418
THE HONGKONG GOVERNMENT GAZETTE, 9th MAY, 1885.
Duties of holder as regards drawee and acceptor.
Funds in hands of drawee.
Liability of acceptor.
(5.) Where the acceptor of a bill becomes bankrupt or insolvent or suspends payment before it matures, the holder may cause the bill to be protested for better security against the drawer and indorsers.
(6.) A bill must be protested at the place where it is dishonoured: Provided that-
(a.) When a bill is presented through the post office, and returned by post dishonoured, it may be protested at the place to which it is returned and on the day of its return if received during business hours, and if not received during business hours, then not later than the next business day:
(b.) When a bill drawn payable at the place of business or residence of some person other than the drawee, has been dishonoured by non-acceptance, it must be protested for non-payment at the place where it is expressed to be payable, and no further presentment for payment to, or demand on, the drawee is necessary.
(7.) A protest must contain a copy of the bill, and must be signed by the notary making it, and must specify—
(a.) The person at whose request the bill is protested:
(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.
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.
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:
(2.) Is precluded from denying to a holder in due course:
(a.) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill;
(b.) In the case of a bill payable to drawer's order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement;
(c.) In the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement.
418
THE HONGKONG GOVERNMENT GAZETTE, 9rn MAY, 1885.
Dution of holder as retards drawce F arceptor.
Funds in hands of drawee.
Liability of acceptor.
(5.) Where the acceptor of a bill becomes bankrupt or insolvent or suspends payment before it matures, the holder may cause the bill to be protested for better security against the drawer and indorsers.
(6.) A bill must be protested at the place where it is dishonoured: Provided that-
(a.) When a bill is presented through the post office, and returned by post dishonoured, it may be protested at the place to which it is returned and on the day of its return if received during business hours, and if not received during business hours, then not later than the next business day:
(b.) · When a bill drawn payable at the place of business or residence of some person other than the drawee, has been dishonoured by non-accept- ance, it must be protested for non-payment at the place where it is expressed to be pay- able, and no further presentment for payment to, or demand on, the drawee is necessary. (7.) A protest must contain a copy of the bill, and must be signed by the notary making it, and must specify—
(a.) The person at whose request the bill is protested : (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 de- tained 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 cir cumstances beyond the control of the holder, and not impu table to his default, misconduct, or negligence. When the cause of delay ceases to operate the bill must be noted or protested with reasonable diligence.
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 pre- sentment for payment is required, the acceptor, in the ab- sence of an express stipulation to that effect, is not dis- charged 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 de- mands payment, and when a bill is paid the holder shall forthwith deliver it up to the party paying it.
Liabilities of Parties.
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:
(2.) Is precluded from denying to a holder in due course: (a.) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill;
(b.) In the case of a bill payable to drawer's order, the then capacity of the drawer to in- dorse, but not the genuineness or validity of his indorsement ;
(c.) In the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indor-
sement.
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