1923_BILLS_OF_EXCHANGE_ORDINANCE__1885 — Page 24

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304

No 3 of 1885.

Funds in hands of drawee.

Liability of acceptor.

Liability of drawer or indorser.

BILLS OF EXCHANGE.

Liabilities of parties.

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;

(b) in the case of a bill payable to drawer's order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement;

(c) in the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement.

55.--(1) The drawer of a bill, by drawing it,-

(a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or any indorser who is compelled to pay it, provided that the requisite proceedings on dishonour are duly taken;

(b) is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse.

(2) The indorser of a bill, by indorsing it,-

(a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or a subsequent indorser who is compelled to pay it, provided that the requisite proceedings on dishonour are duly taken;

(b) is precluded from denying to a holder in due course the genuineness 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.

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304 No 3 of 1885. Funds in hands of drawee. Liability of acceptor. Liability of drawer or indorser. BILLS OF EXCHANGE. Liabilities of parties. 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; (b) in the case of a bill payable to drawer's order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement; (c) in the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement. 55.--(1) The drawer of a bill, by drawing it,- (a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or any indorser who is compelled to pay it, provided that the requisite proceedings on dishonour are duly taken; (b) is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. (2) The indorser of a bill, by indorsing it,- (a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or a subsequent indorser who is compelled to pay it, provided that the requisite proceedings on dishonour are duly taken; (b) is precluded from denying to a holder in due course the genuineness 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.

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304 No 3 of 1885. Funds in hands of drawee. Liability of acceptor. Liability of drawer or indorser.. BILLS OF EXCHANGE. Liabilities of parties. 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; (b) in the case of a bill payable to drawer's order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement; (c) in the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement. 55.--(1) The drawer of a bill, by drawing it,- (a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or any indorser who is compelled to pay it, provided that the requisite proceedings on dishonour are duly taken; (b) is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. (2) The indorser of a bill, by indorsing it,- (a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it is dishonoured he will compensate the holder or a subsequent indorser who is compelled to pay it, provided that the requisite proceed- ings on dishonour are duly taken; (b) is precluded from denying to a holder in due course the genuineness 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.

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304

No 3 of 1885.

Funds in

hands of drawee.