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No. 3 of 1885.
BILLS OF EXCHANGE.
banker to pay the amount of such draft or order to the bearer thereof and it shall not be incumbent on such banker to prove that such indorsement or any subsequent indorsement was made by or under the direction or authority of the person to whom the said draft or order was or is made payable either by the drawer or any indorser thereof.
Definition of promissory note.
Delivery necessary.
Joint and several notes.
Note payable on demand.
PART IV.
PROMISSORY NOTES.
83.—(1) A promissory note is an unconditional promise in writing 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 thereof to the payee or bearer.
85.—(1) A promissory note may be made by two or more makers, 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 must be presented for payment within a reasonable time of the indorsement. If it is not so presented, the indorser is discharged.
(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.
*As amended by No. 63 of 1911.
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