An unconditional order definition

An unconditional order. : This means payment of the face value of the bill (i.e. N500,000 in our example) must be made without fulfillment of any condition. It must be a positive order from the drawer to the drawee to pay, not a mere request or authorization.
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An unconditional order. – This means payment of the face value of the bill (i.e. N500, 000.00 in our example) must be made without fulfillment of any condition. It must be a positive order from the drawer to the drawee to pay, not a mere request or authorisation. For example, pay Tola the sum of N1, 000.00 provided he signs the receipt is a conditional order, and a document bearing this, direction is not a bill of exchange.
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Examples of An unconditional order in a sentence

  • The legal definition of the "Bills of Exchange" as given in the English Bills of Exchang e Act of 1882, is "An unconditional order in writing, addressed by one person to anoth er, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a certain sum in money to, or to the order of, a specific person, or to bearer." In common speech a ▇▇▇▇ of exchange is called a "draft".

  • An unconditional order made by the drawer requesting the drawee to pay the payee.

  • Draft - An unconditional order in writing from one person (the Drawer) to another (the Drawee), directing the drawee to pay a specified amount to a named drawer on presentation or on a fixed date.

Related to An unconditional order

  • Final Order means the final order of the Court in a form acceptable to the Company and the Purchaser, each acting reasonably, approving the Arrangement, as such order may be amended by the Court (with the consent of both the Company and the Purchaser, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (provided that any such amendment is acceptable to both the Company and the Purchaser, each acting reasonably) on appeal.

  • Final Order and Judgment means the final judgment and order of dismissal with prejudice to be entered in the Lawsuit in connection with the approval of the Settlement after the Final Approval Hearing.

  • Final Approval Order and Judgment means the order in which the Court certifies the Settlement Class, grants final approval of this Settlement Agreement, authorizes the entry of a final judgment, and dismisses the Action with prejudice.

  • Specified Courts is defined in Section 6.9.

  • Order and Final Judgment means the order and final judgment of the Court approving the Settlement Agreement, as described in Section II(E)(7) below.