28.Pay order is the another name of-. Single choice.
(1 Point)
Over draft
Banker's cheque
Cash credit
Bank draft
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28.Pay order is the another name of-. Single choice.
(1 Point)
Over draft
Banker's cheque
Cash credit
Bank draft
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Answer:
The Answer is BANKER'S CHEQUE
Step-by-step explanation:
Pay order is a Banker’s cheque in lieu of funds provided by a customer for payment to third party.
Local cheques are payable in the local areas only. So also in the case of Banker’s cheque.
Demand draft is made payable at a particular branch. Issueing bank sends a notice of the issue of such demand draft at the branch of the bank where it is payable and hence it is clearly as a local cheque, since the information would have already reached the other bank before the demand draft is presented for payment.
“Not Negotiable” endorsement on a pay order does make the instrument not negotiable technically. The only effect is that the holder in due course does not get a better title than any of the person in the chain. It means that if any of the person steels a pay order and gives it to another for consideration. Than the next person becomes a holder in due course. But since previous owner did not get the pay order for consideration, the new holder in due course cannot get a better title then the thief. He cannot get the payment from the bank.