the-ordinances-of-the-legislative-counci-1890v2 — Page 152

742 [ 9 of 1885. ] BILLS OF EXCHANGE .


( a . ) The amount of the bill .
(6. ) Interest thereon from the time of presentment
for payment if the bill is payable on demand ,
and from the maturity of the bill in any
other case :
( c.) The expenses of noting , or , when protest is
necessary, and the protest has been extended,
the expenses of protest.
( 2. ) In the case of a bill which has been dishonoured
abroad, in lieu of the above damages, the holder
may recover from the drawer or an indorser, and
the drawer or an indorser who has been compel
to pay the bill may recover from any party liable
to him , the amount of the re -exchange with interest
thereon until the time of payment.
( 3. ) Where by this ordinance interest may be recovered
as damages, such interest may, if justice require it,
be withheld wholly or in part, and where a bill is
expressed to be payable with interest at a given
rate, interest as damages may or may not be given
at the same rate as interest proper.
Transferor by
delivery and 58. ( 1. ) Where the holder of a bill payable to bearer
transferee. negotiates it by delivery without indorsing it, he is called a
“ transferor by delivery.”
( 2.) A transferor by delivery is not liable on the instrument.
( 3. ) A transferor by delivery who negotiates a bill thereby
warrants to his immediate transferee, being a bolder for value,
that the bill is what it purports to be, that he has a right to
transfer it , and that at the time of transfer he is not aware of any
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fact which renders it valueless.

Discharge of bill.
Payment in
due course . 59. (1.) A bill is discharged by payment in due course by
or on behalf of the drawee or acceptor.
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Payment in ciue course means payment made at or after
thematurity of the bill to the holder thereof in good faith and
without notice that his title to the bill is defective.
( 2. ) Subject to the provisions hereinafter contained , when a
bill is paid by the drawer or an indorser it is not discharged ; but
(a. ) Where a bill payable to, or to the order of, a third
party is paid by the drawer, the drawer may enforce
payment thereof against the acceptor, but may not
re - issue the bill.