Question Tag: Negotiable Instruments

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  • 20 Marks

EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930

List features of negotiable instruments; explain difference between indemnity and counter indemnity; define bank and deposit-taking business per Act 930.

As a student of Banking, list any six (6) features/characteristics of Negotiable Instruments. (6 marks)

b. Explain the main difference between an Indemnity and a Counter Indemnity Agreement. (6 Marks)

c.WithWith reference to the Banks and Specialized Taking Institutions Act ( ActAct 930), define the following:

i. Bank (4 marks) ii. Deposit Taking Business (Total: 20 marks)

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  • 20 Marks

EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments

Fill in the blanks for various banking terms related to negotiable instruments, liabilities, AML processes, financial markets, instruments, central bank roles, and customer-bank relationships in lending scenarios.

Fill in the blank spaces with the correct answersDuring the staff orientation ceremony, there were so many questions about the Banking System. One of them relates to a document that is a Negotiable Instrument issued from a creditor to a debtor, but it is not channelled through the Clearing System, however, it can be discounted. This is known as………..a…………  Kojo was amazed to be told that one can assume a Secondary Liability for a debt, default and miscarriage of another person and he is known as…………b…………. As part of the Anti-Money Laundering processes, …………c…………. is the process of identifying your clients and checking they are who they say they are. It was stated that Financial Instruments to be sold could either be for a shortH term or long term and the market for Short Term Securities is called……………d…………. Whereas the market where the instruments are initially traded before they can be re-sold is also known as…………..e………… It is also refreshing to note that there exist a Financial Instrument which is also short term in nature under which credit worthy borrowers are able to borrow directly from corporate bodies. It is known as…………f…………. During. During the discussion it came to light that as a Lender of Last Resort the………..g…………. decided to increase the rates at which it provided loans to the other banks.One of the customers exclaimed that as a…………..h……….., he has deposited his land document at the bank for Safe Keeping, and should he decide to use it to secure a business Loan Facility he will be known as………….i……….. and the bank will beand………j…………..

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  • 28 Marks

PBL – APR 2014 – L1 – Q1 – Promissory Notes, Bills of Exchange, and Endorsements

Definition of promissory note, differences from bill of exchange, requirements for valid endorsement, and promises/admissions of endorser.

A) Define a promissory note.

B) Indicate the differences between a promissory note and a bill of exchange 12 marks

C) Outline any four requirements of a valid endorsement.

D) The endorser of a bill of exchange makes certain promises and admissions to the holder of a bill. Describe briefly these promises and admissions.

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  • 5 Marks

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Required:
i. A cheque instruction to “pay Ronke the sum of N50,000.00” without crossing the face of the cheque with two parallel lines.
ii. “Pay Andrew N100,000” with two parallel lines traversing the face of the cheque.
iii. “Pay Mary N150,000” with two parallel lines with Congo Bank written in between the two parallel lines on the face of the cheque.
iv. “Pay Ngozi N200,000” and by cheque with two parallel lines and the words “account payee only” written in between the two parallel lines.
v. Define negotiable instruments.

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  • 1 Marks

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

15. A payee that is in possession of a bill he obtained after giving consideration to the drawer is known in law as
A. Holder for value
B. Holder in due course
C. Drawee
D. Holder of bill
E. Holder for the meantime

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  • 1 Marks

BL – May 2012 – L1 – SA – Q19 – Negotiable Instruments

Identify the document used to secure payment in commercial transactions.

The documents that are used in commercial and financial transactions to secure payment of money are:

A. ATM Cards
B. Bills of Lading
C. Payment Vouchers
D. Negotiable Instruments
E. Credit Cards

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  • 1 Marks

BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

A bank may be excused from the obligation to pay a customer’s cheque EXCEPT when:

A. There is an unsigned alteration on the cheque
B. The cheque is stale
C. The drawer’s death comes to the notice of the bank
D. The bank does not have enough cash
E. There is an effective countermand

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  • 15 Marks

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(b) Mr. Eddie is a customer of Perfect Bank Limited. He issued a cheque for the sum of N20,000 to Mr. Jossy. At the time of issuing the cheque, his account was in credit to the tune of N150,000. The cheque was dishonored by the bank. Mr. Eddie wants to sue the bank. You are required to advise Mr. Eddie. (5 Marks)

(c) Enumerate THREE ways by which a Will may be revoked. (3 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

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  • 1 Marks

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

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  • 1 Marks

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

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  • 20 Marks

EOB – APR 2024 – L1 – Q3 – Features of Negotiable Instruments, Indemnity vs Counter Indemnity, Definitions from Act 930

List features of negotiable instruments; explain difference between indemnity and counter indemnity; define bank and deposit-taking business per Act 930.

