{"kind":"expression","expression":{"expr_id":"393","doc_id":"393","label":"2021 Revision","is_as_enacted":"f","commenced_on":"2021-01-12","superseded_on":null,"valid_from":"2021-01-12","valid_to":null,"is_current":"t","incorporating":"[\"LAW 1\/2019 Bills of Exchange (Amendment) Law, 2019 - 14-Sept-2020 - LG16\/2019\/s1\", \"SL 120\/2020 Bills of Exchange (Amendment) Law, 2019 (Commencement) Order, 2020 -10-Sep-2020 - LG65\/2020\/s2\", \"Law 56\/2020 Citation of Acts of Parliament Act, 2020 - 3-Dec-2020 - LG89\/2020\/s1\"]","akn_expr_iri":"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1964\/11\", \"expression\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12\", \"manifestation\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12.pdf\"}, \"pdf\": {\"md5\": \"3d0bdabe30de5d43e5b1491100f3ac53\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1964\/1964-0011\/1964-0011_2021  Revision.pdf\", \"pages\": 48, \"filename\": \"1964-0011_2021  Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 15786, \"paragraph_count\": 97, \"text_char_count\": 97693}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-15\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"CAYMAN ISLANDS BILLS OF EXCHANGE ACT (2021 Revision) Supplement No. 4 published with Legislation Gazette No. 4 of 12th January, 2021. Page 2 Revised as at 31st December, 2020 c PUBLISHING DETAILS Bills of Exchange Law (Cap. 11) consolidated with Laws 1 of 1969, 16 of 1970, 1 of 2019 and 56 of 2020. Revised under the authority of the Law Revision Act (2020 Revision). Originally enacted \u2014 Cap. 11-1st January, 1964 Law 1 of 1969-21st February, 1969 Law 16 of 1970-5th November, 1970 Law 1 of 2019-10th April, 2019 Law 56 of 2020-7th December, 2020. Consolidated and revised this 31st day of December, 2020. Note (not forming part of this Act): This revision replaces the 1997 Revision which should now be discarded. Bills of Exchange Act (2021 Revision) Arrangement of Sections c Revised as at 31st December, 2020 Page 3 CAYMAN ISLANDS BILLS OF EXCHANGE ACT (2021 Revision) Arrangement of Sections Section Page PART I-Introductory\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title ...................................................................................................................................... 7\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions ..................................................................................................................................... 7 PART II-Bills of Exchange Form and interpretation 8\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Bill of exchange defined ............................................................................................................... 8\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Inland and foreign bills .................................................................................................................. 9\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Effect where different parties to bill are the same person ............................................................ 9\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Address of drawee ........................................................................................................................ 9\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Certainty required as to payee ..................................................................................................... 9\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"What bills are negotiable .............................................................................................................. 9\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Sum payable ............................................................................................................................... 10\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Bill payable on demand .............................................................................................................. 10\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Bill payable at a future time ........................................................................................................ 10\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Omission of date in bill payable after date .................................................................................. 11\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Antedating and postdating .......................................................................................................... 11\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Computation of time of payment ................................................................................................. 11\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Case of need .............................................................................................................................. 12\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Optional stipulations by drawer or indorser ................................................................................ 12\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Definition and requisites of acceptance ...................................................................................... 12\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Time for acceptance ................................................................................................................... 12\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"General and qualified acceptances ............................................................................................ 13 Arrangement of Sections Bills of Exchange Act (2021 Revision) Page 4 Revised as at 31st December, 2020 c\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Inchoate instruments .................................................................................................................. 13\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Delivery ...................................................................................................................................... 13 Capacity and authority of parties 14\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Capacity of parties ..................................................................................................................... 14\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Signature essential to liability ..................................................................................................... 14\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Forged or unauthorised signature .............................................................................................. 15\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Procuration signature ................................................................................................................. 15\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Person signing as agent or in representative capacity .............................................................. 15 The consideration for a bill 15\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Value and holder for value ......................................................................................................... 15\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Accommodation bill or party ....................................................................................................... 16\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Holder in due course .................................................................................................................. 16\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Presumption of value and good faith ......................................................................................... 16 Negotiation of bills 17\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Negotiation of bills ...................................................................................................................... 17\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Requisites of a valid indorsement .............................................................................................. 17\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Conditional indorsement ............................................................................................................ 18\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Indorsement in blank and special indorsement .......................................................................... 18\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Restrictive indorsement ............................................................................................................. 18\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Negotiation of overdue or dishonoured bill ................................................................................ 18\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Negotiation of bill to party already liable thereon ....................................................................... 19\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Rights of the holder .................................................................................................................... 19 General duties of the holder 19\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"When presentment for acceptance is necessary ....................................................................... 19\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Time for presenting bill payable after sight ................................................................................ 20\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Rules as to presentment for acceptance, and excuses for non-presentment ............................ 20\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Non-acceptance ......................................................................................................................... 21\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Dishonour by non-acceptance and its consequences ............................................................... 21\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_44\", \"num\": \"44.\", \"text\": \"Duties as to qualified acceptances ............................................................................................ 21\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_45\", \"num\": \"45.\", \"text\": \"Rules as to presentment for payment ........................................................................................ 21\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_46\", \"num\": \"46.\", \"text\": \"Excuses for delay or non-presentment for payment .................................................................. 23\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_47\", \"num\": \"47.\", \"text\": \"Dishonour by non-payment ........................................................................................................ 23\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_48\", \"num\": \"48.\", \"text\": \"Notice of dishonour and effect of non-notice ............................................................................. 23\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_49\", \"num\": \"49.\", \"text\": \"Rules as to notice of dishonour .................................................................................................. 24\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_50\", \"num\": \"50.\", \"text\": \"Excuses for non-notice and delay .............................................................................................. 25\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"Noting or protest of a bill ............................................................................................................ 26\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_52\", \"num\": \"52.\", \"text\": \"Duties of holder as regards drawee or acceptor ........................................................................ 27 Liabilities of parties 27\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"Funds in hands of drawee .......................................................................................................... 27\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_54\", \"num\": \"54.\", \"text\": \"Liability of acceptor .................................................................................................................... 28\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_55\", \"num\": \"55.\", \"text\": \"Liability of drawer or indorser ..................................................................................................... 28\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_56\", \"num\": \"56.