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(2.) Provided that if any bill of exchange for the payment of money SS. 54, 55. on demand, liable only to the duty of one penny, is presented for

Proviso as to payment unstamped, the person to whom it is so presented may affix

fixed duty ; thereto a proper adhesive stamp, and cancel the same, as if he had been the drawer of the bill, and may, upon so doing, pay the sum in the said bill mentioned, and charge the duty in account against the person by whom the bill was drawn, or deduct such duty from the said sum, and such bill is, so far as respects the duty, to be deemed good and valid. (3.) But the foregoing proviso is not to relieve any person from any not to relieve

from penalty. penalty he may have incurred in relation to such bill.

(a) Duly stampedhere means, as regards a foreign bill, simply stamped, and not stamped and cancelled as in sect. 24; Marc v. Rouy, 31 L. T. N. S. 372.

(6) The purchaser of foreign bills, of which the stamps were never cancelled, though both parties were ignorant of the defect, cannot recover from the seller the price paid for them; Pooley v. Brown, 11 C. B. N. S. 566; 31 L. J. C. P. 134.

55. When a bill of exchange is drawn in a set according to the One bill only custom of merchants, and one of the set is duly stamped, the other or out of a set others of the set shall, unless issued or in some manner negotiated stamped. apart from such duly stamped bill, be exempt from duty; and upon proof of the loss or destruction of a duly stamped bill forming one of a set, any other bill of the set which has not been issued or in any manner negotiated apart from such lost or destroyed bill may, although unstamped, be admitted in evidence to prove the contents of such lost or destroyed bill.

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SCHEDULE.
Bank Note-

For money not exceeding £1 .
Exceeding £1 and not exceeding £2 .

£2
£5

£10. £10

£20. £20

£30 £30

£50. £50

£100. Bill of Exchange

Payable on demand
Bill of Exchange of any other kind whatsoever (except

a Bank Note) and Promissory Note of any kind
whatsoever (except a Bank Note), drawn, or ex-
pressed to be payable, or actually paid, or indorsed,

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Exemptions. (1.) Bill or note issued by the Governor and Company of the Bank of England or Bank of Ireland.

(2.) Draft or order drawn by any banker in the United Kingdom upon any other banker in the United Kingdom, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such bankers.

(3.) Letter written by a banker in the United Kingdom to any other banker in the United Kingdom, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made, or to any person on his behalf.

(4.) Letter of credit granted in the United Kingdom authorising drafts to be drawn out of the United Kingdom payable in the United Kingdom.

(5.) Draft or order drawn by the Accountant General of the Court of Chancery in England or Ireland.

(6.) Warrant or order for the payment of any annuity granted by the Commissioners for the Reduction of the National Debt, or for the payment of any dividend or interest on any share in the Government or Parliamentary stocks or funds.

(7.) Bill drawn by the Lords Commissioners of the Admiralty, or by any person under their authority, under the authority of any Act of Parliament upon and payable by the Accountant General of the Navy (a).

(8.) Bill drawn (according to a form prescribed by Her Majesty's orders by any person duly authorised to draw the same) upon and payable out of any public account for any pay or allowance of the army or other expenditure connected therewith.

(9.) Coupon or warrant for interest attached to and issued with any security.

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(a) The wordsunder the authority of any Act of Parliament" were repealed by sect. 7 of 35 & 36 Vict. c. 20, which has itself been repealed by the Statute Law Revision Act, 1883, but such last-mentioned repeal does not revive the above words.

In addition to the above exemptions, the Revenue, &c., Act, 1882, (45 & 46 Vict. c. 72), enacts as follows:

Sect. 9.- No stamp duty shall be chargeable upon the following instruments (that is to say):

Draft or order drawn upon any banker in the United Kingdom by

an officer of a public department of the State for the payment

of money out of a public account. Receipt given by an officer of a public department of the State

for money paid by way of imprest or advance, or in adjustment of an account, where he derives no personal benefit therefrom.

STATUTE OF LIMITATIONS.

The following are a few of the principal points as to the Statute of Limitations (21 Jac. 1, c. 16) with respect to bills and notes.

The limitation is six years, and the statute begins to run on a bill or note from the time that a right of action first accrued to the party.