As a student of Banking, list any six (6) features/characteristics of Negotiable Instruments. (6 marks)

b. Explain the main difference between an Indemnity and a Counter Indemnity Agreement. (6 Marks)

c.WithWith reference to the Banks and Specialized Taking Institutions Act ( ActAct 930), define the following:

i. Bank (4 marks) ii. Deposit Taking Business (Total: 20 marks)

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  • 20 Marks

EOB – APR 2024 – L1 – Q1 – Fill in the Blanks on Key Banking Concepts and Instruments

Fill in the blanks for various banking terms related to negotiable instruments, liabilities, AML processes, financial markets, instruments, central bank roles, and customer-bank relationships in lending scenarios.

Fill in the blank spaces with the correct answersDuring the staff orientation ceremony, there were so many questions about the Banking System. One of them relates to a document that is a Negotiable Instrument issued from a creditor to a debtor, but it is not channelled through the Clearing System, however, it can be discounted. This is known as………..a…………  Kojo was amazed to be told that one can assume a Secondary Liability for a debt, default and miscarriage of another person and he is known as…………b…………. As part of the Anti-Money Laundering processes, …………c…………. is the process of identifying your clients and checking they are who they say they are. It was stated that Financial Instruments to be sold could either be for a shortH term or long term and the market for Short Term Securities is called……………d…………. Whereas the market where the instruments are initially traded before they can be re-sold is also known as…………..e………… It is also refreshing to note that there exist a Financial Instrument which is also short term in nature under which credit worthy borrowers are able to borrow directly from corporate bodies. It is known as…………f…………. During. During the discussion it came to light that as a Lender of Last Resort the………..g…………. decided to increase the rates at which it provided loans to the other banks.One of the customers exclaimed that as a…………..h……….., he has deposited his land document at the bank for Safe Keeping, and should he decide to use it to secure a business Loan Facility he will be known as………….i……….. and the bank will beand………j…………..

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  • 28 Marks

PBL – APR 2014 – L1 – Q1 – Promissory Notes, Bills of Exchange, and Endorsements

Definition of promissory note, differences from bill of exchange, requirements for valid endorsement, and promises/admissions of endorser.

A) Define a promissory note.

B) Indicate the differences between a promissory note and a bill of exchange 12 marks

C) Outline any four requirements of a valid endorsement.

D) The endorser of a bill of exchange makes certain promises and admissions to the holder of a bill. Describe briefly these promises and admissions.

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  • 5 Marks

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Required:
i. A cheque instruction to “pay Ronke the sum of N50,000.00” without crossing the face of the cheque with two parallel lines.
ii. “Pay Andrew N100,000” with two parallel lines traversing the face of the cheque.
iii. “Pay Mary N150,000” with two parallel lines with Congo Bank written in between the two parallel lines on the face of the cheque.
iv. “Pay Ngozi N200,000” and by cheque with two parallel lines and the words “account payee only” written in between the two parallel lines.
v. Define negotiable instruments.

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  • 1 Marks

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

15. A payee that is in possession of a bill he obtained after giving consideration to the drawer is known in law as
A. Holder for value
B. Holder in due course
C. Drawee
D. Holder of bill
E. Holder for the meantime

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  • 1 Marks

BL – May 2012 – L1 – SA – Q19 – Negotiable Instruments

Identify the document used to secure payment in commercial transactions.

The documents that are used in commercial and financial transactions to secure payment of money are:

A. ATM Cards
B. Bills of Lading
C. Payment Vouchers
D. Negotiable Instruments
E. Credit Cards

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  • 1 Marks

BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

A bank may be excused from the obligation to pay a customer’s cheque EXCEPT when:

A. There is an unsigned alteration on the cheque
B. The cheque is stale
C. The drawer’s death comes to the notice of the bank
D. The bank does not have enough cash
E. There is an effective countermand

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  • 15 Marks

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(b) Mr. Eddie is a customer of Perfect Bank Limited. He issued a cheque for the sum of N20,000 to Mr. Jossy. At the time of issuing the cheque, his account was in credit to the tune of N150,000. The cheque was dishonored by the bank. Mr. Eddie wants to sue the bank. You are required to advise Mr. Eddie. (5 Marks)

(c) Enumerate THREE ways by which a Will may be revoked. (3 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

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  • 1 Marks

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

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  • 1 Marks

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

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