Presentment of Note for Payment. 87. (1.) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case presentment for payment is not necessary in order to render the maker liable. (2.) Presentment for payment is necessary in order to render the indorser of a note liable. (3.) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. Liability of Maker. 88. The maker of a promissory note by making it— (1.) Engages that he will pay it according to its tenor; (2) Is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. Application of Part II. to Notes. 89. (1.) Subject to the provisions in this part and, except as by this section provided, the provisions of this Act relating to bills of exchange apply, with the necessary modifications, to promissory notes. (2.) In applying those provisions the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first indorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer's order. (3) The following provisions as to bills do not apply to notes; namely, provisions relating to-- (a.) Presentment for acceptance: (b.) Acceptance; (c.) Acceptance suprà protest; (d.) Bills in a set. (4.) Where a foreign note is dishonoured, protest thereof is unnecessary. PART V. SUPPLEMENTARY. Good Faith. 90. A thing is deemed to be done in good faith, within the meaning of this Act, where it is in fact done honestly, whether it is done negligently or not Signature. 91. (1.) Where, by this Act, any instrument or writing is required to be signed by any person, it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person by or under his authority. (2.) In the case of a corporation, where, by this Act, any instrument or writing is required to be signed, it is sufficient if the instrument or writing be sealed with the corp rate scal. But nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal. Computation of Time. 92. Where, by this Act, the time limited for doing any act or thing in less than three days, in reckoning time, non-business days are excluded. "Non-business day" for the purposes of this Act means— (a.) Sunday, Good Friday, Christmas Day: (b.) A bank holiday under the Bank Holidays Act, 1871, or Acts amending it: (c.) A day appointed by Royal proclamation as a public fast or thanksgiving day. Any other day is a business day. When Noting equivalent to Protest. 93. For the purposes of this Act, where a bill or note is required to be protested within a specified time or before some further proceeding is taken, it is sufficient that the bill has been noted for protest before the expiration of the specified time or the taking of the proceeding; and the formal protest may be extended at any time thereafter as of the date of the noting. Protest when Notary not accessible. 94. Where a dishonoured bill or note is authorised or required to be protested, and the services of a notary cannot be obtained at the place where the bill is dishonoured; any householder or substantial resident of the place may, in the presence of two witnesses, give a certificate, signed by them, attesting the dishonour of the bill, and the certificate shall in all respects operate as if it were a formal protest of the bill. The form given in Schedule 1 to this Act may be used with necessary modifications, and if used shall be sufficient. Dividend Warrants may be Crossed. 95. The provisions of this Act as to crossed cheques shall apply to a warrant for payment of dividend. Repeal. 96. The enactments mentioned in the second schedule to this Act are hereby repealed as from the commencement of this Act to the extent in that schedule mentioned. Provided that such repeal shall not affect anything done or suffered, or any right, title, or interest acquired or accrued before the commencement of this Act, or any legal proceeding or remedy in respect of any such thing, title, or interest. Savings. 97. (1.) The rules in bankruptcy relating to bills of exchange, promissory notes, and cheques, shall continue to apply thereto notwithstanding anything in this Act contained. (2.) The rules of common law including the law merchant, save in so far as they are inconsistent with the express provisions of this Act shall continue to apply to bills of exchange, promissory notes, and cheques. (3.) Nothing in this Act or in any repeal effected thereby shall affect (a.) The provisions of the Stamp Act, 1870, or Acts amending it, or any law or enactment for the time being in force relating to the revenue (33 & 34 Vict. c. 97): (b.) The provisions of the Companies Act, 1862, or Acts amending it, or any Act relating to joint stock banks or companies (25 & 26 Vict. c. 89): (c.) The provisions of any Act relating to or confirming the privileges of the Bank of England or the Bank of Ireland respectively: (d.) The validity of any usage relating to dividend warrants, or the indorsements thereof. Saving of Summary Diligence in Scotland. 