BILLS OF EXCHANGE.
No. 3 of 1885.
303
38. The rights and powers of the holder of a bill are as follows:
(1) he may sue on the bill in his own name;
(2) where he is a holder in due course, he holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill;
(3) where his title is defective,
(a) if he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill; and,
(b) if he obtains payment of the bill, the person who pays him in due course gets a valid discharge for the bill.
General duties of the holder.
Rights and powers of holder.
39.-(1) Where a bill is payable after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument.
(2) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the place of business or residence of the drawee, it must be presented for acceptance before it can be presented for payment.
(3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.
(4) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.
40. (1) Subject to the provisions of this Ordinance, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
(2) If he does not do so, the drawer and all indorsers prior to that holder are discharged.
(3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
Presentment for acceptance necessary.
Time for presenting bill payable after sight.
BILLS OF EXCHANGE.
No. 3 of 1885.
303
38. The rights and powers of the holder of a bill are as follows:
(1) he may sue on the bill in his own name;
(2) where he is a holder in due course, he holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill;
(3) where his title is defective,-
(a) if he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill; and,
(b) if he obtains payment of the bill, the person who pays him in due course gets a valid discharge for the bill.
General duties of the holder.
Rights and powers of holder.
39.-(1) Where a bill is payable after sight, presentment for When pre- acceptance is necessary in order to fix the maturity of the instru- acceptance is
ment.
(2) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the place of business or residence of the drawee, it must be presented for acceptance before it can be presented for payment.
(3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill.
(4) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.
40. (1) Subject to the provisions of this Ordinance, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
(2) If he does not do so, the drawer and all indorsers prior to that holder are discharged.
(3) In determining what is a reasonable time within the mean- ing of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.
sentment for
necessary.
Time for presenting
bill payable after sight.
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