Notary Public Fees and the Bill of Exchange

Introduction

In this question, we are given four options, namely the drawer, drawee, holder of the bill of exchange, and none, and we need to select the correct option that indicates who is responsible for paying the fees in cash to a Notary Public. The correct answer is option 'C' - the holder of the bill of exchange. Let's understand the reasoning behind this answer.

Bill of Exchange

A bill of exchange is a legal document that enables the transfer of funds from one party (the drawer) to another party (the payee), usually over a specified period of time. It is a written order, typically used in commercial transactions, which requires the drawee (the party owing the money) to pay a specific amount to the payee on a specified date or upon demand.

Role of a Notary Public

A Notary Public is an authorized legal officer who plays a crucial role in the execution and authentication of various legal documents. They are responsible for verifying the authenticity of signatures, administering oaths, and attesting to the validity of documents. When it comes to bills of exchange, a Notary Public may be involved in various activities, including:

1. Attesting to the signature on the bill of exchange.
2. Confirming the identity of the parties involved.
3. Verifying the accuracy of the details mentioned in the bill of exchange.

Payment of Notary Public Fees

The fees charged by a Notary Public for their services are typically borne by the party requesting the notarization. In the case of a bill of exchange, the party responsible for paying the Notary Public fees in cash is the holder of the bill of exchange. This is because the holder is the party legally entitled to receive payment from the drawee and is therefore responsible for ensuring the bill is properly executed and authenticated.

Conclusion

In conclusion, the correct answer to the question is option 'C' - the holder of the bill of exchange. The holder, being the party entitled to receive payment, is responsible for paying the fees in cash to the Notary Public as part of the process of executing and authenticating the bill of exchange.