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58. When a negotiable instrument has been lost, or has Instrument been obtained from any maker, acceptor or holder thereof by unlawful

obtained by means of an offence or fraud, or for an unlawful consideration, means no possessor or indorsee who claims through the person who unlawful found or so obtained the instrument is entitled to receive the considera

tion. amount due thereon from such maker, acceptor or holder, or from any party prior to such holder, unless such possessor or indorsee is, or some person through whom he claims was, a holder thereof in due course 1

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honour

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59. The holder of a negotiable instrument?, who has ac- Instruquired it after dishonour, whether by non-acceptance or non

acquired payment, with notice thereof, or after maturity, has only, after disas against the other parties, the rights thereon of his trans- or when feror:

over-due. Provided that any person who, in good faith 3 and for con- Accomsideration, becomes the holder, after maturity, of a promissory note or note or bill of exchange made, drawn or accepted without con- bill. sideration, for the purpose of enabling some party thereto to raise money thereon, may recover the amount of the note or bill from any prior party 4.

Illustration. The acceptor of a bill of exchange, when he accepted it, deposited with the drawer certain goods as a collateral security for the payment of the bill, with power to the drawer to sell the goods and apply the proceeds in discharge of the bill if it were not paid at maturity. "The bill not having been paid at maturity, the drawer sold the goods and retained the proceeds, but indorsed the bill to A. A's title is subject to the same objection as the drawer's title.

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60. A negotiable instrument may be negotiated (except Instruby the maker, drawee or acceptor after maturity) until pay- tiable til ment or satisfaction thereof by the maker, drawee or acceptor payment at or after maturity, but not after such payment or satis- faction. faction 5.

or satis

i Sec. 9.

3

* This includes cheques. See supra, p. 103.

holder for consideration may recover
thereon, Chalmers, p. 66.

i. e. where an accommodation bill is negotiated after maturity a

5 This section is of course subject to the provisions of sec. 82-90.

CHAPTER V.

OF PRESENTMENT.

a

Present- 61. A bill of exchange payable after sightmust, if no ment for acceptance.

time or place is specified therein for presentment, be presented to the drawee 2 thereof for acceptance, if he can, after reaso Dable search, be found, by a person entitled to demand acceptance, within a reasonable time 3 after it is drawn, and in business hours on a business day. In default of such presentment, no party thereto is liable thereon to the person making such default.

If the drawee cannot, after reasonable search, be found, the bill is dishonoured 5.

If the bill is directed to the drawee at a particular place, it must be presented at that place; and if at the due date for presentment he cannot, after reasonable search, be found there, the bill is dishonoured.

Where authorised by agreement or usage, a presentment through the Post Office by means of a registered letter is sufficient

Present

62. A promissory note, payable at a certain period after ment of promissory sight?, must be presented to the maker thereof for sight (if note for

he can after reasonable search be found) by a person entitled sight.

to demand payment, within a reasonable time 8 after it is made and in business hours on a business day. In default of

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such presentment, no party thereto is liable thereon to the person making such default.

63. The holder must, if so required by the drawee of a bill Drawee's of exchange presented to him for acceptance, allow the drawee time for

deliberatwenty-four hours (exclusive of public holidays) to consider tion. whether he will accept it 1.

64. Promissory notes, bills of exchange and cheques must Presentbe presented for payment 2 to the maker, acceptor or drawee ment for

payment. thereof respectively 3, by or on behalf of the holder as hereinafter provided. In default of such presentment, the other parties thereto are not liable thereon to such holder.

Where authorised by agreement or usage a presentment through the Post Office by means of a registered letter is sufficient 4.

Exception.—Where a promissory note is payable on demand and is not payable at a specified place, no presentment is necessary in order to charge the maker thereof.

65. Presentment for payment must be made during the Hours for usual hours of business 5, and, if at a banker's, within banking presenthours 66. A promissory note or bill of exchange, made payable Present

ment for at a specified period after date or sight thereof?, must be pre-payment at sented for payment at maturity 8.

maturity. 67. A promissory note payable by instalments must be Presentpresented for payment on the third day after the date fixed

payment of for payment of each instalment; and non-payment on such note pay.

able by inpresentment has the same effect as non-payment of a note at stalments. maturity

ment.

ment for

9

* When the twenty-four hours expire the holder should demand the redelivery of the bill, and if the drawee does not return it duly accepted, the holder must treat it as dishonoured and give notice of dishonour (sec. 83), or cause it to be protested.