Therefore on a bill or note payable on demand or at sight, the statute runs from the date of the instrument; Christie v. Fonsick, Sel. N. P., 13th edit., 301 ; De Lavalette v. Wendt, 75 N. Y. Rep. 579; if payable after sight, from presentment; Holmes v. Kerrison, 2 Taunt. 323; if payable a certain time after sight, or demand, or notice, or date, then from the expiration of that time after sight (Sturdy v. Henderson, 4 B. & Ald. 592), or after demand (Thorpe v. Booth, Ry. & M. 388), or after notice (Clayton v. Gosling, 5 B. & C. 360; 8 D. & R. 110), or after date (Wittersheim v. Lady Carlisle, 1 H. Bl. 631).

A note was given in 1857 promising to pay £150 three months after demand, no interest being reserved. Receipts for interest were indorsed by the payee on the note in 1857 and 1858. It was held that payment of interest implied a demand, and that the statute ran from such payment, In re Rutherford, 14 Ch. D. 687; 49 L. J. Ch. 654; 43 L. T. N. S. 105; 28 W. R. 802.

The statute runs as against each indorser from the date of notice of dishonour.

Where a loan is made by cheque, the statute begins to run from the time of the payment of the cheque by the drawer's bankers, and not from the date of the cheque, Garden v. Bruce, L. R. 3 C. P. 300.

When a bill of exchange or a promissory note has been once so delivered on account of part of a debt as to raise an implication of a promise to pay the balance, the statute is answered as from the time of such delivery, whatever afterwards becomes of the bill or note, Turney v. Dodwell, 3 E. & B. 136; 23 L. J. Q. B. 137.

In Morris v. Richards, 45 L. T. N. S. 210, the last day of grace in a note fell on Sunday, June 14th, 1874; the holder commenced an action against the maker on June 14th, 1880; held, that the claim was barred, as the note became due on June 13th, 1874.

An absolute acknowledgment in writing of the debt (9 Geo. 4, c. 14, s. 1), or part payment of principal, or payment of interest, within six years of the commencement of the action, takes the case out of the statute.

L., in 1846, promised to pay, three months after date, to B., or C., his wife, £500. B. died in 1863, leaving C. surviving. There was an indorsement on the note in L.'s handwriting of his name and the year 1866. C. died in 1868. Held, that this indorsement was a sufficient acknowledgment to exclude the statute, Bourdin v. Greenwood, L. R. 13 Eq. 281; 41 L. J. Ch. 73; 25 L. T. N. S. 782; 20 W. R. 166.

Where the drawer of a cheque has no funds to meet it, the cheque is due immediately without presentment, and the statute of limitations begins to run from its date; Brush v. Barrett, 82 N. Y. Rep. 400.

Money deposited at a banker's is money lent, and the statute runs in the same way as in the case of a loan; Pott v. Clegg, 16 M. & W. 321.

NOTE.-The sections quoted in the margin of this Act refer to the

corresponding sections of the English Act and to some of the notes thereto.

NEGOTIABLE INSTRUMENT ACT (INDIA) 1881.

Act No. XXVI. OF 1881.

PASSED BY THE GOVERNOR GENERAL OF INDIA IN COUNCIL. (Received the assent of the Governor General on the 9th December,

1881.)

An Act to define and amend the law relating to Pro

missory Notes, Bills of Exchange and Cheques. Whereas it is expedient to define and amend the law Preamble. relating to promissory notes, bills of exchange and cheques; it is hereby enacted as follows:

CHAPTER I.

PRELIMINARY.

SS. 1, 2, 3. 1. This Act may be called “The Negotiable Instruments Act, Short title. 1881."

It extends the whole of British India; but nothing herein con- Local extent. tained affects the Indian Paper Currency Act, 1871, section 21, or Saving of affects any local usage relating to any instrument in an oriental usages relating language: Provided that such usages may be excluded by any words to hundís, &c. in the body of the instrument, which indicate an intention that the legal relations of the parties thereto shall be governed by this Act; and it Commenceshall come into force on the first day of March, 1882.

2. On and from that day the enactments specified in the shedule Repeal of hereto annexed shall be repealed to the extent mentioned in the third enactments. column thereof.

ment.

3. In this Act

Interpretation“Banker” includes also persons or a corporation or company acting clause. as bankers; and

“ Banker:” Eng. Act, s. 2.

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