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" Notary public.'
“ Notary public” includes also any person appointed by the GovernorGeneral in Council to perform the functions of a notary public under this Act.
OF NOTES, BILLS AND CHEQUES. “ Promissory 4. A “promissory note” is an instrument in writing (not being a note."
bank note or a currency note) containing an unconditional undertaking, Eng. Act, s. 83 signed by the maker, to pay a certain of money only to, or to the (1).
order of, a certain person, or to the bearer of the instrument.
A signs instruments in the following terms :
(a) “ I promise to pay B or order Rs. 500.”
paid on demand, for value received.”
be due to him." (e) “I promise to pay B Rs. 500, first deducting thereout any
money which he may owe me.” ()“I promise to pay B Rs. 500 seven days after my marriage
with C.” (9) “I promise to pay B Rs. 500 on D's death, provided D leaves
me enough to pay that sum.” (h) “I promise to pay B Rs. 500 and to deliver to him my black
horse on 1st January next.” The instruments respectively marked (a) and (6) are promissory notes. The instruments respectively marked (c), (d), (e), (), (g) and (h) are not promissory notes.
“ Bill of exchange.” $. 3 (1)
$. 11 (2)
5. A “ bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
A promise or order to pay is not "conditional,” within the meaning of this section and section four, by reason of the time for payment of the amount or any instalment thereof being expressed to be on the lapse of a certain period after the occurrence of a specified event which, according to the ordinary expectation of mankind, is certain to happen, although the time of its happening may be uncertain.
The sum payable may be “ certain,” within the meaning of this section and section four, although it includes future interest or is
8. 9 (1).
payable at an indicated rate of exchange, or is according to the course of exchange, and although the instrument provides that, on default of payment of an instalment, the balance unpaid shall become due.
The person to whom it is clear that the direction is given or that Eng. Act, ss, 6, payment is to be made may be a "certain person,” within the meaning 7. of this section and section four, although he is mis-named or designated by description only.
6. A"cheque” is a bill of exchange drawn on a specified banker and Cheque.” not expressed to be payable otherwise than on demand.
8. 73. 7. The maker of a bill of exchange or cheque is called the“ drawer ;
“ Drawee.” the person thereby directed to pay is called the “drawee."
s. 3, notes (v) When in the bill or in any indorsement thereon the name of any & (s). person is given in addition to the drawee to be resorted to in case of need,
“ Drawee in
case of need." such person is called a “ drawee in case of need.” After the drawee of a bill has signed his assent upon the bill, or, if “
“Acceptor." there are more parts thereof than one, upon one of such parts, and ss. 2, 17. delivered the same, or given notice of such signing to the holder or to some person on his behalf, he is called the “acceptor.”
When acceptance is refused and the bill is protested for non-accept- “ Acceptor for ance, and any person accepts it supra protest for honour of the drawer honour.” or of any one of the indorsers, such person is called an
acceptor for s. 65. honour.” The person named in the instrument, to whom or to whose order the “
“Payee." money is by the instrument directed to be paid, is called the " payee.” s. 3, note (n).
8. The “holder” of a promissory note, bill of exchange or cheque “Holder.” means any person entitled in his own name to the possession thereof s. 2. and to receive or recover the amount due thereon from the parties thereto.
Where the note, bill or cheque is lost or destroyed, its holder is the person so entitled at the time of such loss or destruction.
9. “Holder in due course means any person who for consideration “Holder in became the possessor of a promissory note, bill of exchange or cheque if due course.” payable to bearer,
or the payee or the indorsee thereof, if payable to, or to the order of, a payee,
before the amount mentioned in it became payable, and without having sufficient cause to believe that any defect existed in the title of the person from whom he derived his title.
10. “ Payment in due course means payment in accordance with “Payment in
due course.” the apparent tenor of the instrument in good faith and without
s. 59 (1). negligence to any person in possession thereof under circumstances which do not afford a reasonable ground for believing that he is not entitled to receive payment of the amount therein mentioned.
Ioland instrti 11. A promissory note, bill of exchange or cheque drawn or made in ment.
British India, and made payable in, or drawn upon any person resident Eng. Act, ss. 4, in, British India shall be deemed to be an inland instrument. 83 (4). Foreign instru. 12. Any such instrument not so drawn, made or made payable shall ment.
be deemed to be a foreign instrument. 85. 4, 83 (4). " Negotiable 13. A " negotiable instrument” means a promissory note, bill of instrument."
exchange or cheque expressed to be payable to a specified person or his order, or to the order of a specified person, or to the bearer thereof, or
to a specified person or the bearer thereof. Negotiation. 14. When a promissory note, bill of exchange or cheque is trans3. 31 (1) ferred to any person, so as to constitute that person the holder thereof,
the instrument is said to be negotiated. Indorsement. 15. When the maker or holder of a negotiable instrument signs the B. 32. same, otherwise than as such maker, for the purpose of negotiation, on
the back or face thereof or on a slip of paper annexed thereto, or so signs for the same purpose a stamped paper intended to be completed as a negotiable instrument, he is said to indorse the same, and is called
the " indorser." Indorsement 16. If the indorser signs his name only, the indorsement is said to be "in blank"
“ in blank,” and if he adds a direction to pay the amount mentioned in and "in full."
the instrument to, or to the order of, a specified person, the indorsement is " Indorsee."
said to be “in full ;” and the person so specified is called the “indorsee" 15. 32 (6), 34 (1) (2)
of the instrument. Ambiguous 17. Where an instrument may be construed either as a promissory instruments.
note or bill of exchange, the holder may at his election treat it as . 3, note (1), 6: 3(2), s. 83, either, and the instrument shall be thenceforward treated accordingly. note (h). Where amount
18. If the amount undertaken or ordered to be paid is stated differis stated differ- ently in figures and in words, the amount stated in words shall be the ently in figures amount undertaken or ordered to be paid. and words. 6. 9 (2).
