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LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024
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LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024
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LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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L, PL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024
- DUE 20 August 2024 ; 100
. Ensure your success with us .
Question 1. Explain the purpose of notarial noting and protest an indicate its
procedural benefit. (7)
Question 1: The Purpose of Notarial Noting and Protest and Its
Procedural Benefit
Notarial Noting and Protest are procedures used primarily in the
context of negotiable instruments, such as bills of exchange, promissory
notes, and checks, to provide formal evidence of dishonor. Here’s a
detailed explanation:
1. Purpose:
o Evidence of Dishonor: The primary purpose of notarial
noting and protest is to provide official evidence that a
negotiable instrument has been presented for payment or
acceptance and has been dishonored (i.e., not paid or
accepted).
o Preserve Rights of Recourse: It serves to preserve the
holder's rights of recourse against endorsers and other parties
liable on the instrument. Without protest, the holder may lose
the right to claim against these parties.
o Legal Formality: It acts as a legal formality required under
certain jurisdictions to maintain or establish the holder’s right
to pursue legal remedies.
2. Procedural Benefit:
o Documentation: Notarial noting involves a notary public
making a formal note on the instrument or a separate
certificate, documenting the fact of presentment and
dishonor. This provides a dated and certified record.
o Protest Certificate: Following noting, the notary public
issues a protest, which is a formal certificate attesting to the
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