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to cheques are inserted, and it is provided that subject to those provisions, the provisions applicable to a bill on demand shall apply to cheques. A similar course is then pursued with reference to promissory notes.
The main provisions in which the Act either consciously alters the law, or affirms rules not always recognized in practice, are, it is believed, the following, namely :-Sect. 4 (2). Sect. 7 (2). Sect. 8 (1) and (3). Sect. 12. Sect 14 (1). Sect. 15. Sect. 18 (3). Sect. 33. Sect. 36 (3). Sect. 39 (4). Sect. 41 (2). Sect. 44 (2). Sect. 49 (6). Sect. 51 (2). Sect. 61. Sect. 62. Sect. 54. Sect. 73. Sect. 74. Sects. 91-95. Sect. 100.
It is to be noted that the Act expressly saves and preserves the Bankruptcy and Stamp Laws and the laws relating to Joint Stock Companies and the privileges of the Bank of England and the Bank of Ireland. Questions relating to bills and notes which are not specifically dealt with by the Act are still to be governed by the common law, which includes the law merchant, that is to say the usages of trade as recognized and enforced by the courts.
The main material provisions of the Stamp Act, 1870, have been added in the Appendix.
M. D. CHALMERS.
11, New COURT, LINCOLN'S INN.
22nd August, 1882.
Bills of Exchange Act, 1882.
45 and 46 Victoria, chap. 61.
ARRANGEMENT OF SECTIONS.
1. Short title.
Form and Interpretation.
3. Bill of exchange defined. 4. Inland and foreign bills. 5. Effect where different parties to bills are the same
person. 6. Address to drawee. 7. Certainty required as to payee. 8. What bills are negotiable. 9. Sum payable. 10. Bill payable on demand.
Capacity and Authority of Parties. 22. Capacity of parties. 23. Signature essential to liability. 24. Forged or unauthorised signature. 25. Procuration signatures. 26. Person signing as agent or in representative capacity.
The Consideration for a Bill. 27. Value, and holder for value. 28. Accommodation bill or party. 29. Holder in due course. 30. Presumption of value and good faith.
Negotiation of Bills. 31. Negotiation of bill. 32. Requisites of a valid indorsement. 33. Conditional indorsement. 34. Indorsement in blank and special indorsement. 35. Restrictive indorsement. 36. Negotiation of over-due or dishonoured bill. 37. Negotiation of bill to party already liable thereon. 38. Rights of the holder acquired by negotiation.
General duties of the Holder.
39. When presentment for acceptance is necessary. 40. Time for presenting bill payable after sight. 41. Rules as to presentment for acceptance, and excuses
for non-presentment. 42. Non-acceptance. 43. Dishonour by non-acceptance and its consequences. 44. Duties as to qualified acceptances. 45. Rules as to presentment for payment. 46. Excuses for delay or non-presentment. 47. Dishonour by non-payment. 48. Notice of dishonour and effect of non-notice. 49. Rules as to notice of dishonour. 50. Excuses for non-notice and delay. 51. Noting or protest of bill. 52. Duties of holder as regards drawee or acceptor.
Liabilities of Parties. 53. Fund in hands of drawee. 54. Liability of acceptor. 55. Liability of drawer or indorser. 56. Stranger signing bill liable as indorser. 57. Measure of damages against parties to dishonoured bill. 58. Transferor by delivery and transferee.
Discharge of Bill. 59. Payment in due course. 60. Banker paying demand draft where an indorsement is
forged. 61. Acceptor the holder at maturity. 62. Express waiver. 63. Cancellation. 64. Alteration of bill.
Acceptance and Payment for Honour. Section. 65. Acceptance for honour suprà protest. 66. Liability of acceptor for honour. 67. Presentment to acceptor for honour or case of need. 68. Payment for honour suprà protest.
Lost Instruments. 69. Holder's right to duplicate of lost bill. 70. Action on lost bill.
Bill in a Set.
71. Rules as to sets.
Conflict of Laws. 72. Rules where laws conflict.
CHEQUES ON A BANKER.
73. Cheque defined.
Crossed Cheques. 76. General and special crossings defined. 77. Crossing by drawer or after issue. 78. Crossing a material part of cheque. 79. Duties of banker as to crossed cheques. 80. Protection to banker and drawer where cheque is
crossed. 81. Effect of crossing on holder. 82. Protection to collecting banker.