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LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. $2.57   Add to cart

Exam (elaborations)

LPL4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 20 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.

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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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  • July 19, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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, Question 1. Explain the purpose of notarial noting and protest an
indicate its procedural benefit. (7)




Purpose of Notarial Noting and Protest
Notarial Noting:
Definition:
Notarial noting is a formal process conducted by a notary public,
where a protest of a bill of exchange, promissory note, or other
negotiable instruments is recorded. This usually happens when
such instruments are dishonored due to non-acceptance or non-
payment.
Purpose:
1. Evidence of Dishonor: Notarial noting serves as prima facie
evidence that a negotiable instrument has been presented and
dishonored. It is essential for establishing that the holder has
duly presented the instrument for payment or acceptance and
that such a request was refused.
2. Preservation of Recourse: This process helps preserve the
holder’s right of recourse against the endorsers and other
parties liable on the instrument. Without this step, the holder
might lose the right to claim against these parties.
3. Legal Requirement: In some jurisdictions, notarial noting is
a mandatory legal requirement for certain instruments to
maintain the right of recourse against previous parties.

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