Given below are two statements
Statement I: A 'negotiable instrument' means a promissory note, bill of exchange or cheque payable either to order or to bearer
Statement II: Holder means any person who for consideration became the possessor of a promissory note, bill of exchange or cheque, if payable to bearer or the payee or endorsee
In light of the above statements, choose the most appropriate answer from the options given below
1
Both Statement I and Statement II are correct
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement II is correct