53. A Garnishee order is an order issued by_________. 89. B. 14. 85. Such endorsement is called `Endorsement Sans Recourse’. 64. SWIFT Special endorsement 88. sans recourse endorsement meaning in Law Dictionary . A. Off-site Question: A tornado hit one of our communities last month, so a lot of our customers are coming in with checks from their insurance companies that are payable to both the customer and the bank that holds their mortgage. Eg. 55. 67. According The most important feature of a negotiable instrument is C. Double crossing John Doe conditionally endorses the check as “Payable to Billy Cooper upon satisfactory completion of drywall job, (signed) John Doe.” For this item, a condition must be met in order for the check to be negotiated further, i.e. If no space is left on the Cheque, the Endorsement may be made on a separate slip to be attached to the Cheque. without recourse — (law and commerce) A qualified endorsement of a bill or promissory note indicating that the endorser takes no responsibility for non payment • • • Main Entry: ↑recourse * * * Finance a formula used to disclaim responsibility for future nonpayment … ANSWER: C Sans Recourse Endorsement: By adding the words like “Pay Bhallaladeva or order without recourse to me” the endorser excludes his liability. in his capacity as per authority. biological attributes of a bonafide person C. May 1973 Free Download PDF of Banking Law Multiple Choice Questions (MCQs) with Answers as per exam pattern, to help you in day to day learning. 80. Answer: The "without recourse" wording in the mortgage company's endorsement applies only to the mortgage company's liability on the check if it is not paid.However, even the "without recourse" wording only applies to endorser liability under UCC section 3-415.It does not affect the mortgage company's transfer warranties under 3-416 or 4-207. previous endorsee (i.e. People Identification Number An endorser of a negotiable instrument may, by expressed words in the endorsement, exclude his own liability thereon [Section 52 of the N.I.Act]. Endorsement signifies that the..... a) … ANSWER: D A. True owner of the cheque For example, ”Pay to Mr. X or order – Notice of dishonour waived.” Sans recourse endorsement(Sec.52): At the point when the endorser explicitly avoids his own obligation on the negotiable instrument to the endorsee or any consequent holder if there should arise an occurrence of disrespect of the instrument, the endorsement is known as 'sans plan of action' endorsement. D. Personal Information Number Special crossing Special endorsement C. Blank endorsement D. Sans frais endorsement ANSWER: C 83. C. Real Technique Gross Settlement Drawing of two parallel transverse lines on the face of the cheque is called Mobile Banking The ATM pin is ———- digit code number used for authenticiating and authroizing the use of the ATM B. for payment it is said to be endorsement in full. 71. B endorses it to C and C to A. ANSWER: D These endorsements make it restrictive and Mr. Avinash it is called blank endorsement. RTGS means B. D. . Sans recourse endorsement It is an endorsement which limits the liability of the endorser. As such a when the property in a negotiable instrument is transferred sans recourse, the endorser, negatives his liability and excludes himself from responsibility to all subsequent endorsees. An indorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. Always believe "The only good is knowledge and the only evil is ignorance - Socrates", General Knowledge Questions and Answers – 21, General Knowledge Questions and Answers – 20, General Knowledge Questions and Answers – 19. ANSWER: D Expand ‘ECS’ C Blank endorsement. ANSWER: A 10000 endorsement cannot be done for Rs. A. D. Lower Crossing The instrument When the member or holder signs his name on the negotiable instrument for the purpose negotiation i.e. 11) Match the following: i)IRDA A) Insurance. Bank of Madras It is caution to endorsee. A. Principles and Practices of Modern Banking MCQ Questions and Answers Part – 1, Principles and Practices of Modern Banking MCQ Questions and Answers Part – 2, Principles and Practices of Modern Banking MCQ Questions and Answers Part – 3, 51. D. Hospitalized ANSWER: D ANSWER: D Sans recourse endorsement (Sec. Stand alone computer networking ANSWER: B Endorsement ‘Sans Recourse. 10 Lakhs B. (a) Blank or general endorsement (Sections 16 and 54). 86. A. D. Unsecured advance Professional It is unusual for a bank to accept a check that has the words "without recourse" in the endorsement … Core Banking (1) (1) With recourse and without recourse are two terms defining whether or not the paying bank shall claim refund from the beneficiary in case it could not get reimbursement from the issuing bank. D. Electronic Conversion Systems ANSWER: B Clean advance endorsement without incurring any liability on himself or making himself liable ANSWER: D, Author and Assistant Professor in Finance, Ardent fan of Arsenal FC. A. C. Computer centre 1. C. Internet Banking Endorsement of Instruments Types of Endorsement. Maximum limit on the amount of individual transactions permitted for fund transfer per transaction is whereas instrument payable to order can be negotiated by endorsement followed (a) Sans Frais endorsement: ‘Sans Frais’ means ‘without expense.’ Here, the endorser does not want any expense to be incurred on his account on the instrument. The endorser can insert a stipulation in his endorsement negotiating or limiting his ability. executive of the late Shri Ram Charan Mishra. ISO 31022:2020 - This document gives guidelines for managing the specific challenges of legal risk faced by organizations, as a complementary document to ISO 31000. operated through fully computer-integrated telephone system The endorsee gets right to negotiate the instrument further. 99. D. Funds transfer facility b)Restrictive endorsement. ANSWER: C 1994 97. It is a process of affirming the negotiable instrument signed by the drawer (the endorser) for the reason of negotiation, and the receiver of the instrument is known as a drawer (endorsee). A. Blank Endorsement ANSWER: B (3) Partial. to me. ANSWER: A A. A. Previous endorsements are genuine 17. The endorsee get the right to sue in his own name to all other parties. B. Additionally, it is called without recourse or at the endorsee’s own risk. “Pay Mr. Rajiv or order, notice of dishonour waived”. What does sans recourse endorsement mean? For example, Larry Smith has written a check payable to John Doe. ANSWER: D B. 83. Bank of Calcutta Government of India B. B. Endroser’s signature is genuine Public issue b. C. Promissory Note ANSWER: C Home Banking endorsement can make the direction on the instrument above the signature of the A. Sans recourse endorsement ANSWER: B B. signatures pay Y after he comes to India. What does the term “PIN” stands for? ANSWER: B Mr. C or Order, Sans Recourse. D. 5.4 A. Payee Words sometimes written on the back of a check when one endorses the check over to another. Blank or general endorsement. C. T-Banking The paying banker who makes cash payment of a cross cheque at the counter shall be liable for the loss of restrictive endorsement. C. Electronic Data Interchange 1] Endorsement 2] delivery 3] endorsement & delivery 4] an order instrument can not be negotiated 3 19 A endorses a cheque SANS RECOURSE to B. C. Upper Crossing ANSWER: A Thoroughly vetted. To facilitate the growth in government securities market and for smoother trading, RBI introduced a ——- bill of exchange or cheque is transferred to another person so as to constitute A. Internet Banking ANSWER: B Billy Coope… A. a) Sans recourse endorsement b) Special endorsement c) Blank endorsement d) Sans fairs endorsement 25 . ANSWER: B Anything written or printed on the back of a deed or instruments is called endorsement. 57. Section 20 B. Endorsement Sans recourse: When the endorser expressly excludes himself from liability, the endorsement is sans recourse. Sans Recourse endorsement The endorser excludes his liability and in case of dishonor, endorser will not be liable for payment. C. Blank endorsement Endorsement 'Without Recourse' Answered by: Ken Golliher. D. Sans frais endorsement [A] 1994 [B] 1995 [C] 1999 [D] 2000 ; Answer: Option [B] 39. Five Download PDF. without recourse. B. Enquiry centre D. Biometrics D. Natural Electronic Fund Transfer A. NEFT Conditional or qualified endorsement • Sans recourse • Facultative • Contingent; Types of Endorsement. 7000 or any Income tax officer C. SEBI Any words other than "without recourse" should clearly be of similar meaning. An order cheque can be converted into a bearer cheque by means of A. Sans recourse endorsement B. that person the holder of the instrument is said to be negotiated. D. Know Your Creditor Effects of Endorsement The property in instrument is transferred from endorser to endorsee. 69. Bill market A. Section 10 General Crossing C. 1999 Bank Promotion Study (BPS) provides bank staff all the online study material for JAIIB Exam, CAIIB Exam and for promotion exam to various cadre in bank from officer scale 1 to scale 5 in various PSBs, private banks and RRBs including interview tips. 77. MCQ Tests for CA Final, Mock Tests for CA Final, Online Tests for CA Final, MCQ Tests for CA , CMA, CS D. Six Expand NEFT D. EPS 72. 52): When the endorser expressly excludes his own liability on the negotiable instrument to the endorsee or any subsequent holder in case of dishonour of the instrument, the endorsement is known as ‘sans recourse’ endorsement. A. B. Customer Relationship Management 93. D. Security Safety System The endorsement is usually made on the back of the cheque. C. Court endorsement is sans recourse. This document provides a common approach to the management of legal risk and is not industry or sector specific. You might've noticed things are … But in sans recourse endorsement, the endorser is free from such liabilty by writing the words sans recourse or without recourse to me b. Sans frais endorsement 68. Electronic Centered System B. Sans recourse endorsement(Sec.52): At the point when the endorser explicitly avoids his own obligation on the negotiable instrument to the endorsee or any consequent holder if there should arise an occurrence of disrespect of the instrument, the endorsement is known as 'sans plan of action' endorsement. 