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5. In the construction of this Act
Interpretation The word “rents” includes rent service, rent charge, and rent of terms.
seck, and also tithes and all periodical payments or
renderings in lieu of or in the nature of rent or tithe.
called) all payments made by the name of dividend,
made or declared at any fixed times or otherwise. 6. Nothing in this Act contained shall render apportionable Exemptions. any annual sums made payable in policies of assurance of any description.
7. The provisions of this Act shall not extend to any case in which it is or shall be expressly stipulated that no apportionment shall take place.
ASSIGNMENT OF PAY.
28 & 29 VIOT. 0. 73.
5. Any assignment, sale or contract of or relating to any pay, wages, bounty money, grants, or other allowances in the nature thereof, payable in respect of services in the navy or marine force to a person being or having been a subordinate officer, seaman, or marine, shall be void.
34 Vict. 0. 17.
2. If the day on which notice of dishonour should be given, or
bill or note presented for acceptance, be a bank holiday, such acts may be done on the following day.
3. No person shall be compellable to make any payment or do any act upon bank holidays which he would not be compellable to make or do on Christmas Day or Good Friday.
4. This Act shall apply to special bank holidays by Royal proclamation.
The Holidays Extension Act, 1875.
38 VICT. C. 13. 2. Whenever the 26th December shall fall on a Sunday, the Monday immediately following shall be a holiday under this Act, and also under the 34 Vict. c. 17: (sup.)
Provision for protection of banker.
BILLS OF EXCHANGE, PROMISSORY NOTES,
others in lieu thereof, Sc.
16 & 17 VICT. 0. 59. 19. Any draft or order drawn upon a banker for a sum of money payable to order on demand, which shall when presented for payment purport to be indorsed by the person to whom the same shall be drawn payable, shall be a sufficient authority to such banker to pay the amount of such draft or order to the bearer thereof; and it shall not be incumbent on such banker to prove that such indorsement, or any subsequent indorsement, was made by or under the direction or authority of the person to whom the said draft or order was or is made payable either by the drawer or any indorser thereof.
Interpretation of terms.
Bills of Exchange Act, 1882.
45 & 46 VICT, C. 61.
Part I.—Preliminary. 2. In this Act, unless the context otherwise requires : “Acceptance" means an acceptance completed by delivery or
notification. “ 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. 6 Bearer means the
person in possession of a bill or note which is payable to bearer. “Bill” means bill of exchange, and “note” means promissory note. “Delivery” means transfer of possession, actual or constructive,
from one person to another. “Holder” means the payee or indorsee of a bill or note who is
in possession of it, or the bearer thereof. “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 a holder. “Person "includes a body of persons whether incorporated or not. “ Value” means valuable consideration. “Written" includes printed, and "writing" includes print.
PART II.-Bills of Exchange.
Form and Interpretation. 3. (1.) A bill of exchange is an unconditional order in writing, Bill of exchange addressed by one person to another, signed by the person giving
defined 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.
(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.
(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 indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount, or (b) a statement of the transaction which gives rise to the bill is unconditional.
(4.) A bill is not invalid by reason-
value has been given therefor;
the place where it is payable. 4.4(1.) An inland bill is a bill which is or on the face of it Inland and purports to be (a) both drawn and payable within the British foreign bills. Islands, or (b) drawn within the British Islands upon some person resident therein. Any other bill is a foreign bill. For the purposes of this Act “ British Islands
mean any part of the United Kingdom of Great Britain and Ireland, the
to bill are the
islands of Man, Guernsey, Jersey, Alderney, and Sark, and the islands adjacent to any of them being part of the dominions of Her Majesty.
(2.) Unless the contrary appear on the face of the bill, the
holder may treat it as an inland bill. Effect where
5.-(1.) A bill may be drawn payable to, or to the order of, different parties the drawer ; or it may be drawn payable to, or to the order of,
the drawee. same person.
(2.) Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as
a bill of exchange or promissory note. Address to 6.-(1.) The drawee must be named or otherwise indicated in drawee. a bill with reasonable certainty.
(2.) A bill may be addressed to two or more drawees whether they are partners or not, but an order addressed to two drawees in the alternative or to two or more drawees in
succession is not a bill of exchange. Certainty re- 7.-(1.) Where a bill is not payable to bearer, the payee quired as to payee.
must be named or otherwise indicated therein with reasonable certainty.
(2.) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being.
(3). Where the payee is a fictitious or non-existing person
the bill may be treated as payable to bearer. What bills are 8.4(1.) When a bill contains words prohibiting transfer, or negotiable.
indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not negotiable.
(2.) A negotiable bill may be payable either to order or to bearer.
(3.) A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.
(4.) A bill is payable to order which is expressed to be so payable, or which is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
(5.) Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his
order at his option. Sum payable.
9.-(1.) The sum payable by a bill is a sum certain within the meaning of this Act, although it is required to be paid
(a.) With interest.
(6.) By stated instalments.
in payment of any instalment the whole shall become
due. (d.) According to an indicated rate of exchange or according
to a rate of exchange to be ascertained as directed by
the bill. (2.) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable.
(3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof. 10.-(1.) A bill is payable on demand
Bill payable on
demand. (a.) Which is expressed to be payable on demand, or at sight,
or on presentation ; or (6.) In which no time for payment is expressed.
(2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the accceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.
11. A bill is payable at a determinable future time within the Bill payable at a meaning of this Act which is expressed to be payable
(1.) At a fixed period after date or sight.
event which is certain to happen, though the time of
happening may be uncertain. An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
12. Where a bill expressed to be payable at a fixed period after Omission of date date is issued undated, or where the acceptance of a bill payable after date. at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly.
Provided that (1) where the holder in good faith and by mistake inserts a wrong date, and (2) in every case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course the bill shall not be avoided thereby, but shall operate and be payable as if the date so inserted had been the true date.
13.-(1.) Where a bill or an acceptance or any indorsement on Ante-dating and a bill is dated, the date shall, unless the contrary be proved, be post-dating. deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be.
(2.) A bill is not invalid by reason only that it is ante-dated or post-dated, or that it bears date on a Sunday.