472
Non-accep:-
Huree.
Dishonour by non-acceptance and its consequences.
Duties as to qualified acceptance.
Rules as to presentment for payment.
No. 3.] THE ORDINANCES OF HONGKONG : [A.D. 1885.
(e.) where, although the presentment has been irregular, acceptance
has been refused on some other ground.
(3.) The fact that the holder has reason to believe that the bill on presentment, will be dishonoured does not excuse presentment.
42. When a bill is duly presented for acceptance and is not accepted within the customary time, the person presenting it must treat it as dishonoured by non-acceptance. If he does not, the holder shall lose his right of recourse against the drawer and indorsers.
43. (1.) A bill is dishonoured by non-acceptance---
(a.) when it is duly presented for acceptance, and such an acceptance as is prescribed by this Ordinance is refused or cannot be obtained : or
(b.) when presentment for acceptance is excused and the bill is not accepted.
(2.) Subject to the provisions of this Ordinance, when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.
44. (1.) The holder of a bill may refuse to take a qualified acceptance, and, if he does not obtain an unqualified acceptance, may treat the bill as dishonoured by non-acceptance.
(2.) Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorized the holder to take a qualified acceptance or does not subsequently assent thereto, such drawer or indorser is discharged from his liability on the bill. The provisions of this sub-section do not apply to a partial acceptance whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance.
(3.) When the drawer or indorser of a bill receives notice of a qualified acceptance, and does not within a reasonable time express his dissent to the holder, he shall be deemed to have assented thereto.
45. Subject to the provisions of this Ordinance, a bill must be duly presented for payment. If it is not so presented, the drawer and indorsers shall be discharged. A bill is duly presented for payment which is presented in accordance with the following rules :--
(1.) where the bill is not payable on demand, presentment must be made on the day it falls due ;
(2.) where the bill is payable on demand, then, subject to the provisions of this Ordinance, presentment must be made within a reasonable time after its issue in order to render the drawer liable, and within a reasonable time after its indorsement, in order to render the indorser liable. In determining what is a reasonable time, regard shall be had to the nature of the bill, the usage of trade, and the facts of the particular case :
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