108 *bills Of Exchange
| Author | Ralph Hone |
| Pages | #3 |
CHAPTER 108.
BILLS OF EXCHANGE.
ARRANGEMENT OF SECTIONS.
SECTION.
PART I.
PRELIMINARY.
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SHORT TITLE.
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INTERPRETATION OF TERMS.
PART II.
BILLS OF EXCHANGE.
Form and Interpretation.
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BILL OF EXCHANGE DEFINED.
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INLAND AND FOREIGN BILLS.
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EFFECT WHERE DIFFERENT PARTIES TO BILL ARE THE SAME PERSON.
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ADDRESS TO DRAWEE.
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CERTAINTY REQUIRED AS TO PAYEE.
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WHAT BILLS ARE NEGOTIABLE.
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SUM PAYABLE.
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BILL PAYABLE ON DEMAND.
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BILL PAYABLE AT A FUTURE TIME.
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OMISSION OF DATE IN BILL PAYABLE AFTER DATE.
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ANTE-DATING AND POST-DATING.
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COMPUTATION OF TIME OF PAYMENT.
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CASE OF NEED.
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OPTIONAL STIPULATIONS BY DRAWER OR INDORSER.
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DEFINITION AND REQUISITES OF ACCEPTANCE.
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TIME FOR ACCEPTANCE.
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GENERAL AND QUALIFIED ACCEPTANCES.
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INCHOATE INSTRUMENTS.
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DELIVERY.
Capacity and Authority of Parties, 22. CAPACITY OF PARTIES.
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SIGNATURE ESSENTIAL TO LIABILITY.
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FORGED OR UNAUTHORISED SIGNATURE.
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PROCURATION SIGNATURES.
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PERSON SIGNING AS AGENT OR IN REPRESENTATiVE CAPACiTY.
The Consideration for a Bill.
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VALUE, AND HOLDER FOR VALUE.
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ACCOMMODATION BILL OR PARTY.
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HOLDER IN DUE COURSE.
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PRESUMPTION OF VALUE AND GOOD FAITH.
SECTION.
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Negotiation of Bills.
NEGOTIATION OF BILL.
REQUISITES OF A VALID INDORSEMENT.
CONDITIONAL INDORSEMENT.
INDORSEMENT IN BLANK AND SPECIAL INDORSEMENT.
RESTRICTIVE INDORSEMENT.
NEGOTIATION OF OVER-DUE OR DISHONOURED BILL.
NEGOTIATION OF BILL TO PARTY ALREADY LIABLE THEREON.
RIGHTS OF THE HOLDER.
General Duties of the Holder.
WHEN PRESENTMENT FOR ACCEPTANCE IS NECESSARY.
TIME FOR PRESENTING BILL PAYABLE AFTER SIGHT.
RULES AS TO PRESENTMENT FOR ACCEPTANCE, AND EXCUSES FOR NONPRESENTMENT.
NON-ACCEPTANCE.
DISHONOUR BY NON-ACCEPTANCE AND ITS CONSEQUENCES.
DUTIES AS TO QUALIFIED ACCEPTANCES.
RULES AS TO PRESENTMENT FOR PAYMENT.
EXCUSES FOR DELAY OR NON-PRESENTMENT FOR PAYMENT.
DISHONOUR BY NON-PAYMENT.
NOTICE OF DISHONOUR AND EFFECT OF NON-NOTICE.
RULES AS TO NOTICE OF DISHONOUR.
EXCUSES FOR NON-NOTICE AND DELAY.
NOTING OR PROTEST OF BILL.
DUTIES OF HOLDER AS REGARDS DRAWEE OR ACCEPTOR.
Liabilities of Parties.
FUNDS IN HANDS OF DRAWEE.
LIABILITY OF ACCEPTOR.
LIABILITY OF DRAWER OR INDORSER.
STRANGER SIGNING BILL LIABLE AS INDORSER.
MEASURE OF DAMAGES AGAINST PARTIES TO DISHONOURED BILL.
TRANSFEROR BY DELIVERY AND TRANSFEREE.
Discharge of Bill.
PAYMENT IN DUE COURSE.
BANKER PAYING DEMAND DRAFT WHEREON INDORSEMENT IS FORGED.
ACCEPTOR THE HOLDER AT MATURITY.
EXPRESS WAIVER.
CANCELLATION.
ALTERATION OF BILL.
Acceptance and Payment for Honour.
ACCEPTANCE FOR HONOUR Supra PROTEST.
LIABILITY OF ACCEPTOR FOR HONOUR.
PRESENTMENT TO ACCEPTOR FOR HONOUR.
PAYMENT FOR HONOUR Supra PROTEST.
Lost Instruments.
HOLDER'S RIGHT TO DUPLICATE OF LOST BILL.
ACTION ON LOST BILL.
SECTION.
Bill in a Set.
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RULES AS TO SETS.
Conflict of Laws.
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RULES WHERE LAWS CONFLICT.
PART III.
CHEQUES ON A BANKER.
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CHEQUE DEFINED.
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PRESENTMENT OF CHEQUE FOR PAYMENT.
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REVOCATION OF BANKER'S AUTHORITY.
Crossed Cheques.
