JOURNAL OF THE INSTITUTE OF BANKERS. NOVEMBER, 1882. BILLS OF EXCHANGE ACT, 1882. The full text of this Act is printed below. A paper on the Act will be read at the Sessional Meeting of the Institute, on the 15th November, by Mr. M. D. Chalmers; and the paper, with the discussion arising out of it, will, for convenience of reference, be published in the December number of the Journal. 3. Bill of exchange defined. 4. Inland and foreign bills. 5. Effect where different parties to bill are the same person. Section 6. Address to drawee. 7 Certainty required as to payee. 10. Bill payable on demand. 11. Bill payable at a future time. 12. Omission of date in bill payable after date. 13. Ante-dating and post dating. 14. Computation of time of payment. 15. Case of need. 16. Optional stipulations by drawer or indorser. 19. General and qualified acceptances. 20. Inchoate instruments. 21. Delivery. Capacity and Authority of Parties. 22. Capacity of parties. 23. Signature essential to liability. 24. Forged or unauthorized signature. 25. Procuration signatures. 26. Person signing as agent or in representative capacity. The Consideration for a Bill. 27. Value, and holder for value. 28. Accommodation bill or party. 29. Holder in due course. 30. Presumption of value and good faith. Negotiation of Bills. 31. Negotiation of bill. 32. Requisites of a valid indorsement. 33. Conditional indorsement. 34. Indorsement in blank and special indorsement. 35. Restrictive indorsement. 36. Negotiation of overdue or dishonoured bill. 37. Negotiation of bill to party already liable thereon. 38. Rights of the holder. General duties of the Holder. 39. When presentment for acceptance is necessary. 40. Time for presenting bill payable after sight. 41. Rules as to presentment for acceptance, and excuses for nonpresentment. Section 42. Non-acceptance. 43. Dishonour by non-acceptance and its consequences. 44. Duties as to qualified acceptances. 45. Rules as to presentment for payment. 46. Excuses for delay or non-presentment for payment. 47. Dishonour by non-payment. 48. Notice of dishonour and effect of non-notice. 49. Rules as to notice of dishonour. 50. Excuses for non-notice and delay. 51. Noting or protest of bill. 52. Duties of holder as regards drawee or acceptor. Liabilities of Parties. 53. Funds in hands of drawęe. 54. Liability of acceptor. 55. Liability of drawer or indorser. 56. Stranger signing bill liable as indorser. 57. Measure of damages against parties to dishonoured bill. 58. Transferor by delivery and transferee. Discharge of Bill. 59. Payment in due course. 60. Banker paying demand draft whereon indorsement is forged. 61. Acceptor the holder at maturity. 62. Express waiver. 63. Cancellation. 64. Alteration of bill. Acceptance and Payment for Honour. 65. Acceptance for honour suprà protest. Lost Instruments. 69. Holder's right to duplicate of lost bill. 70. Action on lost bill. Bill in a Set. 71. Rules as to sets. Conflict of Laws. 72, Rules where laws conflict. Section 73. Cheque defined. PART III. CHEQUES ON A BANKER. 74. Presentment of cheque for payment. 75. Revocation of banker's authority. Crossed Cheques. 76. General and special drawings defined. 77. Crossing by drawer or after issue. 78. Crossing a material part of cheque. 79. Duties of banker as to crossed cheques. 80. Protection to banker and drawer where cheque is crossed. 81. Effect of crossing on holder. 82. Protection to collecting banker. 96. Repeal. 97. Savings. 98. Saving of summary diligence in Scotland. 99. Construction with other Acts, &c. 100. Parole evidence allowed in certain judicial proceedings in Scotland. SCHEDULE I.-Form. SCHEDULE II.-Repeals. BILLS OF EXCHANGE ACT, 1882. 45 & 46 VICT., CHAPTER 61. An Act to Codify the Law relating to Bills of Exchange, Cheques, and Promissory Notes. 18th August, 1882. Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— PART I. PRELIMINARY. Short Title. 1. This Act may be cited as the Bills of Exchange Act, 1882. Interpretation of Terms. 2. In this Act, unless the context otherwise requires,"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. |