\", \"text\": \"Stranger signing bill liable as indorser ....................................................................................... 28\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_57\", \"num\": \"57.\", \"text\": \"Measure of damages against parties to dishonoured bill ........................................................... 29\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_58\", \"num\": \"58.\", \"text\": \"Transferor by delivery and transferee ........................................................................................ 29 Bills of Exchange Act (2021 Revision) Arrangement of Sections c Revised as at 31st December, 2020 Page 5 Discharge of bill 29\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_59\", \"num\": \"59.\", \"text\": \"Payment in due course ............................................................................................................... 29\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_60\", \"num\": \"60.\", \"text\": \"Banker paying demand draft whereon indorsement is forged .................................................... 30\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_61\", \"num\": \"61.\", \"text\": \"Acceptor the holder at maturity ................................................................................................... 30\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_62\", \"num\": \"62.\", \"text\": \"Express waiver ........................................................................................................................... 30\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_63\", \"num\": \"63.\", \"text\": \"Cancellation ................................................................................................................................ 30\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_64\", \"num\": \"64.\", \"text\": \"Alteration of bill ........................................................................................................................... 31 Acceptance and payment for honour 31\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_65\", \"num\": \"65.\", \"text\": \"Acceptance for honour supra protest ......................................................................................... 31\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_66\", \"num\": \"66.\", \"text\": \"Liability of acceptor for honour ................................................................................................... 32\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_67\", \"num\": \"67.\", \"text\": \"Payment to acceptor for honour ................................................................................................. 32\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_68\", \"num\": \"68.\", \"text\": \"Payment for honour supra protest .............................................................................................. 32 Lost instrument 33\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_69\", \"num\": \"69.\", \"text\": \"Holder\u2019s right to duplicate of lost bill ........................................................................................... 33\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_70\", \"num\": \"70.\", \"text\": \"Action on lost bill ......................................................................................................................... 33 Bill in a set 33\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_71\", \"num\": \"71.\", \"text\": \"Rules as to sets .......................................................................................................................... 33 Conflict of laws 34\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_72\", \"num\": \"72.\", \"text\": \"Rules where laws conflict ........................................................................................................... 34 PART III-Cheques on a Banker\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_73\", \"num\": \"73.\", \"text\": \"Cheque defined .......................................................................................................................... 35\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_74\", \"num\": \"74.\", \"text\": \"Presentment of cheque for payment .......................................................................................... 35 74A. Alternative means of presentment by banker ............................................................................. 36\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_75\", \"num\": \"75.\", \"text\": \"Revocation of banker\u2019s authority ................................................................................................ 36 Crossed cheques 37\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_76\", \"num\": \"76.\", \"text\": \"General and special crossings defined....................................................................................... 37\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_77\", \"num\": \"77.\", \"text\": \"Crossing by drawer or after issue ............................................................................................... 37\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_78\", \"num\": \"78.\", \"text\": \"Crossing a material part of cheque ............................................................................................. 37\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_79\", \"num\": \"79.\", \"text\": \"Duties of banker as to crossed cheques .................................................................................... 37\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_80\", \"num\": \"80.\", \"text\": \"Protection to banker and drawer where cheque is crossed ....................................................... 38\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_81\", \"num\": \"81.\", \"text\": \"Effect of crossing on holder ........................................................................................................ 38\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_82\", \"num\": \"82.\", \"text\": \"Protection to collecting banker ................................................................................................... 38 PART IV-Promissory Note\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_83\", \"num\": \"83.\", \"text\": \"Promissory note defined ............................................................................................................. 38\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_84\", \"num\": \"84.\", \"text\": \"Delivery necessary ..................................................................................................................... 39\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_85\", \"num\": \"85.\", \"text\": \"Joint and several notes ............................................................................................................... 39\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_86\", \"num\": \"86.\", \"text\": \"Note payable on demand ........................................................................................................... 39\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_87\", \"num\": \"87.\", \"text\": \"Presentment of note for payment ............................................................................................... 39\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_88\", \"num\": \"88.\", \"text\": \"Liability of maker ......................................................................................................................... 40\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_89\", \"num\": \"89.\", \"text\": \"Application of Part II to notes ...................................................................................................... 40 Arrangement of Sections Bills of Exchange Act (2021 Revision) Page 6 Revised as at 31st December, 2020 c PART V-Supplementary\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_90\", \"num\": \"90.\", \"text\": \"Good faith .................................................................................................................................. 40\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_91\", \"num\": \"91.\", \"text\": \"Signature .................................................................................................................................... 40\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_92\", \"num\": \"92.\", \"text\": \"Computation of time ................................................................................................................... 41\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_93\", \"num\": \"93.\", \"text\": \"When noting equivalent to protest. ............................................................................................ 41\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_94\", \"num\": \"94.\", \"text\": \"Protest when notary not accessible ........................................................................................... 41\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_95\", \"num\": \"95.\", \"text\": \"Dividend warrants may be crossed ............................................................................................ 41\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_96\", \"num\": \"96.\", \"text\": \"Savings ...................................................................................................................................... 41 SCHEDULE 43 Form of protest which may be used when the services of a notary cannot be obtained 43 ENDNOTES 47 Table of Endnote references: .............................................................................................................. 47 Bills of Exchange Act (2021 Revision) Section 1 c Revised as at 31st December, 2020 Page 7 CAYMAN ISLANDS BILLS OF EXCHANGE ACT (2021 Revision) PART I-Introductory 1. Short title 1. This Act may be cited as the Bills of Exchange Act (2021 Revision). 2. Definitions 2. In this Act \u2014 \u201cacceptance\u201d means an acceptance completed by delivery or notification; \u201caction\u201d includes counter-claim and set-off; \u201cbanker\u201d includes a body of persons, whether incorporated or not, who carry on the business of banking; \u201cbankrupt\u201d includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy; \u201cbearer\u201d means the person in possession of a bill or note which is payable to bearer; \u201cbill\u201d means bill of exchange; \u201cdelivery\u201d means transfer of possession, actual or constructive, from one person to another; \u201cholder\u201d means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof; Section 3 Bills of Exchange Act (2021 Revision) Page 8 Revised as at 31st December, 2020 c \u201choliday\u201d means and includes any day appointed by law or the Cabinet, to be kept as a public holiday, or as a day of fast or thanksgiving, but not Christmas Day or Good Friday; \u201cindorsement\u201d means an indorsement completed by delivery; \u201cissue\u201d means the first delivery of a bill or note, complete in form, to a person who takes it as a holder; \u201cmonth\u201d, in a bill, means a calendar month; \u201cnon-business day\u201d means Saturday, Sunday, Good Friday, Christmas Day or any holiday, and any other day is a business day; \u201cnote\u201d means promissory note; \u201cperson\u201d includes a body of persons, whether incorporated or not; \u201cvalue\u201d means valuable consideration; \u201cwriting\u201d includes print; and \u201cwritten\u201d includes printed. PART II-Bills of Exchange Form and interpretation 3. Bill of exchange defined 3. (1) A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a certain sum 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 \u2014 (a) an indication of a particular fund out of which the drawee is to reimburse themselves, 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 that it \u2014 (a) is not dated; (b) does not specify the value given, or that any value has been given therefor; or Bills of Exchange Act (2021 Revision) Section 4 c Revised as at 31st December, 2020 Page 9 (c) does not specify the place where it is drawn, or the place where it is payable. 4. Inland and foreign bills 4. (1) An inland bill is a bill which is, or on the face of it purports to be \u2014 (a) both drawn and payable within the Islands; or (b) drawn within the Islands upon some person resident therein. (2) Any other bill is a foreign bill. (3) Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill. 5. Effect where different parties to bill are the same person 5. (1) A bill may be drawn payable to or to the order of the drawer, or it may be drawn payable to or to the order of the drawee. (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 the holder\u2019s option, either as a bill of exchange or as a promissory note. 6. Address of drawee 6. (1) The drawee must be named or otherwise indicated in 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. 