the-ordinances-of-the-legislative-counci-1890v2 — Page 142

7 32 [ 9 or 1885. ] BILLS OF EXCILANGE .


( 2. ) Where he is a holder in due course , he holds the bill
free from any defect of title of prior parties, as well as from
mere personal defences available to prior parties among them
selves, and may enforce payment against all parties liable on
the bill :
( 3.) Where his title is defective ( a) if he negotiates the bill
to a holder in due course, that holder obtains a good and
complete title to the bill, and (b) if he obtains payment of the
bill the person who pays him in due course gets a valid discharge
for the bill.

General duties of the holder.
When pre
sentment for
39. ( 1.) Where a bill is payable aſter sight, presentment for
acceptance is acceptance is necessary in order to fix the maturity of the
necessary . instrument.
( 2. ) Where a bill expressly stipulates that it shall be presented
for acceptance, or where a bill is drawn payable elsewhere than
at the residence or place of business of the drawee it must be
presented for acceptance before it can be presented for payment.
( 3. ) In no other case is presentment for acceptance necessary
in order to render liable any party to the bill.
( 4. ) Where the holder of a bill, drawn payable elsewhere
than at the place of business or residence of the drawee, has
not time, with the exercise of reasonable diligence, to present
the bill for acceptance before presenting it for payment on the
day that it falls due, the delay caused by presenting the bill for
acceptance before presenting it for payment is excused, and
does not discharge the drawer and indorsers.
Time for pre
senting bill 40. ( 1. ) Subject to the provisions of this ordinance, when a
payable after bill payable after sight is negotiated, the holder must either
sight. present it for acceptance or negotiate it within a reasonable
time.
( 2. ) If he do not do so, the drawer and all indorsers prior
to that holder are discharged.
( 3. ) In determining what is a reasonable time within the
meaning of this section, regard shall be had to the nature of the
bill , the usage of trade with respect to similar bills, and the
facts of the particular case.
Rules as to
presentment
41. ( 1. ) A bill is duly presented for acceptance which is
for accept
ance , and
presented in accordance with the following rules :
excuses for ( a .) The presentment must be made by or on behalf of
non - present.
ment.
theholder to the drawee or to some person authorised
to accept or refuse acceptance on his behalf at a
reasonable hour on a business day and before the
bill is overdue: