Accommodation bills are instruments where one party lends their name to another without consideration to help raise funds. Statement I: In an accommodation bill, the accommodation party is not liable to the person accommodated because there is no consideration between them. Statement II: If a bank discounts an accommodation bill knowing it is such, the bank cannot sue the accommodation party because knowledge of the lack of consideration destroys the status of a holder in due course. Statement III: Once an accommodation bill is discounted by a bank for value, the accommodation party becomes liable to the bank just as if it were a genuine trade bill. Which of the statements given above are correct?

Consider the following statements regarding noting and protest of dishonored bills of exchange under statutory rules: Statement I: Noting is a process where a Notary Public records the fact of dishonor on the instrument itself or on a paper attached to it. Statement II: A 'Protest' is a formal certificate issued by a Notary Public attesting to the dishonor, and it must be made within a reasonable time after noting. Statement III: In India, noting and protest are compulsory for all inland bills of exchange to make the drawer liable. Statement IV: Notice of Dishonor must be given by the holder to all prior parties whom they wish to make liable. Statement V: If a bill is lost or destroyed, the protest can be made on a copy or written particulars of the instrument. Which of the statements given above are correct?

Consider the following statements regarding bill finance under the Negotiable Instruments Act: Statement I: The liability of the drawer of a bill of exchange is primary and absolute from the moment the bill is drawn, similar to the maker of a promissory note. Statement II: An acceptor of a bill of exchange is liable to the holder only after the bill has been presented for payment at the specified place and time. Statement III: Every endorser of a bill of exchange is liable to all subsequent parties to the instrument as a surety for the drawer and the acceptor. Which of the statements given above is/are correct?