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JOURNAL OF THE INSTITUTE OF BANKERS.
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.
BILLS OF EXCHANGE 'ACT, 1882.
45 & 46 VICT. CH. 61.
ARRANGEMENT OF SECTIONS.
1. Short title.
BILLS OF EXCHANGE.
Form and Interpretation. 3. Bill of exchange defined. 4. Inland and foreign bills. 5. Effect where different parties to bill are the same person.
6. Address to drawee. 7 Certainty required as to payee. 8. What bills are negotiable. 9. Sum payable. 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. 17. Definition and requisites of acceptance. 18. Time for acceptance. 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. Timo for presenting bill payable after sight. 41. Rules as to presentment for acceptance, and excuses for non
Liabilities of Parties.
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 Paymont for Honour. 65. Acceptance for honour suprà protest. 66. Liability of acceptor for honour. 67. Presentment to acceptor for honour. 68. Payment for honour suprà protest.
69. Holder's right to duplicate of lost bill. 70. Action on lost bill.
Bill in a Sot
71. Rules as to sets.
Conflict of Laws. 72, Rules where laws conflict.
CHEQUES ON A BANKER.
73. Cheque defined.
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.
PROMISSORY NOTES. 83. Promissory note defined. 84. Delivery necessary. 85. Joint and several notes. 86. Note payable on demand. 87. Presentment of note for payment 88. Liability of maker. 89. Application of Part II. to notes.
SUPPLEMENTARY. 90. Good faith. 91. Signature. 92. Computation of time. 93. When noting equivalent to protest. 94. Protest when notary not accessible. 95. Dividend warrants may be crossed. 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
BILLS OF EXCHANGE ACT, 1882.
45 & 46 VICT., CHAPTER 61.
An Act to Codify the Law relating to Bills of Exchange, Cheques, and
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:
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 noti.
fication. "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 tho 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.