A.D. 1885.
A.D. 1885.]
older may
whom it is lection. nerally, is mself.
part of the
, except as
one bank- anker, the
so crossed
otherwise
› banker to
he is liable n owing to
which does Have had a
7
or altered
paying the
ponsible or ason of the obliterated zed by this to a bank-
i. or to his
n, in good
o a banker,
or his agent
and, if the
all respect- me position r thereof.
s on it the capable of erson from
3e, receives
BILLS OF EXCHANGE.
[No. 3.
487
payment for a customer of a cheque crossed generally or specially to to collecting himself, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by
Mayp reason only of having received such payment. A Banken
may
receive payment. of a crossed cheque for
a customer within the meaning of notwithstanding
k of M. (04), «PAKT ALL techning pay
that the credito his
PROMISSORY NOTES.
meaning of this section.
customers
accouef with the
Wh.. let...
promissory note.
83.--(1.) A promissory note is an unconditional promise in writing Definition of made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to, or to the order of, a specified person or to bearer.
(2.) An instrument in the form of a note payable to maker's order is not a note within the meaning of this section, unless and until it is indorsed by the maker.
(3.) A note is not invalid by reason only that it contains also a pledge of collateral security, with authority to sell or dispose thereof.
(4.) A note which is, or on the face of it purports to be, both made and payable within this Colony is an inland note. Any other note is a foreign note.
84. A promissory note is inchoate and incomplete until delivery Delivery thereof to the payee or bearer,
necessary.
85.-(1.) A promissory note may be made by two or more makers, Joint and and they may be liable thereon jointly, or jointly and severally, according to its tenor.
(2.) Where a note runs "I promise to pay" and is signed by two or more persons, it is deemed to be their joint and several note.
86. (1.) Where a note payable on demand has been indorsed, it Note payable must be presented for payment within a reasonable time of the indorse, on demand.
If it is not so presented, the indorser is discharged.
ment.
(2.) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.
(3.) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
87.---(1.) Where a promissory note is in the body of it made payable Presentment at a particular place, it must be presented for payment at that place in for payment. order to render the maker liable, In any other case, presentment for payment is not necessary in order to render the maker liable.