BILLS OF EXCHANGE.
No. 3 of 1885.
211
(b) the place and date of protest, the cause or reason for protesting the bill, the demand made, and the answer given, if any, or the fact that the drawee or acceptor could not be found.
(8) Where a bill is lost or destroyed or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof.
(9) Protest is dispensed with by any circumstance which would dispense with notice of dishonour. Delay in noting or protesting is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his default, misconduct, or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence.
holder as
52.-(1) When a bill is accepted generally, presentment for payment is not necessary in order to render the acceptor liable.
(2) When by the terms of a qualified acceptance presentment for payment is required, the acceptor, in the absence of an express stipulation to that effect, is not discharged by the omission to present the bill for payment on the day that it matures.
(3) In order to render the acceptor of a bill liable, it is not necessary to protest it or that notice of dishonour should be given to him.
(4) Where the holder of a bill presents it for payment, he shall exhibit the bill to the person from whom he demands payment, and when a bill is paid the holder shall forthwith deliver it up to the party paying it.
Liabilities of parties.
drawee or acceptor.
hands of
53. A bill, of itself, does not operate as an assignment of funds in the hands of the drawee available for the payment thereof, and the drawee of a bill who does not accept, as required by this Ordinance, is not liable on the instrument.
54. The acceptor of a bill, by accepting it— (1) engages that he will pay it according to the tenor of his acceptance;
Liability of acceptor.