7. Certainty required as to payee 7. (1) Where a bill is not payable to bearer, the 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. 8. What bills are negotiable 8. (1) When a bill contains words prohibiting transfer, or 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. Section 9 Bills of Exchange Act (2021 Revision) Page 10 Revised as at 31st December, 2020 c (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 that person or that person\u2019s order, it is nevertheless payable to that person or that person\u2019s order at that person\u2019s option. 9. 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 \u2014 (a) with interest; (b) by stated instalments; (c) by stated instalments, with a provision that upon default in payment of any instalment the whole shall become due; or (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. Bill payable on demand 10. (1) A bill is payable on demand \u2014 (a) which is expressed to be payable on demand, at sight or on presentation; or (b) 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 acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand. 11. Bill payable at a future time 11. (1) A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable \u2014 (a) at a fixed period after date or sight; or Bills of Exchange Act (2021 Revision) Section 12 c Revised as at 31st December, 2020 Page 11 (b) on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain. (2) 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. Omission of date in bill payable after date 12. Where a bill expressed to be payable at a fixed period after date is issued undated, or where the acceptance of a bill payable 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 \u2014 (a) where the holder in good faith and by mistake inserts a wrong date; and (b) 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. Antedating and postdating 13. (1) Where a bill or an acceptance, or any indorsement on a bill is dated, the date shall, unless the contrary be proved, be 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 antedated or postdated, or that it bears date on a Sunday. 14. Computation of time of payment 14. Where a bill is not payable on demand the day on which it falls due is determined as follows \u2014 (a) three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace: Provided that when the last day of grace falls on a Saturday, Sunday, Christmas Day, Good Friday or a holiday, the bill is, except in the case hereinafter provided for, due and payable on the preceding business day; except that when the last day of grace is a holiday and the second day of grace is a Saturday, Sunday, Christmas Day or Good Friday, the bill is due and payable on the succeeding business day, and where, by reason of any period of public emergency, the transaction of normal business becomes onerous or impossible, the Cabinet may, by declaration published in the Gazette, retrospectively or otherwise, declare such period to be a holiday for the purpose of this section and any bill which would otherwise have Section 15 Bills of Exchange Act (2021 Revision) Page 12 Revised as at 31st December, 2020 c been payable during such period shall be payable on the next ensuing business day; (b) where a bill is payable at a fixed period after date, after sight or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run, and by including the day of payment; and (c) where a bill is payable at a fixed period after sight, the time begins to run from the date of the acceptance if the bill be accepted, and from the date of noting or protest if the bill be noted or protested for non-acceptance or non-delivery. 15. Case of need 15. The drawer of a bill, and any indorser, may insert therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment. Such person is called the \u201creferee in case of need\u201d. It is in the option of the holder to resort to the referee in case of need or not, as the holder may think fit. 16. Optional stipulations by drawer or indorser 16. The drawer of a bill, and any indorser, may insert therein an express stipulation \u2014 (a) negativing or limiting the drawer\u2019s own liability to the holder; or (b) waiving as regards themselves some or all of the holder\u2019s duties. 17. Definition and requisites of acceptance 17. (1) The acceptance of a bill is the signification by the drawee of the drawee\u2019s assent to the order of the drawer. (2) An acceptance is invalid unless \u2014 (a) it is written on the bill and signed by the drawee, and in this regard the mere signature of the drawee without additional words is sufficient; and (b) it does not express that the drawee will perform the drawee\u2019s promise by any other means than the payment of money. 18. Time for acceptance 18. (1) A bill may be accepted \u2014 (a) before it has been signed by the drawer, or while otherwise incomplete; or (b) when it is overdue, or after it has been dishonoured by a previous refusal to accept, or by non-payment. (2) When a bill payable after sight is dishonoured by non-acceptance and the drawee subsequently accepts it, the holder, in the absence of any different Bills of Exchange Act (2021 Revision) Section 19 c Revised as at 31st December, 2020 Page 13 agreement, is entitled to have the bill accepted as of the date of first presentment to the drawee for acceptance. 19. General and qualified acceptances 19. (1) An acceptance is either general or qualified. (2) A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn. (3) In particular, an acceptance is qualified which is \u2014 (a) conditional, that is to say, which makes payment by the acceptor dependent on the fulfilment of a condition therein stated; (b) partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn; or (c) local, that is to say, an acceptance to pay only at a particular specified place: Provided that an acceptance to pay at a particular place is a general acceptance, unless it expressly states that the bill is to be paid there only and not elsewhere; (d) qualified as to time; or (e) the acceptance of some one or more of the drawees, but not of all. 20. Inchoate instruments 20. (1) Where a simple signature on a blank stamped paper is delivered by the signer in order that it may be converted into a bill, it operates as a prima facie authority to fill it up as a complete bill for any amount the stamp will cover, using the signature for that of the drawer, the acceptor or an indorser; and, in like manner, when a bill is wanting in any material particular, the person in possession of it has a prima facie authority to fill up the omission in any way the person in possession thinks fit. (2) In order that any such instrument, when completed, may be enforceable against any person who became a party thereto prior to its completion, it must be filled up within a reasonable time, and strictly in accordance with the authority given. Reasonable time for this purpose is a question of fact: Provided that if any such instrument, after completion, is negotiated to a holder in due course, it shall be valid and effectual for all purposes in the holder\u2019s hands, and the holder may enforce it as if it had been filled up within a reasonable time, and strictly in accordance with the authority given. 21. Delivery 21. (1) Every contract on a bill, whether it be the drawer\u2019s, the acceptor\u2019s or an indorser\u2019s is incomplete and revocable until delivery of the instrument in order to give effect thereto: Section 22 Bills of Exchange Act (2021 Revision) Page 14 Revised as at 31st December, 2020 c Provided that where an acceptance is written on a bill, and the drawee gives notice to or according to the directions of the person entitled to the bill that the drawee has accepted it, the acceptance then becomes complete and irrevocable. (2) As between immediate parties, and as regards a remote party other than a holder in due course, the delivery in order to be effectual \u2014 (a) must be made either by or under the authority of the party drawing, accepting or indorsing, as the case may be; and (b) may be shown to have been conditional or for a special purpose only, and not for the purpose of transferring the property in the bill, but if the bill be in the hands of a holder in due course, a valid delivery of the bill by all parties prior to the holder so as to make them liable to the holder is conclusively presumed. (3) Where a bill is no longer in the possession of a party who has signed it as drawer, acceptor or indorser, a valid and unconditional delivery by the drawer, acceptor or indorser is presumed until the contrary is proved. Capacity and authority of parties 22. Capacity of parties 22. (1) Capacity to incur liability as a party to a bill is co-extensive with capacity to contract: Provided that nothing in this section shall enable a corporation to make itself liable as drawer, acceptor or indorser of a bill unless it is competent to it so to do under the law for the time being in force relating to corporations. (2) Where a bill is drawn or indorsed by an infant, minor or corporation having no capacity or power to incur liability on a bill, the drawing or indorsement entitles the holder to receive payment of the bill, and to enforce it against any other party thereto. 23. Signature essential to liability 23. No person is liable as drawer, indorser or acceptor of a bill who has not signed it as such: Provided that \u2014 (a) where a person signs a bill in a trade or assumed name, that person is liable thereon as if that person had signed it in that person\u2019s own name; and (b) the signature of the name of a firm is equivalent to the signature, by the person so signing, of the names of all persons liable as partners in that firm. Bills of Exchange Act (2021 Revision) Section 24 c Revised as at 31st December, 2020 Page 15 24. Forged or unauthorised signature 24. Subject to this Act, where a signature on a bill is forged or placed thereon without the authority of the person whose signature it purports to be, the forged or unauthorised signature is wholly inoperative, and no right to retain the bill, to give a discharge therefor or to enforce payment thereof against any party thereto, can be acquired through or under that signature, unless the party against whom it is sought to retain or enforce payment of the bill is precluded from setting up the forgery or want of authority: Provided that nothing in this section shall affect the ratification of an unauthorised signature not amounting to a forgery. 25. Procuration signature 25. A signature by procuration operates as notice that the agent has but a limited authority to sign, and the principal is only bound by such signature if the agent in so signing was acting within the actual limits of the agent\u2019s authority. 26. Person signing as agent or in representative capacity 26. (1) Where a person signs a bill as drawer, indorser or acceptor, and adds words to that person\u2019s signature indicating that that person signs for or on behalf of a principal, or in a representative character, that person is not personally liable thereon; but the mere addition to that person\u2019s signature of words describing that person as an agent, or as filling a representative character, does not exempt that person from personal liability. (2) In determining whether a signature on a bill is that of the principal or that of the agent by whose hand it is written, the construction most favourable to the validity of the instrument shall be adopted. The consideration for a bill 27. Value and holder for value 27. (1) Valuable consideration for a bill may be constituted by \u2014 (a) any consideration sufficient to support a simple contract; or (b) an antecedent debt or liability; and such a debt or liability is deemed valuable consideration whether the bill is payable on demand or at a future time. (2) Where value has, at any time, been given for a bill, the holder is deemed to be a holder for value as regards the acceptor and all parties to the bill who became parties prior to such time. Section 28 Bills of Exchange Act (2021 Revision) Page 16 Revised as at 31st December, 2020 c (3) Where the holder of a bill has a lien on it, arising either from contract or by implication of law, the holder is deemed to be a holder for value to the extent of the sum for which the holder has a lien. 28. Accommodation bill or party 28. (1) An accommodation party to a bill is a person who has signed a bill as drawer, acceptor or indorser, without receiving value therefor, and for the purpose of lending the accommodation party\u2019s name to some other person. (2) An accommodation party is liable on the bill to a holder for value; and it is immaterial whether, when such holder took the bill, that holder knew such party to be an accommodation party or not. 29. Holder in due course 29. (1) A holder in due course is a holder who has taken a bill, complete and regular on the face of it, under the conditions \u2014 (a) that the holder became the holder of it before it was overdue, and without notice that it had been previously dishonoured, if such was the fact; and (b) that the holder took the bill in good faith and for value, and that at the time the bill was negotiated to the holder the holder had no notice of any defect in the title of the person who negotiated it. (2) The title of a person who negotiates a bill is defective, within the meaning of this Act, when that person obtained the bill, or the acceptance thereof, by fraud, duress, force, fear, unlawful means or for an illegal consideration, or when that person negotiates it in breach of faith, or under such circumstances as amount to a fraud. (3) A holder (whether for value or not) who derives that holder\u2019s title to a bill through a holder in due course, and who is not themselves a party to any fraud or illegality affecting it, has all the rights of that holder in due course as regards the acceptor and all parties to the bill prior to that holder. 