Q102
M drew a cheque amounting to Rs. 2 lakh payable to N and subsequently delivered to him. After receipt of cheque N endorsed the same to C but kept it in his safe locker. After sometime, N died, and P found the cheque in N's safe locker. State the nature of the Instrument as amounting to indorsement under the Negotiable Instruments Act, 1881.
A.
Yes its an endorsement, as P becomes the holder of the cheque that he found in the N's safe locker
B.
No, its not an endorsement, as P does not become the holder of the cheque
AnswerC.
Yes, its an endorsement, as P was a ultimate custodian of the cheque
D.
No, its not an endorsement, as Nendorsed it to Cand not to the P
Answer: Option B
Solution
Answer: Option B
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