L.D. 1885.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
479
or payment
ntment for ass stipula- nt the bill
if necessary
AL.
t. he shall
t, and when rty paying
f funds in
E. and the
'dinance, is
his accept-
F
signature.
en capacity validity of
person, the se, but not
ed and paid e will com-
I to pay it. ir are duly
1
the exist-
ed and paid
e will com- ompelled to
pay it, provided that the requisite proceedings on dishonour are duly taken;
(4.) is precluded from denying to a holder in due course the genu- ineness and regularity in all respects of the drawer's signature and all previous indorsements;
(c.) is precluded from denying to his immediate or a subsequent indorsee that the bill was, at the time of his indorsement, a valid and subsisting bill, and that he had then a good title thereto.
56. Where a person signs a bill otherwise than as drawer or acceptor, Stranger
a holder in due he thereby incurs the liabilities of an indorser to
course.
signing bill
liable as indorser.
57. Where a bill is dishonoured, the measure of damages, which shall Measure of
be deemed to be liquidated damages, shall be as follows :--
(1.) the holder may recover from any party liable on the bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor, or from the drawer, or from a prior indorser
(a.) the amount of the bill :
(b.) interest thereon from the time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill in any other case;
(c) the expenses of noting, or, when protest is necessary and the
protest has been extended, the expenses of protest ;
(2.) in the case of a bill which has been dishonoured abroad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorsor who has been compel- led to pay the bill may recover from any party liable to him, the amount of the re-exchange, with interest thereon until the time of payment ;
(3.) where by this Ordinance interest may be recovered as damages. such interest may, if justice requires it, be withheld wholly or in part, and where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper.
damages against
parties to bill,
dishonoured
58.-(1.) Where the holder of a bill payable to bearer negotiates it.
Transferor by
by delivery without indorsing it, he is called a “transferor by delivery."
delivery and
(2.) A transferor by delivery is not liable on the instrument.
(3.) A transferor by delivery who negotiates a bill thereby warrants
transferee.
Page 20
Page 21
L.D. 1885.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
479
or payment
ntment for ass stipula- nt the bill
if necessary
AL.
t. he shall
t, and when rty paying
f funds in
E. and the
'dinance, is
his accept-
F
signature.
en capacity validity of
person, the se, but not
ed and paid e will com-
I to pay it. ir are duly
1
the exist-
ed and paid
e will com- ompelled to
pay it, provided that the requisite proceedings on dishonour are duly taken;
(4.) is precluded from denying to a holder in due course the genu- ineness and regularity in all respects of the drawer's signature and all previous indorsements;
(c.) is precluded from denying to his immediate or a subsequent indorsee that the bill was, at the time of his indorsement, a valid and subsisting bill, and that he had then a good title thereto.
56. Where a person signs a bill otherwise than as drawer or acceptor, Stranger
a holder in due he thereby incurs the liabilities of an indorser to
course.
signing bill
liable as indorser.
57. Where a bill is dishonoured, the measure of damages, which shall Measure of be deemed to be liquidated damages, shall be as follows :--
(1.) the holder may recover from any party liable on the bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor, or from the drawer, or from a prior indorser
(a.) the amount of the bill :
(b.) interest thereon from the time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill in any other case;
(c) the expenses of noting, or, when protest is necessary and the
protest has been extended, the expenses of protest ;
(2.) in the case of a bill which has been dishonoured abroad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorsor who has been compel- led to pay the bill may recover from any party liable to him, the amount of the re-exchange, with interest thereon until the time of payment ;
(3.) where by this Ordinance interest may be recovered as damages. such interest may, if justice requires it, be withheld wholly or in part, and where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper.
damages against
parties to bill,
dishonoured
58.-(1.) Where the holder of a bill payable to bearer negotiates it. Transferor by by delivery without indorsing it, he is called a “transferor by delivery." delivery and
(2.) A transferor by delivery is not liable on the instrument.
(3.) A transferor by delivery who negotiates a bill thereby warrants
transferee.
Page 20Page 21
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