Examkin

Soru

Zorluk: Çok zorForms and Instruments of Credit

A wholesaler sells goods valued at ₦500,000 to a retailer on credit and draws a 90-day trade bill of exchange, which the retailer accepts. Seeking immediate liquidity, the wholesaler discounts the bill with a commercial bank at a 10% discount rate. At maturity, the commercial bank presents the bill to the retailer for payment, but the retailer dishonours it. What is the immediate legal recourse available to the commercial bank?

  1. Recover the full face value of the bill from the wholesaler, who remains secondarily liable as the drawerCevap
  2. B
    Absorb the loss as an unrecoverable bad debt since discounting transfers all default risk permanently to the bank
  3. C
    Sue the Central Bank of Nigeria to recover the discounted amount under commercial credit guarantee schemes
  4. D
    Seize the goods supplied to the retailer under statutory repossession rights automatically conferred by the bill

Cevap

The commercial bank has the legal right to recover the full face value of the bill from the wholesaler, who is secondarily liable as the drawer upon dishonour by the drawee.
In commercial credit operations, discounting a bill of exchange provides immediate funds to the drawer (wholesaler), but the drawer remains secondarily liable. If the drawee (retailer/acceptor) dishonours the bill upon presentation at maturity, the holder in due course (the discounting bank) can demand full payment directly from the drawer.

Adım Adım Çözüm

1
Identify the roles of the parties involved in the bill of exchange transaction.
The wholesaler is the drawer/payee, the retailer is the drawee/acceptor, and the commercial bank becomes the holder for value upon discounting.
Establishing legal obligations requires identifying drawer vs drawee roles under negotiable instruments law.
2
Analyze the legal effect of discounting a trade bill of exchange.
Discounting allows the drawer to receive immediate cash less discount interest, but the drawer guarantees payment if the drawee defaults.
Discounting is not an outright sale of debt without recourse unless specifically negotiated as non-recourse factoring.
3
Determine the primary and secondary liabilities upon dishonour at maturity.
The drawee (retailer) has primary liability, but upon dishonour, secondary liability is activated for the drawer (wholesaler).
The holder for value (the bank) holds right of recourse against the drawer for the full face value upon serving notice of dishonour.

Anahtar Kavram

Recourse Rights and Secondary Liability on Discounted Bills of Exchange
Tahmini Süre:1m 30s
Bu soruyu puanla

Konular

Forms and Instruments of Credit

Bu konudan daha fazla soru