19. A promissory note or bill of exchange, in which no time for payInstruments payable on
ment is specified, and a cheque, are payable on demand. demand. s. 10 (1).
20. Where one person signs and delivers to another a paper stamped Inchoate in accordance with the law relating to negotiable instruments then in stamped in
force in British India, and either wholly blank or having written therestruments.
on an incomplete negotiable instrument, he thereby gives primâ facie 6. 20.
authority to the holder thereof to make or complete, as the case may be, upon it a negotiable instrument, for any amount specified therein and not exceeding the amount covered by the stamp. The person so signing shall be liable upon such instrument, in the capacity in which he signed the same, to any holder in due course for such amount: provided that no person other than a holder in due course shall recover
from the person delivering the instrument anything in excess of the amount intended by him to be paid thereunder. 21. In a promissory note or bill of exchange the expressions " at "At sight." on presentment” mean on demand. The expression “after
“On presentsight” and “ sight” means, in a promissory note, after presentment for sight, and “After sight.” in a bill of exchange, after acceptance, or noting for non-acceptance, or Eng. Act, ss. 10 protest for non-acceptance.
(1), 11 (1). 22. The maturity of a promissory note or bill of exchange is the “Maturity." date at which it falls due.
Every promissory note or bill of exchange which is not expressed to Days of grace. be payable on demand, at sight or on presentment, is at maturity on s. 14 (1). the third day after the day on which it is expressed to be payable.
23. In calculating the date at which a promissory note or bill of Calculating exchange, made payable a stated number of months after date or after maturity of
bill or note sight, or after a certain event, is at maturity, the period stated shall be
payable so held to terminate on the day of the month which corresponds with the many months
after date or day on which the instrument is dated, or presented for acceptance or
sight. sight, or noted for non-acceptance, or protested for non-acceptance, or
8. 14(2)(3)(4). the event happens, or, where the instrument is a bill of exchange made payable a stated number of months after sight and has been accepted for honour, with the day on which it was so accepted. If the month in which the period would terminate has no corresponding day, the period shall be held to terminate on the last day of such month,
(a) A negotiable instrument, dated 29th January, 1878, is made payable at one month after date. The instrument is at maturity on the third day after the 28th February, 1878.
(6) A negotiable instrument, dated 30th August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
(c) A promissory note or bill of exchange, dated 31st August, 1878, is made payable three months after date. The instrument is at maturity on the 3rd December, 1878.
24. In calculating the date at which a promissory note or bill of Calculating exchange made payable a certain number of days after date or after maturity of
bill or note sight or after a certain event is at maturity, the day of the date, or of payable so presentment for acceptance or sight, or of protest for non-acceptance, or many days
after date or on which the event happens, shall be excluded.
sight. 25. When the day on which a promissory note or bill of exchange is s. 14 (2). at maturity is a public holiday, the instrument shall be deemed to be maturity is a due on the next preceding business day.
holiday. Explanation. The expression “public holiday” includes Sundays; s. 14 (1a).
New Year's day, Christmas day: If either of such days falls on
PARTIES TO NOTES, BILLS AND CHEQUES. Capacity to 26. Every person capable of contracting, according to the law to make, &c., promissory
which he is subject, may bind himself and be bound by the making, notes, &c. drawing, acceptance, indorsement, delivery and negotiation of a promisEng. Act, s. 22 sory note, bill of exchange or cheque. (1). Minor,
A minor may draw, indorse, deliver and negotiate such instruments s. 22 (2). 80 as to bind all parties except himself. s. 22 (1). Nothing herein contained shall be deemed to empower a corporation
to make, indorse or accept such instruments except in cases in which,
under the law for the time being in force, they are so empowered. Agency
27. Every person capable of binding himself or of being bound, as 8. 91.
mentioned in section twenty-six, may so bind himself or be bound by a
duly authorized agent acting in his name. 8. 24, note (b).
A general authority to transact business and to receive and discharge debts does not confer upon an agent the power of accepting or indorsing
bills of exchange so as to bind his principal. s. 24, note (b).
An authority to draw bills of exchange does not of itself import an
authority to indorse. Liability of 28. An agent who signs his name to a promissory note, bill of exagent signing. change or cheque without indicating thereon that he signs as agent, or s. 26 (1). that he does not intend thereby to incur personal responsibility, is liable
personally on the instrument, except to those who induced him to sign
upon the belief that the principal only would be held liable. Liability of 29. A legal representative of a deceased person who signs his name legal represen. to å promissory note, bill of exchange or cheque is liable personally tative signing. thereon unless he expressly limits his liability to the extent of the s. 26 (1)
assets received by him as such. Liability of 30. The drawer of a bill of exchange or cheque is bound, in case of drawer. dishonour by the drawee or acceptor thereof, to compensate the holder, s. 55 (1). provided due notice of dishonour has been given to, or received by, the
. drawer as hereinafter provided. Liability of 31. The drawee of a cheque having sufficient funds of the drawer in drawee of
his hands properly applicable to the payment of such cheque must cheque. s. 74, note.
pay the cheque when duly required so to do, and in default of such