Bills of Exchange.
document, and shall so extend in like manner as if the said document were a cheque: Provided that nothing in this section shall be deemed to render any such document a negotiable instrument. For the purposes of this section the Accountant General shall be deemed to be a banker, and the public officers drawing on him shall be deemed customers.
[82B]
PART IV.
PROMISSORY NOTES.
[CAP. 19]
promissory
85. (1) A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to, or to the order of, a specified person or to bearer.
(2) An instrument in the form of a note payable to maker's order is not a note within the meaning of this section, unless and until it is indorsed by the maker.
(3) A note is not invalid by reason only that it contains also a pledge of collateral security, with authority to sell or dispose thereof.
(4) A note which is, or on the face of it purports to be, both made and payable within this Colony is an inland note. Any other note is a foreign note.
[83]
86. A promissory note is inchoate and incomplete until delivery thereof to the payee or bearer.
[84]
necessary.
87. (1) A promissory note may be made by two or more makers, and they may be liable thereon jointly, or jointly and severally, according to its tenor.
(2) Where a note runs "I promise to pay" and is signed by two or more persons, it is deemed to be their joint and several note.
[85]
88. (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.
payable on
Page 391
Bills of Exchange.
document, and shall so extend in like manner as if the said document were a cheque: Provided that nothing in this section shall be deemed to render any such document a negotiable instrument. For the purposes of this section the Accountant General shall be deemed to be a banker, and the public officers drawing on him shall be deemed customers.
[82B
PART IV.
PROMISSORY NOTES.
[САР. 19
promissory
85. (1) A promissory note is an unconditional promise Definition of in writing made by one person to another signed by the note." maker, engaging to pay, on demand or at a fixed or deter- minable future time, a sum certain in money to, or to the order of, a specified person or to bearer.
(2) An instrument in the form of a note payable to maker's order is not a note within the meaning of this section, unless and until it is indorsed by the maker.
(3) A note is not invalid by reason only that it contains also a pledge of collateral security, with authority to sell or dispose thereof.
(4) A note which is, or on the face of it purports to be, both made and payable within this Colony is an inland note. Any other note is a foreign note.
[83
86. A promissory note is inchoate and incomplete until Delivery delivery thereof to the payee or bearer.
[84
necessary.
87. (1) A promissory note may be made by two or more Joint and makers, and they may be liable thereon jointly, or jointly several notes. and severally, according to its tenor.
(2) Where a note runs "I promise to pay" and is signed by two or more persons, it is deemed to be their joint and several note.
[85
88. (1) Where a note payable on demand has been Note indorsed, it must be presented for payment within a reason- demand. able time of the indorsement. If it is not so presented, the indorser is discharged.
payable on
391
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