the-ordinances-of-the-legislative-counci-1890v4 — Page 68

ORDINANCE No. 9 OF 1885 . 1885


Bills of Exchange.


(2. ) An instrument in the form of a note payable to maker's order
is not a note within the meaning of this section unless and until it is in

dorsed by the maker.

(3. ) A note is not invalid by reason only that it contains also a

pledge of collateral security with authority to sell or dispose thereof.

(4.) A note which is , or on the face of it purports to be, both made
and payable within this Colony is an inland note. Any other note is a
foreign note.

84. A promissory note is inchoate and incomplete until delivery Delivery
necessary.
thereof to the payee or bearer.

85. ( 1. ) A promissory note may be made by two or more makers , Joint and
several notes.
and they may be liable thereon jointly, or jointly and severally according
to its tenour.


(2. ) Where a note runs " I promise to pay " and is signed by two
or more persons it is deemed to be their joint and several note.

86. ( 1. ) Where a note payable on demand has been indorsed , it Note payable
on demand .
must be presented for payment within a reasonable time of the indorsement .

If it be not so presented the indorser is discharged .

(2. ) In determining what is a reasonable time, regard shall be had
to the nature of the instrument, the usage of trade, and the facts of the
particular case.

(3. ) Where a note payable on demand is negotiated , it is not deemed
to be overdue, for the purpose of affecting the holder with defects of title
of which he had no notice, by reason that it appears that a reasonable
time for presenting it for payment has elapsed since its issue.


87. ( 1. ) Where a promissory note is in the body of it made payable Presentment
of note for
at a particular place, it must be presented for payment at that place in payment.
order to render the maker liable. In any other case, presentment for
payment is not necessary in order to render the maker liable.


(2. ) Presentment for payment is necessary in order to render the
indorser of a note liable.


(3. ) Where a note is in the body of it made payable at a particular
place, presentment at that place is nccessary in order to render an indorser