30. Presumption of value and good faith 30. (1) Every party whose signature appears on a bill is prima facie deemed to have become a party thereto for value. (2) Every holder of a bill is prima facie deemed to be a holder in due course; but if in an action on a bill, it is admitted or proved that the acceptance, issue or subsequent negotiation of the bill is affected with fraud, duress, force, fear or illegality, the burden of proof is shifted, unless and until the holder proves that, subsequent to the alleged fraud or illegality, value has in good faith been given for the bill. Bills of Exchange Act (2021 Revision) Section 31 c Revised as at 31st December, 2020 Page 17 Negotiation of bills 31. Negotiation of bills 31. (1) A bill is negotiated when it is transferred from one person to another in such a manner as to constitute the transferee the holder of the bill. (2) A bill payable to bearer is negotiated by delivery. (3) A bill payable to order is negotiated by the indorsement of the holder completed by delivery. (4) Where the holder of a bill payable to the holder\u2019s order transfers it for value without indorsing it, the transfer gives the transferee such title as the transferor had in the bill, and the transferee in addition acquires the right to have the indorsement of the transferor. (5) Where any person is under obligation to indorse a bill in a representative capacity, that person may indorse the bill in such terms as to negative personal liability. 32. Requisites of a valid indorsement 32. An indorsement, in order to operate as a negotiation, must comply with the following conditions \u2014 (a) it must be written on the bill itself, and be signed by the indorser; the simple signature of the indorser on the bill, without additional words, is sufficient; (b) an indorsement written on an allonge, or on a copy of a bill issued or negotiated in a country where copies are recognised, is deemed to be written on the bill itself; (c) it must be an indorsement of the entire bill; a partial indorsement, that is to say, an indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the bill to two or more indorsees severally, does not operate as a negotiation of the bill; (d) where a bill is payable to the order of two or more payees or indorsees who are not partners, all must indorse,unless the one indorsing has authority to indorse for the others; (e) where, in a bill payable to order, the payee or indorsee is wrongly designated, or that payee\u2019s or indorsee\u2019s name is misspelt, that payee or indorsee may indorse the bill as therein described, adding, if that payee or indorsee thinks fit, that payee\u2019s or indorsee\u2019s proper signature; (f) where there are two or more indorsements on a bill, each indorsement is deemed to have been made in the order in which it appears on the bill, until the contrary is proved; and Section 33 Bills of Exchange Act (2021 Revision) Page 18 Revised as at 31st December, 2020 c (g) an indorsement may be made in blank or special; it may also contain terms making it restrictive. 33. Conditional indorsement 33. Where a bill purports to be indorsed conditionally the condition may be disregarded by the payer, and payment to the indorsee is valid, whether the condition has been fulfilled or not. 34. Indorsement in blank and special indorsement 34. (1) An indorsement in blank specifies no indorsee, and a bill so indorsed becomes payable to bearer. (2) A special indorsement specifies the person to whom, or to whose order, the bill is to be payable. (3) The provisions of this Act relating to a payee apply, with the necessary modifications, to an indorsee under a special indorsement. (4) When a bill has been indorsed in blank, any holder may convert the blank indorsement into a special indorsement by writing, above the indorser\u2019s signature, a direction to pay the bill to or to the order of themselves, or some other person. 35. Restrictive indorsement 35. (1) An indorsement is restrictive which prohibits the further negotiation of the bill, or which expresses that it is a mere authority to deal with the bill, as thereby directed, and not a transfer of the ownership thereof, as, for example, if a bill be indorsed \u201cpay D only\u201d, \u201cpay D for the account of X\u201d or \u201cpay D or order for collection\u201d. (2) A restrictive indorsement gives the indorsee the right to receive payment of the bill, and to sue any party thereto that the indorsee\u2019s indorser could have sued, but gives the indorsee no power to transfer the indorsee\u2019s rights as indorsee, unless it expressly authorises the indorsee to do so. (3) Where a restrictive indorsement authorises further transfer, all subsequent indorsees take the bill with the same rights, and subject to the same liabilities, as the first indorsee under the restrictive indorsement. 36. Negotiation of overdue or dishonoured bill 36. (1) Where a bill is negotiable in its origin it continues to be negotiable until it has been restrictively indorsed or discharged by payment or otherwise. (2) Where an overdue bill is negotiated, it can only be negotiated subject to any defect of title affecting it at its maturity, and thenceforward no person who takes it can acquire or give a better title than that which the person from whom that person took it had. Bills of Exchange Act (2021 Revision) Section 37 c Revised as at 31st December, 2020 Page 19 (3) A bill payable on demand is deemed to be overdue, within the meaning and for the purposes of this section when it appears on the face of it to have been in circulation for an unreasonable length of time. What is an unreasonable length of time for the purpose is a question of fact. (4) Except where an indorsement bears date after the maturity of the bill, every negotiation is prima facie deemed to have been effected before the bill was overdue. (5) Where a bill which is not overdue has been dishonoured, any person who takes it with notice of the dishonour takes its subject to any defect of title attaching thereto at the time of dishonour, but nothing in this subsection shall affect the rights of a holder in due course. 37. Negotiation of bill to party already liable thereon 37. Where a bill is negotiated back to the drawer, to a prior indorser or to the acceptor, such party may, subject to this Act, reissue and further negotiate the bill, but such party is not entitled to enforce payment of the bill against any intervening party to whom such party was previously liable. 38. Rights of the holder 38. The rights and powers of the holder of a bill are as follows \u2014 (a) the holder may sue on the bill in the holder\u2019s own name; (b) where the holder is a holder in due course, the holder holds the bill free from any defect of titles of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill; and (c) where the holder\u2019s title is defective \u2014 (i) if the holder negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill; and (ii) if the holder obtains payment of the bill, the person who pays the holder in due course gets a valid discharge for the bill. General duties of the holder 39. When presentment for acceptance is necessary 39. (1) Where a bill is payable after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument. (2) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the residence or place of business of the drawee, it must be presented for acceptance before it can be presented for payment. Section 40 Bills of Exchange Act (2021 Revision) Page 20 Revised as at 31st December, 2020 c (3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill. (4) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers. 40. Time for presenting bill payable after sight 40. (1) Subject to this Act, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time. (2) If the holder does not do so, the drawer and all indorsers prior to that holder are discharged. (3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills and the facts of the particular case. 41. Rules as to presentment for acceptance, and excuses for non-presentment 41. (1) A bill is duly presented for acceptance which is presented in accordance with the following rules \u2014 (a) the presentment must be made by or on behalf of the holder to the drawee, or to some person authorised to accept or refuse acceptance on the drawee\u2019s behalf, at a reasonable hour on a business day, and before the bill is overdue; (b) where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one has authority to accept for all, then presentment may be made to that drawee only; (c) where the drawee is dead, presentment may be made to the drawee\u2019s personal representative; (d) where the drawee is bankrupt, presentment may be made to the drawee or to the drawee\u2019s trustee; and (e) where authorised by agreement or usage a presentment through the post office is sufficient. (2) Presentment in accordance with these rules is excused, and a bill may be treated as dishonoured by non-acceptance \u2014 (a) where the drawee is dead or bankrupt, a fictitious person or a person not having capacity to contract by bill; (b) where, after the exercise of reasonable diligence, such presentment cannot be effected; or Bills of Exchange Act (2021 Revision) Section 42 c Revised as at 31st December, 2020 Page 21 (c) where, although the presentment has been irregular, acceptance has been refused on some other ground. (3) The fact that the holder has reason to believe that the bill on presentment will be dishonoured does not excuse presentment. 42. Non-acceptance 42. When a bill is duly presented for acceptance and is not accepted within the customary time, the person presenting it must treat it as dishonoured by non-acceptance. If that person does not, the holder shall lose the holder\u2019s right of recourse against the drawer and indorsers. 43. Dishonour by non-acceptance and its consequences 43. (1) A bill is dishonoured by non-acceptance \u2014 (a) when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused, or cannot be obtained; or (b) when presentment for acceptance is excused and the bill is not accepted. (2) Subject to this Act, when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary. 44. Duties as to qualified acceptances 44. (1) The holder of a bill may refuse to take a qualified acceptance, and if the holder does not obtain a unqualified acceptance may treat the bill as dishonoured by non-acceptance. (2) Where a qualified acceptance is taken, and the drawer or an indorser has not expressly or impliedly authorised the holder to take a qualified acceptance, or does not subsequently assent thereto, such drawer or indorser is discharged from the drawer\u2019s or indorser\u2019s liability on the bill. (3) Subsection (2) does not apply to a partial acceptance, whereof due notice has been given. Where a foreign bill has been accepted as to part, it must be protested as to the balance. (4) When the drawer or indorser of a bill receives notice of a qualified acceptance, and does not, within a reasonable time, express their dissent to the holder, the drawer or indorser shall be deemed to have assented thereto. 