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A bill in which the drawer or the payee or both are non existent. In such case the drawee or the acceptor is liable to pay the due amount to the holder in due course. The onus to prove that the drawer is fake lies on the endorsee. He can prove it by proving that the signature of drawer and first endorser are the same.

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Q: Meaning of fictitious bill
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Pecos Bill


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fictitious asset for exampal like this (miscellanous expenditure)


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