? As to the time, see secs. 22, 23, 64, 66; as to the place, secs 70, 71, 72. The document itself must be presented, Griffin v. Weatherby, L. R. 3 Q. B. 761.

or his agent, representative of

assignee, sec. 75.

Act II of 1885, sec. 4.
5 i. e. from 10 a.m. to 6 p.m., except
on Saturdays, when the hours are
generally from 10 a.m. to 3 p.m.

6 i. e. from 10 a.m. to 3 p.m., except
on Saturdays, when the hours are from
10 a.m. to I p.m.

or on the lapse of a certain period
after the occurrence of a specified
event, sec. 5, cl. 2
& Sec. 22.

as to the instalment due ?

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Present- 68. A promissory note, bill of exchange or cheque made, ment where drawn or accepted payable at a specified place and not elsepayable at where must, in order to charge any party thereto, be presented specified place and for payment at that place.

69. A promissory note or bill of exchange made, drawn or Instru

accepted payable at a specified place must, in order to charge able at

the maker or drawer1 thereof, be presented for payment at specified

that place. place. Present- 70. A promissory note or bill of exchange, not made parment where

able as mentioned in sections sixty-eight and sixty-nine, must sive place be presented for payment at the place of business (if any), or? specified.

at the usual residence, of the maker, drawee or acceptor thereof,

as the case may be. Present- 71. If the maker, drawee or acceptor of a negotiable inmaker &c. strument has no known place of business or fixed residence,

and no place is specified in the instrument for presentment for known place of

acceptance or payment, such presentment may be made to him business or

in residence.

wherever he can be found.

person Present

72. A cheque3 must, in order to charge the drawer, be precheque to sented at the bank upon which it is drawn before the relation charge between the drawer and his banker has been altered to the drawer.

prejudice of the drawer 4. Present

73. A cheque must, in order to charge any person escept cheque the drawer, be presented within a reasonable time 5 after deto charge livery thereof by such person. Present- 74. Subject to the provisions of section thirty-one, a negoinstrament tiable instrument payable on demand must be presented for payable on payment within a reasonable time 5 after it is received by the demand.

holder 6 Present- 75. Presentment for acceptance or payment may be made agent,

to the duly authorized agent of the drawee, maker or acceptor, representa- as the case may be, or, where the drawee, maker or acceptor signee. or indorser, who is a surety for

3 Sec. 6. • But see sec. 84the maker or drawer, 2 in the case of a non-trader.

ment for

ment of

any other,

ment of

5

a

ment to

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6 But see sec. 64.

5 Sec. 105.

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has died, to his legal representative, or, where he has been declared an insolvent, to his assigneel.

76. No presentment for payment is necessary, and the in- When strument is dishonoured at the due date for presentment, in

presentany of the following cases :

necessary. (a) if the maker, drawee or acceptor intentionally prevents? the presentment of the instrument, or,

if the instrument being payable at his place of business, he closes such place on a business day during the usual business

hours, or,

if the instrument being payable at some other specified place, neither he nor any person authorized to pay it attends at such place during the usual business hours, or,

if the instrument not being payable at any specified place, he cannot after due 3 search be found;

() as against any party sought to be charged therewith, if he has engaged to pay notwithstanding non-presentment;

(c) as against any party if, after maturity, with knowledge that the instrument has not been presented —

he makes a part payment on account of the amount due on

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the instrument,

or promises to pay the amount due thereon in whole or

in part,

or otherwise waives his right to take advantage of any default in presentment for payment;

(1) as against the drawer, if the drawer could not suffer damage from the want of such presentment 4. 77. When a bill of exchange, accepted payable at a speci- Liability

of banker fied bank, has been duly presented there for payment and dis- for neglihonoured, if the banker so negligently or improperly keeps, gently

dealing deals with or delivers back such bill as to cause loss to the with bill holder, he must compensate the holder for such loss 5. presented

ment. ? As to presentment by an agent,

3= 'reasonable,' secs. 61, 62, see secs. 61, 64.

· That due presentment is also ex* But where the acceptor merely cused by ris maior see the Contract tells the holder he will not pay the Act, sec. 56, supra, p. 579. bill, presentment is necessary, Baker 5 Warwick v. Rogers, 5 M. & Gr. v. Birch, 3 Camp. 107.

340.

for pay

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