the-ordinances-of-the-legislative-counci-1890v4 — Page 58

ORDINANCE No. 9 OF 1885 . 1875


Bills of Exchange.


(b. ) Is precluded from denying to a holder in due course the
genuineness and regularity in all respects of the drawer's

signature and all previous indorsements ;

(c. ) Is precluded from denying to his immediate or a subsequent
indorsee that the bill was at the time of his indorsement

a valid and subsisting bill, and that he had then a good
title thereto .


56. Where a person signs a bill otherwise than as drawer or acceptor , Stranger
signing bill
he thereby incurs the liabilities of an indorser to a holder in due course . liable as
indorser.

57. Where a bill is dishonoured, the measure of damages, which Measure of
damages
shall be deemed to be liquidated damages , shall be as follows : against
parties to
dishonoured
( 1. ) The holder may recover from any party liable on the bill, bill.
and the drawer who has been compelled to pay the bill
may recover from the acceptor, and an indorser who has

been compelled to pay the bill may recover from the
acceptor or from the drawer, or from a prior indorser—

(a . ) The amount of the bill :

(b. ) 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 neces
sary, 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 compelled 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.