Which of the following is true about 'Inchoate Instrument'?
Verified Answer
A. It is an ambiguous instrument
B. It is an incomplete or blank negotiable instrument
C. It is not a negotiable instrument
D. It is a documentary bill
Explanation:
Section 20 of the Negotiable Instruments Act, 1881, defines an 'inchoate stamped instrument' as an instrument that is signed and either wholly blank or having an incomplete material part, but intended to be completed as a negotiable instrument.