318
No. 3 of 1885.
Rules where laws conflict.
BILLS OF EXCHANGE.
(5) When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereof.
(6) Subject to the preceding rules, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged.
Conflict of laws.
72. Where a bill drawn in one country is negotiated, accepted, or payable in another, the rights, duties, and liabilities of the parties thereto are determined as follows:---
(1) the validity of a bill, as regards requisites in form, is determined by the law of the place of issue, and the validity, as regards requisites in form, of the supervening contracts, such as acceptance or indorsement or acceptance suprà protest, is determined by the law of the place where such contract was made: Provided that-
(a) where a bill is issued out of this Colony, it is not invalid by reason only that it is not stamped in accordance with the law of the place of issue;
(b) where a bill issued out of this Colony conforms, as regards requisites in form, to the law of this Colony, it may, for the purpose of enforcing payment thereof, be treated as valid as between all persons who negotiate, hold, or become parties to it in this Colony;
(2) subject to the provisions of this Ordinance, the interpretation of the drawing, indorsement, acceptance, or acceptance suprà protest of a bill is determined by the law of the place where such contract is made: Provided that where an inland bill is indorsed in a foreign country, the indorsement shall, as regards the payer, be interpreted according to the law of this Colony;
(3) the duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured;
(4) where a bill is drawn out of but payable in this Colony and the sum payable is not expressed in the currency of this Colony, the amount shall, in the absence of some express stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable;
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