45. Rules as to presentment for payment 45. (1) Subject to this Act, a bill must be duly presented for payment. If it is not so presented the drawer and indorsers shall be discharged. (2) A bill is duly presented for payment which is presented in accordance with the following rules \u2014 Section 45 Bills of Exchange Act (2021 Revision) Page 22 Revised as at 31st December, 2020 c (a) where the bill is not payable on demand, presentment must be made on the day it falls due; (b) where the bill is payable on demand, then, subject to this Act, presentment must be made within a reasonable time after its issue in order to render the drawer liable, and within a reasonable time after its indorsement in order to render the indorser liable; and in determining what is a reasonable time, regard shall be had to the nature of the bill, the usage of trade with regard to similar bills and the facts of the particular case; (c) presentment must be made by the holder, or by some person authorised to receive payment on the holder\u2019s behalf, at a reasonable hour on a business day, at the proper place as hereinafter defined, either to the person designated by the bill as payer, or to some person authorised to pay or refuse payment on that person\u2019s behalf, if with the exercise of reasonable diligence, such person can there be found; (d) a bill is presented at the proper place \u2014 (i) where a place of payment is specified in the bill and the bill is there presented; (ii) where no place of payment is specified, but the address of the drawee or acceptor is given in the bill, and the bill is there presented; (iii) where no place of payment is specified and no address given, and the bill is presented at the drawee\u2019s or acceptor\u2019s place of business, if known, and if not, at the drawee\u2019s or acceptor\u2019s ordinary residence, if known; or (iv) in any other case, if presented to the drawee or acceptor wherever the drawee or acceptor can be found, or if presented at the drawee\u2019s or acceptor\u2019s last known place of business or residence; (e) where a bill is presented at the proper place, and after the exercise of reasonable diligence no person authorised to pay or refuse payment can be found there, no further presentment to the drawee or acceptor is required; (f) where a bill is drawn upon, or accepted by two or more persons who are not partners, and no place of payment is specified, presentment must be made to them all; (g) where the drawee or acceptor of a bill is dead, and no place of payment is specified, presentment must be made to a personal representative, if such there be, and with the exercise of reasonable diligence a personal representative can be found; and (h) where authorised by agreement or usage, a presentment through the post office is sufficient. Bills of Exchange Act (2021 Revision) Section 46 c Revised as at 31st December, 2020 Page 23 46. Excuses for delay or non-presentment for payment 46. (1) Delay in making presentment for payment is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to the holder\u2019s default, misconduct or negligence. When the cause of delay ceases to operate presentment must be made with reasonable diligence. (2) Presentment for payment is dispensed with \u2014 (a) where, after the exercise of reasonable diligence, presentment, as required by this Act, cannot be effected. The fact that the holder has reason to believe that the bill will, on presentment, be dishonoured, does not dispense with the necessity for presentment; (b) where the drawer is a fictitious person; (c) as regards the drawer, where the drawee or acceptor is not bound, as between themselves and the drawer, to accept or pay the bill, and the drawer has no reason to believe that the bill would be paid if presented; (d) as regards an indorser, where the bill was accepted or made for the accommodation of that indorser, and that endorser has no reason to expect that the bill would be paid if presented; or (e) by waiver of presentment, express or implied. 47. Dishonour by non-payment 47. (1) A bill is dishonoured by non-payment \u2014 (a) when it is duly presented for payment and payment is refused or cannot be obtained; or (b) when presentment is excused and the bill is overdue and unpaid. (2) Subject to this Act, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer and indorsers accrues to the holder. 48. Notice of dishonour and effect of non-notice 48. Subject to this Act, when a bill has been dishonoured by non-acceptance or nonpayment, notice of dishonour must be given to the drawer and each indorser, and any drawer or indorser to whom such notice is not given is discharged: Provided that \u2014 (a) where a bill is dishonoured by non-acceptance, and notice of dishonour is not given, the rights of a holder in due course subsequent to the omission shall not be prejudiced by the omission; or (b) where a bill is dishonoured by non-acceptance and due notice of dishonour is given, it shall not be necessary to give notice of a subsequent dishonour by non-payment unless the bill shall in the meantime have been accepted. Section 49 Bills of Exchange Act (2021 Revision) Page 24 Revised as at 31st December, 2020 c 49. Rules as to notice of dishonour 49. Notice of dishonour, in order to be valid and effectual, must be given in accordance with the following rules \u2014 (a) the notice must be given by or on behalf of the holder, or by or on behalf of an indorser who, at the time of giving it, is themselves liable on the bill; (b) notice of dishonour may be given by an agent, either in the agent\u2019s own name, or in the name of any party entitled to give notice, whether that party be the agent\u2019s principal or not; (c) where the notice is given by or on behalf of the holder, it enures for the benefit of all subsequent holders, and all prior indorsers who have a right of recourse against the party to whom it is given; (d) where notice is given by or on behalf of an indorser entitled to give notice as hereinbefore provided, it enures for the benefit of the holder and all indorsers subsequent to the party to whom notice is given; (e) the notice may be given in writing or by personal communication, and may be given in any terms which sufficiently identify the bill, and intimate that the bill has been dishonoured by non-acceptance or non-payment; (f) the return of a dishonoured bill to the drawer or an endorser is, in point of form, deemed a sufficient notice of dishonour; (g) a written notice need not be signed, and an insufficient written notice may be supplemented and validated by verbal communication; a misdescription of the bill shall not vitiate the notice, unless the party to whom the notice is given is in fact misled thereby; (h) where notice of dishonour is required to be given to any person, it may be given either to the party themselves, or to the party\u2019s agent in that behalf; (i) where the drawer or indorser is dead, and the party giving notice knows it, the notice must be given to a personal representative, if such there be, and with the exercise of reasonable diligence a personal representative can be found; (j) where the drawer or indorser is bankrupt, notice may be given either to the party themselves or to the trustee; (k) where there are two or more drawers or indorsers who are not partners, notice must be given to each of them, unless one of them has authority to receive such notice for the others; (l) the notice may be given as soon as the bill is dishonoured, and must be given within a reasonable time thereafter: Provided that in the absence of special circumstances, notice is not deemed to have been given in a reasonable time, unless \u2014 Bills of Exchange Act (2021 Revision) Section 50 c Revised as at 31st December, 2020 Page 25 (i) where the person giving and the person to receive notice reside in the same place, the notice is given or sent in time to reach the latter on the day after the dishonour of the bill; or (ii) where the person giving and the person to receive notice reside in different places, the notice is sent off on the day after the dishonour of the bill, if there be a post at a convenient hour on that day, and if there be no such post on that day, then by the next post thereafter; (m) where a bill, when dishonoured, is in the hands of an agent, the agent may either themselves give notice to the parties liable on the bill, or the agent may give notice to the agent\u2019s principal; and if the agent gives notice to the agent\u2019s principal, the agent must do so within the same time as if the agent were the holder, and the principal, upon receipt of such notice, has themselves the same time for giving notice as if the agent had been an independent holder; (n) where a party to a bill receives due notice of dishonour, that party has, after the receipt of such notice, the same period of time for giving notice to antecedent parties that the holder has after the dishonour; and (o) where a notice of dishonour is duly addressed and posted, the sender is deemed to have given due notice of dishonour, notwithstanding any miscarriage by the post office. 50. Excuses for non-notice and delay 50. (1) Delay in giving notice of dishonour is excused where the delay is caused by circumstances beyond the control of the party giving notice, and not imputable to the party\u2019s default, misconduct or negligence. When the cause of delay ceases to operate the notice must be given with reasonable diligence. (2) Notice of dishonour is dispensed with \u2014 (a) when, after the exercise of reasonable diligence, notice, as required by this Act, cannot be given to or does not reach the drawer or indorser sought to be charged; (b) by waiver, express or implied; notice of dishonour may be waived before the time of giving notice has arrived or after the omission to give due notice; (c) as regards the drawer \u2014 (i) where drawer and drawee are the same person; (ii) where the drawee is a fictitious person or a person not having capacity to contract; (iii) where the drawer is the person to whom the bill is presented for payment; Section 51 Bills of Exchange Act (2021 Revision) Page 26 Revised as at 31st December, 2020 c (iv) where the drawee or acceptor is as between themselves and the drawer under no obligation to accept or pay the bill; or (v) where the drawer has countermanded payment; and (d) as regards the indorser \u2014 (i) where the drawee is a fictitious person or a person not having capacity to contract and the indorser was aware of the fact at the time the indorser indorsed the bill; (ii) where the indorser is the person to whom the bill is presented for payment; or (iii) where the bill was accepted or made for the indorser\u2019s accommodation. 51. Noting or protest of a bill 51. (1) Where an inland bill has been dishonoured it may, if the holder thinks fit, be noted for non-acceptance or non-payment, as the case may be; but it shall not be necessary to note or protest any such bill in order to preserve the recourse against the drawer or indorser. (2) Where a foreign bill, appearing on the face of it to be such, has been dishonoured by non-acceptance, it must be duly protested for non-acceptance, and where such a bill, which has not been previously dishonoured by non-acceptance, is dishonoured by non-payment, it must be duly protested for non-payment. If it be not so protested the drawer and indorser are discharged. Where a bill does not appear on the face of it to be a foreign bill, protest thereof in case of dishonour is unnecessary. (3) A bill which has been protested for non-acceptance may be subsequently protested for non-payment. (4) Subject to this Act, when a bill is noted or protested it may be noted on the day of its dishonour and must be noted not later than the next succeeding business day. When a bill has been duly noted, the protest may be subsequently extended as of the date of the noting. (5) Where the acceptor of a bill becomes bankrupt or suspends payment before it matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. (6) A bill must be protested at the place where it is dishonoured: Provided that \u2014 (a) when a bill, is presented through the post office, and returned by post dishonoured, it may be protested at the place to which it is returned, and on the day of its return if received during business hours, and if not received during business hours, then not later than the next business day; or Bills of Exchange Act (2021 Revision) Section 52 c Revised as at 31st December, 2020 Page 27 (b) when a bill, drawn payable at the place of business or residence of some person other than the drawee, has been dishonoured by non-acceptance, it must be protested for non-payment at the place where it is expressed to be payable, and no further presentment for payment to or demand on the drawee is necessary. (7) A protest must contain a copy of the bill, be signed by the notary making it and specify \u2014 (a) the person at whose request the bill is protested; and (b) the place and date of protest, the cause or reason for protesting the bill, the demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found. (8) Where a bill is lost or destroyed, or is wrongly obtained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. (9) Protest is dispensed with by any circumstance which would dispense with notice of dishonour. Delay in noting or protesting is excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to the holder\u2019s default, misconduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence. 52. Duties of holder as regards drawee or acceptor 52. (1) When a bill is accepted generally, presentment for payment is not necessary in order to render the acceptor liable. (2) When, by terms of a qualified acceptance, presentment for payment is required, the acceptor, in the absence of an express stipulation to that effect, is not discharged by the omission to present the bill for payment on the day that it matures. (3) In order to render the acceptor of a bill liable it is not necessary to protest it, or that notice of dishonour should be given to the acceptor. (4) Where the holder of a bill presents it for payment, the holder shall exhibit the bill to the person from whom that holder demands payment, and when a bill is paid the holder shall forthwith deliver it up to the party paying it. Liabilities of parties 53. Funds in hands of drawee 53. A bill, of itself, does not operate as an assignment of funds in the hands of the drawee available for the payment thereof, and the drawee of a bill who does not accept as required by this Act is not liable on the instrument. Section 54 Bills of Exchange Act (2021 Revision) Page 28 Revised as at 31st December, 2020 c 54. Liability of acceptor 54. The acceptor of a bill, by accepting it \u2014 (a) engages that the acceptor will pay it accordingly to the tenor of the acceptor\u2019s acceptance; and (b) is precluded from denying to a holder in due course \u2014 (i) the existence of the drawer, the genuineness of the drawer\u2019s signature and the drawer\u2019s capacity and authority to draw the bill; (ii) in the case of a bill payable to drawer\u2019s order, the then capacity of the drawer to indorse, but not the genuineness or validity of the drawer\u2019s endorsement; or (iii) in the case of a bill payable to the order of a third person, the existence of the payee and the payee\u2019s then capacity to indorse, but not the genuineness or validity of the payee\u2019s endorsement. 