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GENERAL AND SPECIAL CROSSINGS DEFINED.
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CROSSING BY DRAWER OR AFTER ISSUE.
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CROSSING A MATERIAL PART OF CHEQUE.
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DUTIES OF BANKER AS TO CROSSED CHEQUES.
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PROTECTION TO BANKER AND DRAWER WHERE CHEQUE IS CROSSED.
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EFFECT OF CROSSING ON HOLDER.
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PROTECTION TO COLLECTING BANKER.
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BANKER'S DRAFT.
PART IV.
PROMISSORY NOTES.
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PROMISSORY NOTE DEFINED.
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DELIVERY NECESSARY.
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JOINT AND SEVERAL NOTES.
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NOTE PAYABLE ON DEMAND.
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PRESENTMENT OF NOTE FOR PAYMENT.
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LIABILITY OF MAKER.
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APPLICATION OF PART 11 TO NOTES.
PART V.
SUPPLEMENTARY.
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GOOD FAITH.
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SIGNATURE.
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COMPUTATION OF TIME.
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WHEN NOTING EQUIVALENT TO PROTEST 95. PROTEST WHEN NOTARY NOT ACCESSIBLE.
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DIVIDEND WARRANTS MAY BE CROSSED.
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SAVINGS.
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CONSTRUCTION WITH OTHER ACTS, ETC.
SCHEDULE.
EcCH.108. 1705
CHAPTER 108.
BILLS OF EXCHANGE.
AN ACT TO CODIFY THE LAW RELATING TO BILLS OF 45 & 46 Vict. c.
EXCHANGE, CHEQUES AND PROMISSORY NOTES. 61 extended by 15 of 1908.
[18th August 1882.] 5 of 1953.
PART I.
PRELIMINARY.
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This Act may be cited as The Bills of Short title.
Exchange Act.
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In this Act, unless the context otherwise Interpretation requires- of terms.
'acceptance' means an acceptance completed by delivery or notification;
'action' includes counter claim and set off;
'banker' includes a body of persons whether incorporated or not who carry on the business of banking;
'bankrupt' includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy;
'bearer' means the person in possession of a bill or note which is payable to bearer;
'bill' means bill of exchange, and 'note' means promissory note;
'delivery' means transfer of possession, actual or constructive, from one person to another;
'holder' means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
'indorsement' means an indorsement completed by delivery;
'issue' means the first delivery of a, bill or note, complete in form to a person who takes it as a holder;
'person' includes a body of persons whether incorporated or not;
'value' means valuable consideration;
'written' includes printed, and 'writing' includes print.
PART II.
BILLS OF EXCHANGE.
Form and Interpretation.
Bill of 3.-(1) A bill of exchange is an unconditional dexhange order in writing, addressed by one person to another, 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 sum certain in money to or to the order of a specified person, or to bearer.
(2) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.
(3) An order to pay out of a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount, or (b) a statement of the transaction which gives rise to the bill, is unconditional.
(4) A bill is not invalid by reason(a) that it is not dated;
(b) that it does not specify the value given, or that any value has been given therefor;
(c) that it does not specify the place where it is drawn or the place where it is payable.
inland and 4.-(1) An inland bill is a bill which is or on the foreign bills. face of it purports to be (a) both drawn and payable within the Bahama Islands, or (b) drawn within the Bahama Islands upon some person resident therein.
Any other bill is a foreign bill. * * * * Effect where 5.-(l) A bill may be drawn payable to, or to the different parties to bills are the order of, the drawer; or it may be drawn payable to, or same person. to the order of, the drawee.
[CCH.108. 1707 (2) Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his 'option, either as a bill of exchange or as a promissory note.
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--(1) The drawee must be named or otherwise Address to drawee.
indicated in a bill with reasonable certainty.
(2) A bill may be addressed to two or more drawees whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more drawees in succession is not a bill of exchange.
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-(1) Where a bill is not payable to bearer, the Certainty required as to payee must be named or -otherwise indicated therein payee.
with reasonable certainty.
(2) A bill may be made payable to two or more payees jointly, or it may be payable in the alternative to one of two, or -one or some of several payees. A bill may also be made payable to the holder of an office for the time being.
(3) Where the payee is a fictitious or non-existing person the bill may be treated as payable to bearer.
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--(1) When a bill contains words prohibiting What billsare transfer or indicating an intention that it should not be negotiable.
transferable, it is valid as between the parties thereto, but is not negotiable.
(2) A negotiable bill may be payable either to order or to bearer.
(3) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option.
108.1 BILLS OF EXCHANGE.
Sum payable. 9.-(1) The sum payable by a bill is a sum certain within the meaning of this Act, although it is required to be paid(a) with interest;
(b) by stated instalments;
(c) by stated instalments, with a provision that upon default in payment of any instalment the whole sum shall become due;
(d) according to an indicated rate of exchange or according to a rate of exchange to be ascertained as directed by the bill.
(2) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof.
Bill payable on 10.--(1) A bill is payable on demanddemand.
(a) which is expressed to be payable on demand, or at sight, or on presentation; or (b) in which no time for payment is expressed.
(2) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.
Bill payable at 11. A bill is payable at a...
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