Bill of Exchange (Payment Document) | Texhour

The Bills of Exchange Act 1914 in Mauritius, defines a bill of exchange as – “an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer.”

Bill of Exchange (Payment Document) | Texhour
Bill of Exchange

 

Bill of Exchange:

The Bills of Exchange Act 1914 in Mauritius, defines a bill of exchange as – “an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer.”

 

Parties to the bill of exchange:

1. The Drawer:

The drawer is who issues the bill of exchange and the creditor to whom the money is owned.

 

2. The Drawee:

The drawee is the person to whom the bill is drawn.

 

3. The payee:

The payee is the person to whom the bill is payable.

 

4. The endorser:

The endorser is the person who endorses the bill to original payee by signifying at the back of the bill.

 

5. The endorsee:

The endorsee is the person to whom the bill is endorsed.