55. Liability of drawer or indorser 55. (1) The drawer of a bill by drawing it \u2014 (a) engages that on due presentment it shall be accepted and paid according to its tenor, and that if it be dishonoured the drawer will compensate the holder, or any indorser who is compelled to pay it, if the requisite proceedings on dishonour are duly taken; and (b) is precluded from denying to a holder in due course the existence of a payee, and the payee\u2019s then capacity to indorse. (2) The indorser of a bill by indorsing it \u2014 (a) engages that, on due presentment, it shall be accepted and paid according to its tenor, and that if it be dishonoured the indorser will compensate the holder, or a subsequent indorser who is compelled to pay it, if the requisite proceedings on dishonour are duly taken; (b) is precluded from denying to a holder in due course the genuineness and regularity in all respects of the drawer\u2019s signature, and all previous indorsements; and (c) is precluded from denying to the indorser\u2019s immediate or a subsequent indorsee that the bill was, at the time of the indorser\u2019s indorsement, a valid and subsisting bill, and that the indorser had then a good title thereto. 56. Stranger signing bill liable as indorser 56. Where a person signs a bill otherwise than as drawer or acceptor, that person thereby incurs the liabilities of an indorser to a holder in due course. Bills of Exchange Act (2021 Revision) Section 57 c Revised as at 31st December, 2020 Page 29 57. Measure of damages against parties to dishonoured bill 57. Where a bill is dishonoured, the measure of damages, which shall be deemed to be liquidated damages, shall be as follows \u2014 (a) the holder may recover from any party liable on the bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor or from the drawer, or from a prior indorser \u2014 (i) the amount of the bill; (ii) interest thereon from the time of presentment for payment if the bill is payable on demand and from the maturity of the bill in any other case; and (iii) the expenses of noting, or, when protest is necessary and the protest has been extended, the expenses of protest; (b) in the case of a bill which has been dishonoured abroad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorser who has been compelled to pay the bill may recover from any party liable to the drawer or an indorser, the amount of the reexchange, with interest thereon until the time of payment; and (c) where, by this Act, interest may be recovered as damages, such interest may, if justice requires it, be withheld wholly or in part, and where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper. 58. Transferor by delivery and transferee 58. (l) Where the holder of a bill payable to bearer negotiates it by delivery without indorsing it, the holder is called a \u201ctransferor by delivery\u201d. (2) A transferor by delivery is not liable on the instrument. (3) A transferor by delivery who negotiates a bill thereby warrants to the transferor\u2019s immediate transferee, being a holder for value, that the bill is what it purports to be, that the transferor has a right to transfer it and that at the time of transfer the transferor is not aware of any fact which renders it valueless. Discharge of bill 59. Payment in due course 59. (1) A bill is discharged by payment in due course by or on behalf of the drawee or acceptor. (2) In subsection (1) \u2014 Section 60 Bills of Exchange Act (2021 Revision) Page 30 Revised as at 31st December, 2020 c \u201cpayment in due course\u201d means payment made at or after the maturity of the bill to the holder thereof in good faith, and without notice that the holder\u2019s title to the bill is defective. (3) Subject to the provisions hereinafter contained, when a bill is paid by the drawer or an indorser it is not discharged; but \u2014 (a) where a bill payable to or to the order of a third party is paid by the drawer, the drawer may enforce payment thereof against the acceptor, but may not re-issue the bill; or (b) where a bill is paid by an indorser, or where a bill payable to drawer\u2019s order is paid by drawer, the party paying it is remitted to the party\u2019s former rights as regards the acceptor or antecedent parties, and the party may, if that party thinks fit, strike out that party\u2019s own and subsequent indorsements, and again negotiate the bill. (4) Where an accommodation bill is paid in due course by the party accommodated the bill is discharged. 60. Banker paying demand draft whereon indorsement is forged 60. When a bill payable to order on demand is drawn on a banker, and the banker on whom it is drawn pays the bill in good faith, and in the ordinary course of business, it is not incumbent on the banker to show that the indorsement of the payee, or any subsequent indorsement, was made by or under the authority of the person whose indorsement it purports to be, and the banker is deemed to have paid the bill in due course, although such indorsement has been forged or made without authority. 61. Acceptor the holder at maturity 61. When the acceptor of a bill is or becomes the holder of it at or after maturity, in the acceptor\u2019s own right, the bill is discharged. 62. Express waiver 62. (1) When the holder of a bill at or after its maturity absolutely and unconditionally renounces the holder\u2019s rights against the acceptor the bill is discharged. (2) The renunciation must be in writing, unless the bill is delivered up to the acceptor. (3) The liabilities of any party to a bill may, in like manner, be renounced by the holder before, at, or after its maturity; but nothing in this section shall affect the rights of a holder in due course without notice of the renunciation. 63. Cancellation 63. (1) Where the bill is intentionally cancelled by the holder or the holder\u2019s agent, and the cancellation is apparent thereon, the bill is discharged. Bills of Exchange Act (2021 Revision) Section 64 c Revised as at 31st December, 2020 Page 31 (2) In like manner, any party liable on a bill may be discharged by the intentional cancellation of the party\u2019s signature by the holder or the holder\u2019s agent. In such case any indorser who would have had a right of recourse against the party whose signature is cancelled is also discharged. (3) A cancellation made unintentionally, under a mistake or without the authority of the holder is inoperative; but where a bill, or any signature thereon, appears to have been cancelled, the burden of proof lies on the party who alleges that the cancellation was made unintentionally, under a mistake or without authority. 64. Alteration of bill 64. (1) Where a bill or acceptance is materially altered without the assent of all parties liable on the bill, the bill is avoided except as against a party who has themselves made, authorised or assented to, the alteration, and subsequent indorsers: Provided that where a bill has been materially altered but the alteration is not apparent, and the bill is in the hands of a holder in due course, such holder may avail themselves of the bill as if it had not been altered, and may enforce payment of it according to its original tenor. (2) In particular, the following alterations are material, namely, any alteration of the date, the sum payable, the time of payment, the place of payment and, where a bill has been accepted generally, the addition of a place of payment without the acceptor\u2019s assent. Acceptance and payment for honour 65. Acceptance for honour supra protest 65. (1) Where a bill of exchange has been protested for dishonour by non-acceptance, or protested for better security, and is not overdue, any person, not being a party already liable thereon, may, with the consent of the holder, intervene and accept the bill supra protest, for the honour of any party liable thereon, or for the honour of the person for whose account the bill is drawn. (2) A bill may be accepted for honour for part only of the sum for which it is drawn. (3) An acceptance for honour supra protest in order to be valid must \u2014 (a) be written on the bill, and indicate that it is an acceptance for honour; and (b) be signed by the acceptor for honour. (4) Where an acceptance for honour does not expressly state for whose honour it is made, it is deemed to be an acceptance for the honour of the drawer. (5) Where a bill payable after sight is accepted for honour, its maturity is calculated from the date of the noting for non-acceptance, and not from the date of the acceptance for honour. Section 66 Bills of Exchange Act (2021 Revision) Page 32 Revised as at 31st December, 2020 c 66. Liability of acceptor for honour 66. (1) The acceptor for honour of a bill by accepting it engages that the acceptor will, on due presentment, pay the bill according to the tenor of the acceptor\u2019s acceptance, if it is not paid by the drawee, provided it has been duly presented for payment, and protested for non-payment, and that the acceptor receives notice of these facts. (2) The acceptor for honour is liable to the holder and to all parties to the bill subsequent to the party for whose honour the acceptor has accepted. 67. Payment to acceptor for honour 67. (1) Where a dishonoured bill has been accepted for honour supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honour, or referee in case of need. (2) Where the address of the acceptor for honour is in the same place where the bill is protested for non-payment, the bill must be presented to the acceptor for honour not later than the day following its maturity; and where the address of the acceptor for honour is in some place other than the place where it was protested for non-payment, the bill must be forwarded not later than the day following its maturity for presentment to the acceptor. (3) Delay in presentment or non-presentment is excused by any circumstance which would excuse delay in presentment for payment or non-presentment for payment. (4) When a bill of exchange is dishonoured by the acceptor for honour it must be protested for non-payment by the acceptor. 