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Distinguish between trade bill and Accommodation bill
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Answer Posted / md. hasan al faruk
Following is the distinction between trade and
accommodation bill:
Trade Bill:
There are drawn for trade purposes.
These are drawn against proper consideration.
These bills are proof of debt.
For obtaining the debt from drawee, drawee can resort to
legal action.
Accommodation Bill:
These are drawn and accepted for financial assistance.
These are drawn in the absence of any consideration.
These bills are not a proof of debt.
Legal action cannot be resorted the recovery of amount
against these bills by the immediate parties.
| Is This Answer Correct ? | 6 Yes | 0 No |
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