669529-1885-Bill-read--Bills-of-Exchange-Ordinance- — Page 15

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(2.) Dubject to the provisions hereinatter contained, when a bill is paid by the drawer or an indorser it is not dis- charged; but

(a.) Where a bill payable to, or to the order of, a third party is paid by the drawer, the drawer may enforce payment thereof against the acceptor, but may act re-issue the bill.

(2.) Where a bill is paid by an indorser, or where a bill payable to drawer's order is paid by the drawer, the party paying it is remitted to his former rights as regards the acceptor or aute- cedent parties, and he may, if he thinks fit, strike out his own and subsequent indorse- ments, and again negotiate the bill.

(3.) Where an accommodation bill is paid in due course by the party accommodated the bill is discharged.

60. When a bill payable to order on demand is drawn on a banker, and the banker on whom it is drawn pays the bill in good faith and in the ordinary course of business, it is not incumbent on the banker to show that the indorsement of the payce or any subsequent indorsement was made by or under the authority of the person whose indorsement it purports to be, and the banker is deemed to have paid the bill in due course, although such indorsement has been forged or made without authority.

61. When the acceptor of a bill is or becomes the holder of it at or after its inaturity, in his own right, the bill is discharged.

62. (1.). When the holder of a bill at or after its maturity absolutely and w::conditionally renounces his rights against the acceptor the bill is discharged.

The renunciation must be in writing, unless the bill is delivered up to the acceptor.

(2.) The liabilities of any party to a bill way in like manner he renounced by the holder before, at, or after its maturity; but nothing in this section shall affect the rights of a holder in due course without notice of the remeiation.

63. (1.) Where a bill is intentionally caneclied by the holder or his agent, and the cancellation is apparent thereon, the bill is discharged.

(2.) In like manner any party liable on a bill may be dis- charged by the intentional cancellation of his signature by the holder or his ageut. In such case any indorser who would have had a right of recourse against the party whose signature is cancelled, is also discharged.

(3.) A cancellation made unintentionally, or under a mis- take, or without the authority of the holder is inoperative: but where a bill or any signature thereon appears to have been cancelled the burden of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake, or without authority.

64. (1.) Where a bill or acceptance is materially altered without the assent of all parties liable on the bill, the bill is avoided except as against a party who has himself made authorised, or asseuted to the alteration, and subsequent in- dorsers.

Provided that,

Where a bill has been materially altered, but the altera- tion is not apparent, and the bill is in the hands of a bolder in due course, such holder may avail himself of the bill as if it had not been altered, and may enforce payment of it according to its original tenoar.

(2.) In particular the following alterations are material, namely, any alteration of 'he date, the sum payable, the time of payment, the place of payrunt, and, where a bill has been accepted generally, the addition of a place of payment with- out the acceptor's assent.

Acceptance and Payment for Honour.

83. (1.) Where a bill of exchange has been protested for dishonour by non-acceptance, or protested for better security, and is not overdue, any person, not being a party already diable thereon, may, with the consent of the holder, intervene and accept the hill suprà protest, for the bonour of any party Table thereon, or for the honour of the person for whose account the bill is drawn.