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PART IV.

PROMISSORY NOTES.

Section.

83. Promissory note defined.
84. Delivery necessary.
85. Joint and several notes.
86. Note payable on demand.
87. Presentment of note for payment.
88. Liability of maker.
89. Application of Part II. to notes.

PART V.

SUPPLEMENTARY. 90. Good faith. 91. Signature. 92. Computation of time. 93. When noting equivalent to protest. 94. Protest when notary not accessible. 95. Dividend warrants may be crossed. 96. Repeal. 97. Savings. 98. Saving of summary diligence in Scotland. 99. Construction with other Acts, &c. 100. Parole evidence allowed in certain judicial proceedings

in Scotland.

SCHEDULE 1.-Form.

SCHEDULE II.-Repeals.

APPENDIX.

Stamp Act, 1870 (in part).

An Act

To

Codify the Law

Law relating to Bills of
Exchange, Cheques, and Promissory
Notes.

45 & 46 Vict., c. 61.

BE
E it enacted by the Queen's most Excellent

Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

[18th August, 1882.]

PART I.

PRELIMINARY.

1. This Act may be cited as the Bills of Exchange Short Title. Act, 1882.

This Act applies to the whole of the United Kingdom, that is to say, England, Ireland and Scotland, and takes effect from the 18th August, the day when it was passed.

It deals only with bills, notes and cheques, and does not directly affect other negotiable instruments, such as negotiable bonds or scrip, nor does it affect the laws relating to the issue of bank-notes. See

sect. 97.

B

terms.

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Interpretation of

2. In this Act, unless the context otherwise requires,

“Acceptance" means an acceptance completed by delivery or notification.

As to delivery or notification to complete an acceptance, see sect. 21. As to the requisites of a valid acceptance, see sect. 17.

“Action” includes counter claim and set off.

“Banker" includes a body of persons whether incorporated or not who carry on the business of banking

Bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy.

The definition includes a person who has liquidated by arrangement.

“ Bearer” means the person in possession of a bill or note which is payable to bearer.

The possessor of a bill or note payable to order is not technically the “ bearer ” of it.

· Bill” means bill of exchange, and “note” means promissory note. See the substantial definitions given by sects. 3 and 73.

Delivery” means transfer of possession, actual or constructive, from one person to another.

As to delivery, see sect. 21.
“Holder
means the

payee or indorsee of a bill or note who is in possession of it, or the bearer thereof.

See sect. 38 as to rights of the holder, and sect. 29 as to “holder “ in due course," and sect. 31 as to negotiation.

“Indorsement” means an indorsement completed by delivery.

Issue” means the first delivery of a bill or note, complete in form to a person who takes it as holder.

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"Person ” includes a body of persons whether incorporated or not.

“ Value” means valuable consideration. See sect. 27 as to valuable consideration.

"Written" includes printed, and “writing" includes print.

PART II.

defined.

BILLS OF EXCHANGE.

Form and Interpretation. 3. (1.) A bill of exchange is an unconditional Bill of exchange order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.

Sect. 97 saves the Stamp Acts. It is to be noted that many orders for the payment of money require to be stamped as bills of exchange, though they are not bills within the meaning of this Act, see post p. 73.

As to instruments payable on a contingency, see further sect. II. As to a conditional indorsement, see sect. 33. As to a conditional acceptance, sect. 19.

(2.) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.

An instrument running “ Pay C. D. £100, and deliver to him 100 tons of coal,” would not be a bill. Compare sect. 17 (2).

(3.) An order to pay out of a particular fund is not unconditional within the meaning of this section ; but an unqualified order to pay, coupled with (a) an

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