Bills of Exchange.
[CAP. 19
or on a "copy" of a bill issued or negotiated in a country where "copies" are recognized, is deemed to be written on the bill itself; (b) it must be an indorsement of the entire bill. A partial indorsement, that is to say, an indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the bill to two or more indorsees severally, does not operate as a negotiation of the bill; (c) where a bill is payable to the order of two or more payees or indorsees who are not partners, all must indorse, unless the one indorsing has authority to indorse for the others;
(d) where, in a bill payable to order, the payee or indorsee is wrongly designated or his name is mis-spelt, he may indorse the bill as therein described, adding, if he thinks fit, his proper signature; (e) where there are two or more indorsements on a bill, each indorsement is deemed to have been made in the order in which it appears on the bill, until the contrary is proved;
(f) an indorsement may be made in blank or special. It may also contain terms making it restrictive.
indorsement.
33. Where a bill purports to be indorsed conditionally, Conditional the condition may be disregarded by the payer, and payment to the indorsee is valid whether the condition has been fulfilled or not.
34. (1) An indorsement in blank specifies no indorsee, Indorsement and a bill so indorsed becomes payable to bearer.
(2) A special indorsement specifies the person to whom, or to whose order, the bill is to be payable.
(3) The provisions of this Ordinance relating to a payee apply, with the necessary modifications, to an indorsee under a special indorsement.
(4) When a bill has been indorsed in blank, any holder may convert the blank indorsement into a special indorsement by writing above the indorser's signature a direction to pay the bill to or to the order of himself or some other person.
Page 367
in blank and special indorsement.
Bills of Exchange.
[CAP. 19
or on a "copy" of a bill issued or negotiated in a country where "copies" are recognized, is deemed to be written on the bill itself; (b) it must be an indorsement of the entire bill. A partial indorsement, that is to say, an indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the bill to two or more indorsees severally, does not operate as a negotiation of the bill; (c) where a bill is payable to the order of two or more payees or indorsees who are not partners, all must indorse, unless the one indorsing has authority to indorse for the others;
(d) where, in a bill payable to order, the payee or indorsee is wrongly designated or his name is mis- spelt, he may indorse the bill as therein described, adding, if he thinks fit, his proper signature; (e) where there are two or more indorsements on a bill, each indorsement is deemed to have been made in the order in which it appears on the bill, until the contrary is proved;
(f) an indorsement may be made in blank or special. It may also contain terms making it restrictive.
indorsement.
33. Where a bill purports to be indorsed conditionally, Conditional the condition may be disregarded by the payer, and payment to the indorsee is valid whether the condition has been fulfilled or not.
34. (1) An indorsement in blank specifies no indorsee, Indorsement and a bill so indorsed becomes payable to bearer.
(2) A special indorsement specifies the person to whom,
or to whose order, the bill is to be payable.
(3) The provisions of this Ordinance relating to a payee apply; with the necessary modifications, to an indorsee under a special indorsement.
(4) When a bill has been indorsed in blank, any holder may convert the blank indorsement into a special indorse- ment by writing above the indorser's signature a direction to pay the bill to or to the order of himself or some other
person.
- 367
in blank and special indorsement.
No comments yet.
Private notes are available after approval.