68. Payment for honour supra protest 68. (1) Where a bill has been protested for non-payment, any person may intervene and pay it supra protest for the honour of any party liable thereon, or for the honour of the person for whose account the bill is drawn. (2) Where two or more persons offer to pay a bill for the honour of different parties, the person whose payment will discharge most parties to the bill shall have the preference. (3) Payment for honour supra protest, in order to operate as such, and not as a mere voluntary payment, must be attested by a notarial act of honour, which may be appended to the protest or form an extension of it. (4) The notarial act of honour must be founded on a declaration made by the payer for honour, or the payer for honour\u2019s agent in that behalf, declaring the payer for honour\u2019s intention to pay the bill for honour, and for whose honour that payer for honour pays. Bills of Exchange Act (2021 Revision) Section 69 c Revised as at 31st December, 2020 Page 33 (5) Where a bill has been paid for honour, all parties subsequent to the party for whose honour it is paid are discharged, but the payer for honour is subrogated for, and succeeds to both the rights and duties of the holder, as regards the party for whose honour the payer for honour pays, and all parties liable to that party. (6) The payer for honour, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonour, is entitled to receive both the bill itself and the protest. If the holder does not, on demand, deliver them up the holder shall be liable to the payer for honour in damages. (7) Where the holder of a bill refuses to receive payment supra protest, the holder shall lose the holder\u2019s right of recourse against any party who would have been discharged by such payment. Lost instrument 69. Holder\u2019s right to duplicate of lost bill 69. (1) Where a bill has been lost before it is overdue, the person who was the holder of it may apply to the drawer to give that holder another bill of the same tenor, giving security to the drawer, if required, to indemnify the drawer against all persons whatever in case the bill, alleged to have been lost, shall be found again. (2) If the drawer, on request as aforesaid, refuses to give such duplicate bill, the drawer may be compelled to do so. 70. Action on lost bill 70. In any action or proceeding upon a bill, the court or a judge may order that the loss of the instrument shall not be set up, provided an indemnity be given to the satisfaction of the court or judge against the claims of any other person upon the instrument in question. Bill in a set 71. Rules as to sets 71. (1) Where a bill is drawn in a set, each part of the set being numbered, and containing a reference to the other parts, the whole of the parts constitute one bill. (2) Where the holder of a set indorses two or more parts to different persons, the holder is liable on every such part, and every indorser subsequent to the holder is liable on the part that holder has themselves indorsed as if the said parts were separate bills. (3) Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, deemed Section 72 Bills of Exchange Act (2021 Revision) Page 34 Revised as at 31st December, 2020 c the true owner of the bill; but nothing in this subsection shall affect the rights of a person who in due course accepts or pays the part first presented to that person. (4) The acceptance may be written on any part, and it must be written on one part only. (5) If the drawee accepts more than one part, and such accepted parts get into the hands of different holders in due course the drawee is liable on every such part as if it were a separate bill. (6) When the acceptor of a bill drawn in a set pays it without requiring the part bearing the acceptor\u2019s acceptance to be delivered up to the acceptor, and that part at maturity is outstanding in the hands of a holder in due course, the acceptor is liable to the holder thereof. (7) Subject to subsections (1) to (6), where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged. Conflict of laws 72. Rules where laws conflict 72. Where a bill drawn in one country is negotiated, accepted or payable in another, the rights, duties and liabilities of the parties thereto are determined as follows \u2014 (a) the validity of a bill as regards requisites in form is determined by the law of the place of issue, and the validity, as regards requisites in form of the supervening contract, such as acceptance, indorsement or acceptance supra protest, is determined by the law of the place where such contract was made: Provided that \u2014 (i) where a bill is issued out of the Islands it is not invalid by reason only that it is not stamped in accordance with the law of the place of issue; and (ii) where a bill issued out of the Islands conforms, as regards requisites in form, to the law of the Islands, it may, for the purpose of enforcing payment thereof, be treated as valid as between all persons who negotiate, hold or become parties to it in the Islands; (b) subject to this Act, the interpretation of the drawing, indorsement, acceptance or acceptance supra protest of a bill is determined by the law of the place where such contract is made: Provided that, where an inland bill is indorsed in a foreign country, the indorsement shall, as regards the payer, be interpreted according to the law of the Islands; Bills of Exchange Act (2021 Revision) Section 73 c Revised as at 31st December, 2020 Page 35 (c) the duties of the holder with respect to presentment for acceptance or payment, and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured; (d) where a bill is drawn out of, but payable in the Islands, and the sum payable is not expressed in the currency of the Islands, the amount shall, in the absence of some express stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable; and (e) where a bill is drawn in one country and payable in another, the due date thereof is determined according to the law of the place where it is payable. PART III-Cheques on a Banker 73. Cheque defined 73. (1) A cheque is a bill of exchange drawn on a banker payable on demand. (2) Except as otherwise provided in this Part, the provisions of this Act applicable to a bill of exchange payable on demand apply to a cheque. 74. Presentment of cheque for payment 74. Subject to this Act \u2014 (a) where a cheque is not presented for payment within a reasonable time of its issue, and the drawer or the person on whose account it is drawn had the right, at the time of such presentment, as between the drawer or the person on whose account it is drawn and the banker, to have the cheque paid, and suffers actual damage through the delay, the drawer or the person on whose account it is drawn is discharged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such banker to a larger amount than the drawer or the person on whose account it is drawn would have been had such cheque been paid; (b) in determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade and of bankers and the facts of the particular case; and (c) the holder of such cheque, as to which such drawer or person is discharged, shall be a creditor, in lieu of such drawer or person, of such banker, to the extent of such discharge and entitled to recover the amount from such banker. Section 74A Bills of Exchange Act (2021 Revision) Page 36 Revised as at 31st December, 2020 c 74A. Alternative means of presentment by banker 74A. (1) Notwithstanding the provisions of section 45, a banker may present a cheque for payment to the banker on whom it is drawn by providing notification of the essential features of a cheque by electronic means to the banker on whom it is drawn. (2)  If the presentment of a cheque is carried out in accordance with this section, the presentment may take place in a location other than the proper place or may be carried out at a time other than at a reasonable hour on a business day as required under section 45(2). (3)  If, before the close of business on the next business day following presentment of a cheque under this section, the banker on whom the cheque is drawn requests presentment of the cheque otherwise than in accordance with this section \u2014 (a)  any presentment that took place in accordance with subsections (1) and (2) shall be disregarded; and (b)  the provisions in this section relating to electronic presentment shall not be applicable to the subsequent presentment of the cheque. (4)  A request under subsection (3) for the presentment of a cheque shall not constitute dishonour by non-payment of the cheque. (5)  Where presentment of a cheque is made electronically in accordance with this section, the banker who presented the cheque and the banker on whom it is drawn shall be subject to the same duties in relation to the collection and payment of the cheque as if the cheque itself had been presented in accordance with section 45 for payment. (6)  For the purposes of this section, the essential features of a cheque are \u2014 (a)  the serial number of the cheque; (b)  the code which identifies the banker on whom the cheque is drawn; (c)  the account number of the drawer of the cheque; (d)  the amount of the cheque entered by the drawer of the cheque; and (e)  the signature of the drawer. 75. Revocation of banker\u2019s authority 75. The duty and authority of a banker to pay a cheque drawn on the banker by the banker\u2019s customer are determined by \u2014 (a) countermand of payment; or (b) notice of the customer\u2019s death. Bills of Exchange Act (2021 Revision) Section 76 c Revised as at 31st December, 2020 Page 37 Crossed cheques 76. General and special crossings defined 76. (1) Where a cheque bears across its face an addition of \u2014 (a) the words \u201cand company\u201d or any abbreviation thereof between two parallel transverse lines, either with or without the words \u201cnot negotiable\u201d; or (b) two parallel transverse lines simply, either with or without the words \u201cnot negotiable\u201d, that addition constitutes a crossing, and the cheque is crossed generally. (2) Where a cheque bears across its face an addition of the name of a banker, either with or without the words \u201cnot negotiable\u201d, that addition constitutes a crossing, and the cheque is crossed specially, and to that banker. 77. Crossing by drawer or after issue 77. (1) A cheque may be crossed generally or specially by the drawer. (2) Where a cheque is uncrossed, the holder may cross it generally or specially. (3) Where a cheque is crossed generally, the holder may cross it specially. (4) Where a cheque is crossed generally or specially, the holder may add the words \u201cnot negotiable\u201d. (5) Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker for collection. (6) Where an uncrossed cheque, or a cheque crossed generally, is sent to a banker for collection, the banker may cross it specially to themselves. 78. Crossing a material part of cheque 78. A crossing authorised by this Act is a material part of the cheque; it shall not be lawful for any person to obliterate or, except as authorised by this Act, to add to or alter the crossing. 79. Duties of banker as to crossed cheques 79. (1) Where a cheque is crossed specially to more than one banker, except when crossed to an agent for collection, being a banker, the banker on whom it is drawn shall refuse payment thereof. (2) Where the banker on whom a cheque is drawn which is so crossed nevertheless pays the same, or pays a cheque crossed generally otherwise than to a banker, or if crossed especially otherwise than to the banker to whom it is crossed, or the banker\u2019s agent for collection being a banker, the banker is liable to the true owner of the cheque for any loss the owner may sustain owing to the cheque having been so paid: Section 80 Bills of Exchange Act (2021 Revision) Page 38 Revised as at 31st December, 2020 c Provided that where a cheque is presented for payment which does not, at the time of presentment, appear to be crossed, or to have had a crossing which has been obliterated, or to have been added to or altered otherwise than as authorised by this Act, the banker paying the cheque in good faith and without negligence, shall not be responsible or incur any liability, nor shall the payment be questioned by reason of the cheque having been crossed, or of the crossing having been obliterated, or having been added to or altered otherwise than as authorised by this Act, and of payment having been made otherwise than to a banker or to the banker to whom the cheque is or was crossed, or to that banker\u2019s agent for collection being a banker, as the case may be. 80. Protection to banker and drawer where cheque is crossed 80. Where the banker on whom a crossed cheque is drawn, in good faith, and without negligence, pays it, if crossed generally, to a banker, and if crossed specially, to the banker to whom it is crossed, or the banker\u2019s agent for collection being a banker, the banker paying the cheque and, if the cheque has come into the hands of the payee, the drawer, shall respectively be entitled to the same rights, and be placed in the same position, as if payment of the cheque had been made to the true owner thereof. 81. Effect of crossing on holder 81. Where a person takes a crossed cheque which bears on it the words \u201cnot negotiable\u201d, the person shall not have and shall not be capable of giving a better title to the cheque than that which the person from whom that person took it had. 82. Protection to collecting banker 82. (1) Where a banker, in good faith and without negligence, receives payment for a customer of a cheque crossed generally, or specially to themselves, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by reason only of having received such payment. (2) A banker receives payment of a crossed cheque for a customer within the meaning of this section notwithstanding that the banker credits the customer\u2019s account with the amount of the cheque before receiving payment thereof. PART IV-Promissory Note 83. Promissory note defined 83. (1) A promissory note is an unconditional promise in writing, made by one person to another, signed by the maker engaging 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. Bills of Exchange Act (2021 Revision) Section 84 c Revised as at 31st December, 2020 Page 39 (2) An instrument in the form of a note payable to maker\u2019s order is not a note within the meaning of this section unless and until it is endorsed by the maker. (3) A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof. (4) A note which is, or on the face of it purports to be, both made and payable within the Islands is an inland note. Any other note is a foreign note. 84. Delivery necessary 84. A promissory note is inchoate and incomplete until delivery thereof to the payee or bearer. 