A.D. 1885.
subject to dorsement.
ques to be
negotiated thencefor- than that
within the ars on the
th of time.
uestion of
aturity of n effected
ured, any er to any
othing in
for indor- as of this € entitled
to whom
free from personal
I may en-
at holder
s him in
raccept-
A.D. 1885.
BILLS OF EXCHANGE.
[No. 3.
necessary.
471
(2.) Where a bill expressly stipulates that it shall be presented for acceptance or where a bill is drawn payable elsewhere than at the place of business or residence of the drawee, it must be presented for acceptance before it can be presented for payment.
(3.) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.
(4.) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.
40. (1.) Subject to the provisions of this Ordinance, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
(2.) If he does not do so, the drawer and all indorsers prior to that holder are discharged.
Time for presenting bill payable after sight.
(3.) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
41.--(1.) A bill is duly presented for acceptance which is presented –Rules as to presentment for acceptance, and excuses for non-presentment.
(a.) the presentment must be made by or on behalf of the holder to the drawee, or to some person authorized to accept or refuse acceptance on his behalf, at a reasonable hour on a business day and before the bill is overdue:
(b.) where a bill is addressed to two or more drawees, who are not partners, presentment must be made to them all, unless one has authority to accept for all, then presentment may be made to him only;
(c.) where the drawee is dead, presentment may be made to his personal representative;
(d.) where the drawee is bankrupt, presentment may be made to him or to his trustee or assignee;
(e.) where authorized by agreement or usage, presentment through the Post Office is sufficient.
(2.) Presentment in accordance with these rules is excused, and a bill may be treated as dishonoured by non-acceptance.
(a.) where the drawee is dead or bankrupt, or is a fictitious person or a person not having capacity to contract by bill;
(b.) where, after the exercise of reasonable diligence, such presentment cannot be effected;