The Negotiable Instruments ACT (ACT XXVI of 1881); Being an ACT to Define and Amend the Law Relating to Promissory Notes, Bills of Exchange and Cheques
The Negotiable Instruments ACT (ACT XXVI of 1881); Being an ACT to Define and Amend the Law Relating to Promissory Notes, Bills of Exchange and Cheques ...
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 Excerpt: ...after presentment had been excused;3 whereas Sec. 61 as we have seen only declares a bill dishonored by non-acceptance, where the drawee cannot be found, or is not at the place specified in the bill. "A presentment of the note," says Lord Ellenborough, "at "the house, was a request there, to pay the note, and non ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 Excerpt: ...after presentment had been excused;3 whereas Sec. 61 as we have seen only declares a bill dishonored by non-acceptance, where the drawee cannot be found, or is not at the place specified in the bill. "A presentment of the note," says Lord Ellenborough, "at "the house, was a request there, to pay the note, and non"payment of it is a refusal at the house. A refusal need not be "an affirmative act; the not paying which is only a negative "act, or shutting the door is a refusal." 1 Sec. 26. Butterworth.Ld, Despencer, 2 See Sec. 86, Expla. 3 M. & S. 150. 3 Sec. 76. Dishonor by 92-A. promissory note, bill of exchange or cheque is said to be dishonored by non-payment when the maker of the note, acceptor of the bill or drawee of the cheque makes default in payment upon being duly required to pay the same. This is a general section applying to the refusal of payment of negotiable instruments, on due requisition for payment. In Chapter V, we have seen that unless the rules laid down therein, concerning the presentment of negotiable instruments are carried out, by the holder, the parties to the instrument are not liable to him, that is, omission to take the proper steps to obtain acceptance or payment from the party primarily liable, discharges the sureties.' In this chapter is provided a set of rules, providing for communication to the parties to the instrument of due notice, that though the rules in Chapter V, have been carried out, the holder has not been able to obtain satisfaction thereof from the principal debtor, and that in consequence he intends to hold the sureties liable. This notice is called "notice of dishonor." With reference to the consequences to follow from non-compliance with the rules contained i...
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