74. Who can cancel the crossing on a cheque? 90. ; Partial Endorsement – Which … 70. D. Consumer Relationship Management An endorsement is restrictive if it includes the words "for collection" [UCC 3-205(c)], so the endorsement is restrictive. B. July 1973 C. International This type of endorsement places a limit or restriction upon the time when a check can be paid. Legally, such endorsements are not valid. Avinash for my use only. Transfer free from defects Special endorsement C. Blank endorsement D. Sans frais endorsement ANSWER: C 83. A without recourse endorsement is a qualified endorsement and will be honored by the courts if certain requirements are met. Telephone centre the endorser of the blank endorsement) and complete the B. RBI Generic Architecture Paying banker A. IRDA In this case, Ram is not only reinstated in his former rights but has the right of an endorsee against Bala, Kala, and Lala. not make instrument non-negotiable they are generally not used. It is caution to endorsee. In this case, the holder of the bill acts only in a representative capacity as agent and not as principal. Generally an endorser is liable to the subsequent endorsee if the instrument is dishonoured. ANSWER: A D. Account payee crossing D. Shared B. It may be written on the face of the bill or as an endorsement. The mechanism for pooling resources from the public by issuing units to them and investing the funds, so collected in securities in accordance with objectives disclosed in an document, is called a. How to use recourse in a sentence. B. Accommodation Bill In which year, SWIFT was established? D. ATM A. Uncrossed cheque The application of these guidelines can be customized to any organization and its context. A. 84. A. D. Lower Crossing D. Share warrant C. Restricted Endorsement In which system computers are based on the centralized processing concept? D. Bearer cheque without recourse to me — Same as without recourse … Ballentine's law dictionary. D. Television Banking D. None of the above If the endorser signs his name only, the endorsement is said to be Endorsement. (a) Sans recourse endorsement (b) Special endorsement (c) Blank endorsement (d) Sans frais endorsement (e) None of the above Home Banking ANSWER: B 87. Know Your Card C. Qualified Endorsement ; Special Endorsement – Where the endorser puts his sign and writes the name of the person who will receive the payment. B. use to access their bank accounts Classes of endorsement An endorsement may be: (1) Blank or general. D Sans frais endorsement. If the holder of the instrument is a joint MULTIPLE CHOICE QUESTIONS FOR BANK PROMOTION EXAMS (MCQ 1) 1. This endorsement is known as. That is, the endorser accepts his liability for the amount of the instrument. 2. Electronic Clearing Service D. Clean documents ——— are workstations that act as a nucleaus of the functioning of the telephone banking system 5% ANSWER: B An order cheque can be converted into a bearer cheque by means of [A] Sans recourse endorsement [B] Special endorsement [C] Blank endorsement [D] Sans frais endorsement; Answer: Option [C] 38. (e) Sanse Recourse: By adding these words after the endorsement, the endorser declines to accept and liability on the instrument of any subsequent party. ANSWER: C ANSWER: B Suppose ANSWER: A ANSWER: C In which year, Electronic Fund Transfer (EFT) was launched in India? A. Passboook update facility A. Endorsement signifies that the A. Endorser has a good title B. Endroser’s signature is genuine C. . C. Processing computer system Negotiated Dealing System B Special endorsement. ____ is the result of combining technology and traditional bank services through websites that customers B. (5) Conditional. 5 Lakhs An order cheque can be converted into a bearer cheque by means of - This objective type question with answer for competitive exams is provided by Gkseries. ANSWER: B Endorsement Sans Recourse (Without liability Section 52): Sans Recourse which means without recourse or reference. D. Business See empty endorsement. A ______ is the market for short term bills which are generally of 3 months duration B. Conditional Endorsement An endorsement which restricts the rights of negotiation further is called Electronic Clearing System Qualified Endorsement It is a type of endorsement when the endorser just signs on the instrument without mentioning the name of the person in whose favour the endorsement is made. 3. View Answer . Eg- Pay to A or order Sans Recourse endorsement 14. 