the-ordinances-of-the-legislative-counci-1890v2 — Page 153

BILLS OF EXCHANGE . [ 9 OF 1885. ] 743

( 6. ) Where a bill is paid by an indorser, or where a bill
payable to drawer's order is paid by the drawer,
the party paying it is remitted to his former rights
as regards the acceptor or antecedent parties, and
he may , if he thinks fit, strike out his own and
subsequent indorsements, and again negotiate the
bill .

( 3. ) Where an accommodation bill is paid in due course by
the party accommodated the bill is discharged .
60. When a bill payable to order on demand is drawn on a Banker pay:
banker, and the banker on whom it is drawn pays the bill in ing demand
good faith and in the ordinary course of business, it is not isindorsement
forged .
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 Acceptor the
at or after its maturity, in his own right, the bill is discharged. maturity.
62. ( 1. ) When the holder of a bill at or after its maturity Express
absolutely and unconditionally renounces his rights against the waiver.
acceptor the bill is discharged.
The renunciation must be in writing, unless tlie bill is deliv
ered 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 Cancellation.
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 dis
charged 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 can
cellation was made unintentionally ,or under a mistake,or with
out authority.