the-ordinances-of-the-legislative-counci-1890v2 — Page 146

736 [9 of 1885. ] BILLS OF EXCHANGE .


( d .) As regards an indorser, where the bill was
accepted or made for the accommodation of
that indorser, and he has no reason to expect
that the bill would be paid if presented .
( e.) By waiver of presentment, express or implied.
Dishonour by 47. ( 1. ) A bill is dishonoured by non - payment (a ) when it
non -payment. is duly presented for payment and payment is refused or cannot
be obtained, or ( V ) when presentment is excused and the bill
is overdue and unpaid .
( 2. ) Subject to the provisions of this ordinance, when a bill
is dishonoured by non -payment, an immediate right of recourse
against the drawer and indorsers accrues to the holder.
Notice of 48. Subject to the provisions of this ordinance, when a bill
dishonour
andeffect of has been dishonoured by non -acceptance or by non -payment,
non - notice,
notice of dishonour must be given to the drawer and each
indorser, and any drawer or indorser to whom such notice is
not given is discharged ; provided that -
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( 1. ) Where a bill is dishonoured by non -acceptance, and
notice of dishonour is not given, the rights of a
holder in due course subsequent to the omission
shall not be prejudiced by the omission.
( 2. ) Where a bill is dishonoured by non -acceptance and
due notice of dishonour is given, it shall not be
necessary to give notice of a subsequent dishonour
by non -payment unless the bill shall in the mean
time have been accepted.
Rules as to 49. Notice of dishonour in order to be valid and effectual
notice of
dishonour, must be given in accordance with the following rules :
( 1. ) The notice must be given by or on behalf of the
holder, or by or on belialf of an indorser who, at
the time of giving it, is himself liable on the bill .
2.) Notice of dislonou may be given by an agent either
in his own name, or in the name of any party en
titled to give notice, whether that party be his
principal or not.
( 3. ) Where the notice is given by or on behalf of the
holder, it enures for the benefit of all subsequent
bolders and all prior indorsers who have a right of
recourse against the party to whom it is given .
( 4.) Where notice is given by or on behalf of an indorser
entitled to give notice as herein -before provided, it
chures for the benefit of the holder and all indorsers
subsequent to the party to whom notice is given.