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A ) the same title B ) no better title D ) D ) Sans fairs 25. Recourse means without recourse or Sans frais endorsement this means ‘ without recourse or reference facility ANSWER D... D. 7.5 % ANSWER: C 57 1994 [ B ] 39 which of above... Bank premises is called ` endorsement Sans recourse endorsement B cases, the without... In addition to his signature adds direction for payment of similar meaning the in! By an endorsement which limits the liability of the cheque is called without recourse to me B! The occurrence of an event is called without recourse or reference now payable. For all EXAMS Ram Charan Mishra series of Electronic payment instructions that are generated to replace instruments... Something for help or protection Transfer D. Natural Electronic Fund Transfer ANSWER: C 83 Credit refers to.. Instrument can be customized to any party high level of people a C. endorser D. Drawer ANSWER: 53... Means of A. Sans recourse ( without liability section 52 ): Sans recourse:! Atm ’ s signature is genuine C. adds direction for payment specifying anything it is said to A.. The right to sue in his capacity as agent and not as principal centre C. computer centre D. centre. Be A. Blank endorsement B addition of the Blank endorsement D. Sans frais endorsement ANSWER: B.! To access their bank accounts a A. NEFT B D. Shared ANSWER: C 87 liability and case. Back of a cheque is called ` endorsement Sans recourse endorsement is Sans recourse endorsement an order can! To Mr. B what is the market for short term bills which are freely transferable one. Negotiation of Lost instrument or that Obtained by Unlawful means a without …! Eg- Pay to Mr. B restrictive and Mr. Avinash in possession and as holder of the above:... Access Your bank account from a mobile device C. may 1973 D. October 1973:! Receive the payment time when a check payable to John Doe without liability 52! ) 1 placed in a few cases, the endorser excludes his liability on himself or making himself liable the... This means ‘ without recourse. ’ D. San frais endorsement ANSWER: sans recourse endorsement means mcq 81 Banking D. Television Banking ANSWER D! Authenticiating and authroizing the use of the instrument in addition to his signature direction! At the endorsee get the right to sue in his own liability the! Shri Ram Charan Mishra D 84 ( Current ) Current Affairs ; Jobs ; Mock Test ; Buy Current ;. As per authority Mr. a may sign on the instrument can not further negotiate it becomes... Endorsements are genuine D. all of the above ANSWER: a 92 endorser excuses liability! D. Drawer ANSWER: D 62 D. the First endorser ANSWER: B 91 to someone something! To endorsee ( Current ) Current Affairs PDF 2020 his signature adds direction for it... Or any amount less than 10000. for and on behalf of message xyz Enterprises the result of combining and! Law dictionary instrument for the purpose of networking of banks a limit or restriction upon time. Are generally not used D 59 Centered system C. Electronic Data Interchange D. None of the above:! Double crossing D. account payee crossing ANSWER: B 93 system a: Sans recourse endorsement B special! Banking transaction that takes placed in a few cases, the checks are made payable without recourse or at endorsee. Feature of a Banking company is termed as A. Internet Banking D. Television Banking ANSWER: C 72 to... Instrument without specifying anything it is said to be attached to the endorsee... Waives the condition of notice of dishonour waived. ” endorsement of instruments Types endorsement! B ANSWER: a 92 incur any liability in the endorsement is Sans recourse ’ endorsements clearly that!, for self and for executive of the ATM ’ s signature is genuine C. such endorsement is Blank. Adds direction for payment 16 and 54 ) C. right to negotiate the instrument can not afford opening the in! Be of similar meaning cookies to ensure you get the right to sue D. Both a B... C. Collecting banker D. the First endorser ANSWER: D 84 Gross Settlement D. time. Order documents B. bearer documents C. flexible documents D. clean documents ANSWER B... Just is n't honoured me ” the endorser excludes his liability and in case of dishonor, endorser not! Free from defects C. right to sue D. Both a & B ANSWER: 76! __________ branch computerization model a C. Electronic Data Interchange D. None of the bill acts only in representative. Name only, and it becomes payable to John Doe other parties called conditional endorsement C. qualified endorsement C. endorsement! Make it restrictive and Mr. Avinash in possession and as holder of the functioning of the instrument can not opening... A. Sans recourse endorsement is said to be attached to the bank rather than the depositor ‘... This means ‘ without recourse. ’ check can be paid D. 7.5 ANSWER! Receive the payment which restricts the rights of negotiation further is called a uses cookies to you. October 1973 ANSWER: B 61 Obtained by Unlawful means, he not...: i ) IRDA a ) Sans recourse: when an endorser waives the condition notice... The member or holder signs his name on the instrument crossing ANSWER Option! C. Blank endorsement turning to someone or something for help or protection does the term without. Termed as A. Internet Banking D. Television Banking ANSWER: D 52 to... On himself or making himself liable to any party ( Sections 16 and 54 ), he not! `` on the face of a check payable to John Doe to all other.... Endorsement in which the payment when one endorses the check over to another by mere delivery is known _____________!