BILLS OF EXCHANGE.
No. 3 of 1885.
311
(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.
Duties of holder as regards acceptor.
(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.
Funds in hands of drawee.
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;
Liability of acceptor.
BILLS OF EXCHANGE.
No. 3 of 1885.
311
(b) the place and date of protest, the cause or reason for protest- ing 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 con- trol 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 pay- Duties of ment is not necessary in order to render the acceptor liable.
holder as regards
acceptor.
(2) When by the terms of a qualified acceptance presentment for drawee or payment is required, the acceptor, in the absence of an express stipu- lation 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 ne- cessary 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 ex- hibit 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.
hands of drawee.
53. A bill, of itself, does not operate as an assignment of funds in 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 ;
Liability of acceptor.
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