A.D. 1885.
if the bill is that, at the it valueless
EX
se by or on
.
rso means
lder thereof lefective.
en a bill is
ird party is ent thereof
1 payable to aying it is
for or ante-
out his own
te bill.
by the party
a banker, aith and in
banker to:
ndorsement lorsement it bill in due de without
r of it at or
urity abso- cceptor, the ess the bill
manner be
5 nothing in se without
a holder or discharged.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
481
(2.) In like manner, any party liable on a bill may be discharged by the intentional cancellation of his signature by the holder or his agent. 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 mistake, 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, authorized, or assented to the alteration, and subsequent indorsers: Provided that where a bill has been materially altered, but the alteration is not apparent, and the bill is in the hands of a holder 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 tenor.
(2.) In particular, the following alterations are material, namely, any alteration of the date, the sum payable, the time of payment, the place of payment, and, where a bill has been accepted generally, the addition of a place of payment without the acceptor's assent.
Acceptance and Payment for Honour.
65. (1.) Where a bill has been protested for dishonour by non-acceptance or protested for better security, and is not overdue, any person, not being a party already liable thereon, may, with the consent of the holder, intervene and accept the bill suprà protest, for the honour of any party liable thereon or for the honour of the person for whose account the bill is drawn.
(2.) A bill may be accepted for honour for part only of the sum for which it is drawn.
(3.) An acceptance for honour suprà protest in order to be valid must-
(a) be written on the bill, and indicate that it is an acceptance for honour:
(b) be signed by the acceptor for honour.
(4.) Where an acceptance for honour does not expressly state for whose honour it is made, it is deemed to be an acceptance for the honour of the drawer.
(5.) Where a bill payable after sight is accepted for honour, its maturity is calculated from the date of the noting for non-acceptance, and not from the date of the acceptance for honour.
A.D. 1885.
it the bill is that, at the it valueless
EX
se by or on
.
rso means
lder thereof lefective.
en a bill is
ird party is ent thereof
1 payable to aying it is
for or ante-
out his own
te bill.
by the party
a banker, aith and in
banker to:
ndorsement lorsement it bill in due de without
r of it at or
urity abso- cceptor, the ess the bill
manner be
5 nothing in se without
a holder or discharged.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
481
(2.) In like manner, any party liable on a bill may be discharged by the intentional cancellation of his signature by the holder or his agent. 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 mistake, or with- out the authority of the holder is inoperative; but where a bill or any signature thereon appeurs to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made uninten- tionally, or under a mistake, or without authority.
bill.
64.--(1.) Where a bill or acceptance is materially altered without. Alteration of the assent of all parties liable on the bill, the bill is avoided except as against a party who has himself made, authorized, or assented to the alteration, and subsequent indorsers: Provided that where a bill has been materially altered, but the alteration is not apparent, and the bill is in the hands of a holder 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 tenor.
(2.) In particular, the following alterations are material, namely, any alteration of the date, the sum payable, the time of payment, the place of payment, and, where a bill has been accepted generally, the addition of a place of payment without the acceptor's assent.
Acceptance and Payment for Honour.
J
for honour
65. (1.) Where a bill has been protested for dishonour by non- Acceptance acceptance or protested for better security, and is not overdue, any suprà protest. person, not being a party already liable thereon, may, with the consent of the holder, intervene and accept the bill suprà profest, for the honone of any party liable thereon or for the honour of the person for whose account the bill is drawn..
(2.) A bill may be accepted for honour for part only of the sum for which it is drawn.
(3.) An acceptance for honour suprà protest in order to be valid
must-
(a) he written on the bill, and indicate that it is an acceptance for
honour:
(h) he signed by the acceptor for honour.
(1.) Where an acceptance for honour does not expressly state for whose honour it is made, it is deemed to be an acceptance for the hon- our of the drawer.
(5.) Where a bill payable after sight is accepted for honour. its maturity is calculated from the date of the noting for non-acceptance, and not from the date of the acceptance for honour,
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