D. 1885.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
467
becomes
precluded from setting up the forgery or want of authority :
one party
under the
g. as the
cial pur- property
delivery to him,
who has
ional de-
extensive
tion to ress it is ve relat-
or corpo- bill, the nt of the
bill who
10. he is
ignature
as part-
ature on
· person ignature e a dis-
thereto
.e party e bill is
Provided that nothing in this section shall affect the ratification of an unauthorized signature not amounting to a forgery,
signature.
25. A signature by procuration operates as notice that the agent has Procuration but a limited authority to sign, and the principal is only bound by such signature if the agent in so signing was acting within the actual limits of his authority.
ing as agent or in repre-sentative capacity.
26. - (1.) Where a person signs a bill as drawer, indorser, or accept-
Person sign-
or, and adds words to his signature, indicating that he signs for or on behalf of a principal or in a representative character, he is not person-
ally liable thereon; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability.
(2.) In determining whether a signature on a bill is that of the prin-
cipal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted.
Consideration for Bill.
27. (1.) Valuable consideration for a bill may be constituted by--
(6.) any consideration sufficient to support a simple contract :
(5.) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time.
(2.) Where value has at any time been given for a bill, the holder is deemed to be a holder for value as regards the acceptor and all parties to the bill who became parties prior to such time.
(3.) Where the holder of a bill has a lien on it, arising either from contract or by implication of law, he is deemed to be a holder for value to the extent of the sum for which he has a lien.
Value and holder for
valute.
tion bill or party.
28. (1.) An accommodation party to a bill is a person who has
Accommoda-
signed a bill as drawer, acceptor, or indorser, without receiving value therefor, and for the purpose of lending his name to some other person.
(2.) An accommodation party is liable on the bill to a holder for value ; and it is immaterial whether, when such holder took the bill, he knew such party to be an accommodation party or not.
29. (1.) A holder in due course is a holder who has taken a bill,
Holder in due
complete and regular on the face of it, under the following conditions,
namely,-
(a.) that he became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact ;
course.
D. 1885.
A.D. 1885.]
BILLS OF EXCHANGE.
[No. 3.
467
becomes
prechued from setting up the forgery or want of authority :
ote party
under the
g. as the
cial pur- property
delivery è to him,
who has
ional de-
extensive
tion to ress it is ve relat-
or corpo- bill, the nt of the
bill who
10. he is
ignature
as part-
ature on
· person ignature e a dis-
thereto
.e party e bill is
Provided that nothing in this section shall affect the ratification of an unauthorized signature not amounting to a forgery,
signature.
25. A signature by procuration operates as notice that the agent has Procuration but a limited authority to sign, and the principal is only bound by such signature if the agent in so signing was acting within the actual limits of his authority.
ing as agent or in repre- sentative capacity.
26. - (1.) Where a person signs a bill as drawer, indorser, or accept- Person sign- or, and adds words to his signature, indicating that he signs for or on behalf of a principal or in a representative character, he is not person- ally liable thereon; but the mere addition to his signature of words describing him as an agent, or as filling a representative character, does not exempt him from personal liability.
(2.) In determining whether a signature on a hill is that of the prin- cipal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted.
Consideration for Bill.
27. (1.) Valuable consideration for a bill may be constituted by--
(6.) any consideration sufficient to support a simple contract : (5.) an antecedent debt or liability. Such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time.
(2.) Where value has at any time been given for a bill, the holder is deemed to be a holder for value as regards the acceptor and all parties to the bill who became parties prior to such time.
(3.) Where the holder of a bill has a lien on it, arising either from contract or by implication of law, he is deemed to be a holder for value to the extent of the sum for which he has a lien.
Value and holder for
valute.
tion bill or party.
28. (1.) An accommodation party to a bill is a person who has Accommoda- signed a bill as drawer, acceptor, or indorser, without receiving value therefor, and for the purpose of lending his name to some other person. (2.) An accommodation party is liable on the bill to a holder for value ; and it is immaterial whether, when such holder took the bill, he knew such party to be an accommodation party or not.
29. (1.) A holder in due course is a holder who has taken a bill, Holder in due complete and regular on the face of it. under the following conditions,
namely,-
(a.) that he became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact ;
course.
i
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