BILLS OF EXCHANGE.
No. 3 of 1885.
315
(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.
(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 at a particular place, it must be presented for payment at that place in order to render the maker liable.
In any other case, presentment for payment is not necessary in order to render the maker liable.
(2) Presentment for payment is necessary in order to render the indorser of a note liable.
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