BILLS OF EXCHANGE.
No. 3 of 1885.
305
56. Where a person signs a bill otherwise than as drawer or acceptor, he thereby incurs the liabilities of an indorser to a holder in due course.
liable as indorser.
57. Where a bill is dishonoured, the measure of damages, which shall be deemed to be liquidated damages, shall be as follows:
against parties to dishonoured bill,
(1) the holder may recover from any party liable on the bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor, or from the drawer, or from a prior indorser-
(a) the amount of the bill;
(b) interest thereon from the time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill in any other case;
(c) the expenses of noting, or, when protest is necessary and the protest has been extended, the expenses of protest;
(2) in the case of a bill which has been dishonoured abroad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorser who has been compelled to pay the bill may recover from any party liable to him, the amount of the re-exchange, with interest thereon until the time of payment;
(3) where by this Ordinance interest may be recovered as damages, such interest may, if justice requires it, be withheld wholly or in part, and where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper.
58.-(1) Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it, he is called a "transferor by delivery."
(2) A transferor by delivery is not liable on the instrument.
(3) A transferor by delivery who negotiates a bill thereby warrants to his immediate transferee, being a holder for value, that the bill is what it purports to be, that he has a right to transfer it, and that, at the time of transfer, he is not aware of any fact which renders it valueless.
- kandaangajuka, kergeber umbi kak
Page 25
Page 26
BILLS OF EXCHANGE.
No. 3 of 1885.
305
56. Where a person signs a bill otherwise than as drawer Stranger or acceptor, he thereby incurs the liabilities of an indorser signing bill to a holder in due course.
liable as indorser.
57. Where a bill is dishonoured, the measure of damages, Measure of which shall be deemed to be liquidated damages, shall be damages as follows:
-
against parties to dishonoured
(1) the holder may recover from any party liable on the bill. bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor, or from the drawer, or from a prior indorser-
(a) the amount of the bill;.
(b) interest thereon from the time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill in any other case;
(c) the expenses of noting, or, when protest is necessary and the protest has been extended, the expenses of protest;
(2) in the case of a bill which has been dishonoured abroad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorser who has been compelled to pay the bill may recover from any party liable to him, the amount of the re-exchange, with interest thereon until the time of payment;
(3) where by this Ordinance interest may be recovered as damages, such interest. may, if justice requires it, be with- held wholly or in part, and where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper.
58.-(1) Where the holder of a bill payable to bearer Transferor by negotiates it, by delivery without indorsing it, he is called a delivery and "transferor by delivery.
(2) A transferor by delivery is not liable on the instrument. (3) A transferor by delivery who negotiates a bill thereby warrants to his immediate transferee, being a holder for value, that the bill is what it purports to be, that he has a right to transfer it, and that, at the time of transfer, he is not aware
fact which renders it valueless.
of any
transferee.
- kandaangajuka, kergeber umbi kak
Page 25Page 26
No comments yet.
Private notes are available after approval.