98. Nothing in this Act or in any repeal effected thereby shall extend or restrict, or in any way alter or affect the law and practice in Scotland in regard to summary diligence. Construction with other Acts, &c. 99. Where any Act or document refers to any enactment re pealed by this Act, the Act or document shall be construed, and shall operate, as if it referred to the corresponding provisions of this Act. Parole Evidence allowed in certain Judicial Proceedings in Scotland. 100. In any judicial proceeding in Scotland, any fact relating to a bill of exchange, bank cheque, or promissory note, which is relevant to any question of liability thereon, may be proved by parole evidence: Provided that this enactment shall not in any way affect the existing law and practice whereby the party who is, according to the tenor of any bill of exchange, bank cheque, or promissory note, debtor to the holder in the amount thereof, may be required, as a condition of obtaining a sist of diligence, or suspension of a charge, or threatened charge, to make such consignation, or to find such caution as the court or judge before whom the cause is depending may require. This section shall not apply to any case where the bill of exchange, bank cheque, or promissory note has undergone the sesennial prescription. SCHEDULES. FIRST SCHEDULE. SECTION 94. Form of protest which may be used when the services of a notary cannot be obtained. of Know all men that I, A. B. [householder], of in the county in the United Kingdom, at the request of C.D., there being no notary public available, did on the 188 at day of demand payment [or acceptance] of the bill of exchange hereunder written, from E.F., to which demand he made answer [state answer, if any] wherefore I now, in the presence of G.H. and J.K. do protest the said bill of exchange. (Signed) A.B. J. K.J Witnesses. N.B. The bill itself should be annexed, or a copy of the bill and all that written thereon should be underwritten. Session and Chapter. 9 Will. 3. c. 17. 3 & 4 Anne, c. 8. .. 17 Geo. 3. c. 30. .. SECOND SCHEDULE. ENACTMENTS Repealed. Title of Act and extent of Repeal. An Act for the better payment of Inland Bills of Exchange. An Act for giving like remedy upon Promissory Notes as is now used upon Bills of Exchange, and for the better payment of Inland Bills of Exchange. An Act for further restraining the negotiation of Promissory Notes and Inland Bills of Exchange under a limited sum within that part of Great Britain called England. 39 & 40 Geo. 3. c. 42. An Act for the better observance of Good Friday in certain cases therein mentioned. An Act to restrain the Negotiation of Promissory Notes and An Act to repeal certain Acts, and to consolidate and amend in part; that is to say, Section two, four, seven, eight, nine, ten, eleven. 2 & 3 Will. 4. c. 98. An Act for regulating the protesting for non-payment of Bills of Exchange drawn payable at a place not being the place of the residence of the drawee or drawees of the same. 6 & 7 Will. 4. c. 58. An Act for declaring the law as to the day on which it is requisite to present for payment to Acceptor or Acceptors suprà protest for honour, or to the Referee or Referees, in case of need, Bills of Exchange which have been dishonoured. 8 & 9 Vict. c. 37. An Act to regulate the issue of bank notes in Ireland, and in part. to regulate the repayment of certain sums advanced by the Governor and Company of the Bank of Ireland for the public service, in part; that is to say, 19 & 20 Vict. c. 97. The Mercantile Law Amendment Act, 1856, in part. in part; that is to say, Sections six and seven. 23 & 24 Vict. c 111. An Act for granting to Her Majesty certain duties of stamps, and to amend the laws relating to the stamp duties, in part; that is to say, in part. Section nineteen. 34 & 35 Vict. c. 74. An Act to abolish days of grace in the case of Bills of Exchange and Promissory Notes payable at sight or on presentation. 39 & 40 Vict. c. 81. The Crossed Cheques Act, 1876. 41 & 42 Vict. c. 13. The Bills of Exchange Act, 1878. ENACTMENT REPEALED AS TO SCOTLAND. 19 & 20 Vict. c. 60. The Mercantile Law (Scotland) Amendment Act, 1856, in part. in part; that is to say, Sections ten, eleven, twelve, thirteen, fourteen, fifteen and sixteen. |