1937_BILLS_OF_EXCHANGE_ORDINANCE__1885 — Page 36

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224

No. 3 of 1885.

BILLS OF EXCHANGE.

Note payable on demand.

Presentment for payment.

Liability of maker.

Application of Part II to notes.

86.-(1) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it is not so presented, the indorser is discharged.

(2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case.

(3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.

87.-(1) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable.

In any other case, presentment for payment is not necessary in order to render the maker liable.

(2) Presentment for payment is necessary in order to render the indorser of a note liable.

(3) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice.

88. The maker of a promissory note, by making it-

(1) engages that he will pay it according to its tenor;

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

89.-(1) Subject to the provisions in this Part and except as by this section provided, the provisions of this Ordinance relating to bills of exchange apply, with the necessary modifications, to promissory notes.

(2) In applying those provisions, the maker of a note shall be deemed to correspond with the acceptor of a bill, and the

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224 No. 3 of 1885. BILLS OF EXCHANGE. Note payable on demand. Presentment for payment. Liability of maker. Application of Part II to notes. 86.-(1) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it is not so presented, the indorser is discharged. (2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case. (3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue. 87.-(1) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable. (2) Presentment for payment is necessary in order to render the indorser of a note liable. (3) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. 88. The maker of a promissory note, by making it- (1) engages that he will pay it according to its tenor; (2) is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. 89.-(1) Subject to the provisions in this Part and except as by this section provided, the provisions of this Ordinance relating to bills of exchange apply, with the necessary modifications, to promissory notes. (2) In applying those provisions, the maker of a note shall be deemed to correspond with the acceptor of a bill, and the

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224 No. 3 of 1885. BILLS OF EXCHANGE. Note payable on demand. Presentment for payment. Liability of maker. Application of Part II to notes. 86.-(1) Where a note payable on note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it is not so presented, the indorser is discharged. (2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case. (3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue. 87.-(1) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable. (2) Presentment for payment is necessary in order to render the indorser of a note liable. (3) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. 88. The maker of a promissory note, by making it- (1) engages that he will pay it according to its tenor; (2) is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. 89.-(1) Subject to the provisions in this Part and except as by this section provided, the provisions of this Ordinance relating to bills of exchange apply, with the necessary modifica- tions, to promissory notes. (2) In applying those provisions, the maker of a note shall be deemed to correspond with the acceptor of a bill, and the

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224

No. 3 of 1885.

BILLS OF EXCHANGE.

Note payable on demand.

Presentment for payment.

Liability of

maker.

Application

of Part II to notes.

86.-(1) Where a note payable on

note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it is not so presented, the indorser is discharged.