CAP. 19]
Banker paying
demand draft whereon indorsement is forged.
Acceptor the holder at maturity.
Express waiver.
Cancellation.
Alteration of bill.
Bills of Exchange.
60. When a bill payable to order on demand is drawn on a banker, and the banker on whom it is drawn pays the bill in good faith and in the ordinary course of business, it is not incumbent on the banker to show that the indorsement of the payee or any subsequent indorsement was made by or under the authority of the person whose indorsement it purports to be, and the banker is deemed to have paid the bill in due course, although such indorsement has been forged or made without authority.
61. When the acceptor of a bill is or becomes the holder of it at or after its maturity, in his own right, the bill is discharged.
62. (1) When the holder of a bill at or after its maturity absolutely and unconditionally renounces rights against the acceptor, the bill is discharged. The renunciation must be in writing, unless the bill is delivered up to the acceptor.
(2) The liabilities of any party to a bill may in like manner be renounced by the holder before, at, or after its maturity; but nothing in this section shall affect the rights of a holder in due course without notice of the renunciation.
63. (1) Where a bill is intentionally cancelled by the holder or his agent, and the cancellation is apparent thereon, the bill is discharged.
(2) In like manner, any party liable on a bill may be discharged by the intentional cancellation of his signature by the holder or his agent. In such case, any indorser who would have had a right of recourse against the party whose signature is cancelled is also discharged.
(3) A cancellation made unintentionally, or under a mistake, or without the authority of the holder is inoperative; but where a bill or any signature thereon appears to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake, or without authority.
64. (1) Where a bill or acceptance is materially altered without the assent of all parties liable on the bill, the bill
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CAP. 19]
Banker paying
demand draft whereon indorsement is forged.
Acceptor the holder at maturity.
Express waiver.
Cancellation.
Alteration of hill.
Bills of Exchange.
60. When a bill payable to order on demand is drawn on a banker, and the banker on whom it is drawn pays the bill in good faith and in the ordinary course of business, it is not incumbent on the banker to show that the indorse- ment of the payee or any subsequent indorsement was made by or under the authority of the person whose indorsement it purports to be, and the banker is deemed to have paid the bill in due course, although such indorsement has been forged or made without authority.
61. When the acceptor of a bill is or becomes the holder of it at or after its maturity, in his own right, the bill is discharged.
the holder of a bill at or after its 62. (1) When
his maturity absolutely and unconditionally renounces rights against the acceptor, the bill is discharged. The renunciation must be in writing, unless the bill is delivered up to the acceptor.
(2) The liabilities of any party to a bill may in like manner be renounced by the holder before, at, or after its maturity; but nothing in this section shall affect the rights of a holder in due course without notice of the renunciation.
63. (1) Where a bill is intentionally cancelled by the holder or his agent, and the cancellation is apparent thereon, the bill is discharged.
(2) In like manner, any party liable on a bill may be discharged by the intentional cancellation of his signature by the holder or his agent. In such case, any indorser who would have had a right of recourse against the party whose signature is cancelled is also discharged,
(3) A cancellation made unintentionally, or under a mistake, or without the authority of the holder is inopera- tive; but where a bill or any signature thereon appears to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake, or without authority.
64. (1) Where a bill or acceptance is materially altered without the assent of all parties liable on the bill, the bill
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