to make payment in full when the instrument is presented by the payee for payment. ". Hence Negotiable Instrument Act 1881 covers demand draft.Source : rbidocs.rbi.org.in/rdocs/Publications/DOCs/4453.doc
The instrument number is usually written at the bottom leaf of the demand draft. The number is usually a six digit number.
A demand draft is a pre paid negotiable instrument, wherein the drawee bank undertakes to make payment in full when the instrument is presented by the payee for payment. The demand draft is made payable at a specified branch of a bank at a specified centre. In order to obtain payment, the beneficiary ha to either present the instrument directly to the branch concerned or have it collected by his bank through the clearing mechanism. A banker's cheque(Pay Order) is another payment instrument which is used by the banks to settle payment obligations on behalf of their customers. This instrument is guaranteed by the bank for its full value and is similar to a demand draft. In practice, these instruments are payable at the branch of issue and are used for payment within the local clearing jurisdiction.
yes, its a non negotiable instrument
types of negotiable instruments are drafts ,checks,notes,and certificates of deposit# Types of negotiable instruments are 1.drafts -An order by one person to another person or to bear, 2.check- A draft drawn on a bank and payable on demand to bearer, 3. certificates of deposit- A note made by a bank acknowledging a deposit of funds made payable to the holder of the note, and 4. Note- A promise by one party to pay money to another party or to bearer.
yes, its a non negotiable instrument
A banker's acceptance is a negotiable instrument or time draft drawn on and accepted by a bank, which upon acceptance becomes an obligation of the bank and is a marketable money-market instrument.
No You are asking if the medium of transfer is a negotiable instrument It is not. A wire transfer represents the medium (or method) of transfer. It is like asking if the stage coach transporting the money is a negotiable instrument, it is not. Money itself is a negotiable instrument, the medium itself is not.
A demand draft is a monetary instrument that can be considered as equivalent to cash. It is similar to a cheque but with a difference that it is fully safe because the drawer of the draft has to make the payment in order to get the draft. So, the receiver of the draft can be sure that he will get paid for the draft. That is why most schools and colleges expect payment via demand draft for their exam fees, admission fees etc.
Because it is a transferable document containing a promise to pay an amount to its holder upon demand or a specified time
A currency note is a banknote -- a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand.
A Demand draft is used by two people: 1. The Customer who is taking the Draft - He uses the draft to make a payment to another party 2. The Customer who is receiving the Draft - He uses the draft to receive a payment for any goods or services provided to the customer 1. A demand draft is a monetary instrument that is used for transfer or payment of money from one individual to another.