LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024
LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024
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Notarial Practice
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LPL4805 Assignment
1 (COMPLETE
ANSWERS) Semester 2
2024 - DUE 20 August
2024 ; 100% TRUSTED
Complete, trusted
solutions and
explanations.
ADMIN
[COMPANY NAME]
, Question 1. Explain the purpose of notarial noting and protest an
indicate its procedural benefit. (7)
Notarial noting and protest serve important purposes in
commercial transactions, particularly involving negotiable
instruments like bills of exchange and promissory notes. Here’s a
breakdown of their purposes and procedural benefits:
Purpose of Notarial Noting and Protest:
1. Authentication: Notarial noting provides an official record
of the dishonor of a negotiable instrument, confirming that
the instrument was presented for payment and payment was
refused or could not be made.
2. Legal Evidence: It serves as legal evidence in case of
disputes, providing a formal record of the facts related to
dishonor, such as the date and manner of presentment and the
reason for dishonor.
3. Notification: It formally notifies all parties concerned (such
as the drawer, endorser, and other liable parties) that the
instrument has been dishonored.
Procedural Benefits:
1. Legal Requirement: In many jurisdictions, notarial noting
and protest are legal requirements for enforcing the liability
of parties to a negotiable instrument. Without proper noting
and protest, subsequent legal actions to recover the amount
due may be compromised.
2. Preservation of Rights: Noting and protest preserve the
rights of the holder of the negotiable instrument against all
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