Clarification

Guest (Querist) 10 August 2013 This query is : Resolved
sir/madam,
can a promissory note be payable to a bearer?

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prabhakar singh (Expert) 10 August 2013
You are advised to read section 13(1) of NI Act to find that like cheques a promissory note is also negotiable unless specifically ordered or marked as not negotiable.However there should be endorsement in favor of bearer.

Nadeem Qureshi (Expert) 10 August 2013
agree with expert

Guest (Querist) 10 August 2013
got it!
thank you, sir!

Rajendra K Goyal (Expert) 10 August 2013
A bearer promissory note become a currency note, prohibited in law.

Devajyoti Barman (Expert) 10 August 2013
academic query again......this is no classroom.

R.K Nanda (Expert) 10 August 2013
academic query.

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