85. Joint and several notes 85. (1) A promissory note may be made by two or more makers, and they may be liable thereon jointly, or jointly and severally, according to its tenor. (2) Where a note runs \u201cI promise to pay\u201d, and is signed by two or more persons, it is deemed to be their joint and several note. 86. Note payable on demand 86. (1) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged. (2) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade and the facts of the particular case. (3) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which the holder had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue. 87. Presentment of note for payment 87. (1) Where a promissory note is, in the body of it, made payable at a particular place, it must be presented for payment at the place in order to render the maker liable. In any other case, presentment for payment is not necessary in order to render the maker liable. (2) Presentment for payment is necessary in order to render the indorser of a note liable. (3) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. Section 88 Bills of Exchange Act (2021 Revision) Page 40 Revised as at 31st December, 2020 c 88. Liability of maker 88. The maker of a promissory note, by making it \u2014 (a) engages that the maker will pay it according to its tenor; and (b) is precluded from denying to a holder in due course the existence of the payee and the payee\u2019s then capacity to indorse. 89. Application of Part II to notes 89. (1) Subject to this Part, and except as by this section provided, the provisions of this Act relating to bills of exchange apply, with the necessary modifications, to promissory notes. (2) In applying those provisions, the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first indorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer\u2019s order. (3) The following provisions as to bills do not apply to notes, namely, provisions relating to \u2014 (a) presentment for acceptance; (b) acceptance; (c) acceptance supra protest; or (d) bills in a set. (4) Where a foreign note is dishonoured, protest thereof is unnecessary. PART V-Supplementary 90. Good faith 90. A thing is deemed to be done in good faith, within the meaning of this Act, where it is in fact done honestly whether it is done negligently or not. 91. Signature 91. (1) Where, by this Act, any instrument or writing is required to be signed by any person, it is not necessary that that person should sign it with that person\u2019s own hand, but it is sufficient if that person\u2019s signature is written thereon by some other person by or under that person\u2019s authority. (2) In the case of a corporation, where by this Act any instrument or writing is requested to be signed, it is sufficient if the instrument or writing be sealed with the corporate seal. (3) Nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal. Bills of Exchange Act (2021 Revision) Section 92 c Revised as at 31st December, 2020 Page 41 92. Computation of time 92. Where, by this Act, the time limited for doing any act or thing is less than three days, in reckoning time non-business days are excluded. 93. When noting equivalent to protest. 93. For the purposes of this Act, where a bill or note is required to be protested within a specified time, or before some further proceeding is taken, it is sufficient that the bill has been noted for protest before the expiration of the specified time, or the taking of the proceeding; and the formal protest may be extended at any time thereafter as of the date of the noting. 94. Protest when notary not accessible 94. (1) Where a dishonoured bill or note is authorised or required to be protested, and the services of a notary cannot be obtained at the place where the bill is dishonoured, any householder or substantial resident of the place may, in the presence of two witnesses, give a certificate, signed by them, attesting the dishonour of the bill, and the certificate shall, in all respects, operate as if it were a formal protest of the bill. (2) The form given in the Schedule may be used with necessary modifications, and if used shall be sufficient. 95. Dividend warrants may be crossed 95. The provisions of this Act as to crossed cheques shall apply to a warrant for payment of dividend. 96. Savings 96. (1) The rules in bankruptcy relating to bills of exchange, promissory notes and cheques, shall continue to apply thereto, notwithstanding anything in this Act contained. (2) The rules of common law, including the law merchant, save insofar as they are inconsistent with the express provisions of this Act, shall continue to apply to bills of exchange, promissory notes and cheques. (3) Nothing in this Act shall affect \u2014 (a) the Stamp Duty Act (2019 Revision) or any law or enactment for the time being in force relating to the Revenue; or (b) the Companies Act (2021Revision) or any law relating to joint stock banks or companies. Bills of Exchange Act (2021 Revision) SCHEDULE c Revised as at 31st December 2020 Page 43 SCHEDULE (section 94) Form of protest which may be used when the services of a notary cannot be obtained Know all men that I, A.B. (householder), of................................................................ in the Cayman Islands, at the request of C.D., there being no notary public available, did on the ...........day of....................... , 20......... , at......................................................., demand payment (or acceptance) of the bill of exchange hereunder written, from E.F., to which demand E.F. made answer (state answer, if any) wherefore I now, in the presence of G.H. and I.K. do protest the said bill of exchange. (Signed) A.B. G.H. Witness I.K. Witness Note: The bill itself should be annexed, or a copy of the bill and all that is written thereon should be underwritten. Publication in consolidated and revised form authorised by the Cabinet this 5th day of January, 2021. Kim Bullings Clerk of the Cabinet Bills of Exchange Act (2021 Revision) SCHEDULE c Revised as at ??? Page 45 Bills of Exchange Act (2021 Revision) ENDNOTES c Revised as at ??? Page 47 ENDNOTES Table of Legislation history: SL # Law # Legislation Commencement Gazettes 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 120\/2020 Bills of Exchange (Amendment) Law, 2019 (Commencement) Order, 2020 10-Sep-2020 LG65\/2020\/s2 1\/2019 Bills of Exchange (Amendment) Law, 2019 14-Sept-2020 LG16\/2019\/s1 Bills of Exchange Law (1997 Revision) 1-Apr-1997 G7\/1997\/s2 Bills of Exchange Law (Revised) 13-Feb-1978 G4\/1978\/s2 16\/1970 Bills of Exchange (Amendment) Law, 1970 30-Dec-1970 GN204\/1970 1\/1969 Bills of Exchange (Amendment) Law, 1969 1-Mar-1969 GN43\/1969 Cap. 11 Bills of Exchange Law 1-Jan-1964 Revised Laws of the CI (Vol I \u2013 p. 153 ENDNOTES Bills of Exchange Act (2021 Revision) Page 48 Revised as at ??? c (Price: $9.60)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2021_01_12\", \"date\": \"2021-01-12\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2021_01_12\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2021_01_12\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/1964\/11\", \"FRBRdate\": [{\"date\": \"2021-01-12\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1964\/11\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"1964-0011\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"11 of 1964\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12\", \"FRBRdate\": [{\"date\": \"2021-01-12\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12.xml\", \"FRBRdate\": [{\"date\": \"2026-06-15\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1964\/11\/eng@2021-01-12.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Bills of Exchange Act\", \"actNumber\": \"11 of 1964\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nBILLS OF EXCHANGE ACT\n(2021 Revision)\nSupplement No. 4 published with Legislation Gazette No. 4 of 12th January, 2021.\n\nPage 2\nRevised as at 31st December, 2020\nc\n\nPUBLISHING DETAILS\nBills of Exchange Law (Cap. 11) consolidated with Laws 1 of 1969, 16 of 1970, 1 of\n2019 and 56 of 2020.\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nOriginally enacted \u2014\nCap. 11-1st January, 1964\nLaw 1 of 1969-21st February, 1969\nLaw 16 of 1970-5th November, 1970\nLaw 1 of 2019-10th April, 2019\nLaw 56 of 2020-7th December, 2020.\n\nConsolidated and revised this 31st day of December, 2020.\n\nNote (not forming part of this Act): This revision replaces the 1997 Revision which\nshould now be discarded.\n\nBills of Exchange Act (2021 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2020\nPage 3\n\nCAYMAN ISLANDS\n\nBILLS OF EXCHANGE ACT\n(2021 Revision)\nArrangement of Sections\nSection\nPage\nPART I-Introductory\n1.\nShort title ...................................................................................................................................... 7\n2.\nDefinitions ..................................................................................................................................... 7\nPART II-Bills of Exchange\nForm and interpretation\n8\n3.\nBill of exchange defined ............................................................................................................... 8\n4.\nInland and foreign bills .................................................................................................................. 9\n5.\nEffect where different parties to bill are the same person ............................................................ 9\n6.\nAddress of drawee ........................................................................................................................ 9\n7.\nCertainty required as to payee ..................................................................................................... 9\n8.\nWhat bills are negotiable .............................................................................................................. 9\n9.\nSum payable ............................................................................................................................... 10\n10.\nBill payable on demand .............................................................................................................. 10\n11.\nBill payable at a future time ........................................................................................................ 10\n12.\nOmission of date in bill payable after date .................................................................................. 11\n13.\nAntedating and postdating .......................................................................................................... 11\n14.\nComputation of time of payment ................................................................................................. 11\n15.\nCase of need .............................................................................................................................. 12\n16.\nOptional stipulations by drawer or indorser ................................................................................ 12\n17.\nDefinition and requisites of acceptance ...................................................................................... 12\n18.\nTime for acceptance ................................................................................................................... 12\n19.\nGeneral and qualified acceptances ............................................................................................ 13\n\nArrangement of Sections\nBills of Exchange Act (2021 Revision)\n\nPage 4\nRevised as at 31st December, 2020\nc\n\n20.\nInchoate instruments .................................................................................................................. 13\n21.\nDelivery ...................................................................................................................................... 13\n\nCapacity and authority of parties\n14\n22.\nCapacity of parties ..................................................................................................................... 14\n23.\nSignature essential to liability ..................................................................................................... 14\n24.\nForged or unauthorised signature .............................................................................................. 15\n25.\nProcuration signature ................................................................................................................. 15\n26.\nPerson signing as agent or in representative capacity .............................................................. 15\n\nThe consideration for a bill\n15\n27.\nValue and holder for value ......................................................................................................... 15\n28.\nAccommodation bill or party ....................................................................................................... 16\n29.\nHolder in due course .................................................................................................................. 16\n30.\nPresumption of value and good faith ......................................................................................... 16\n\nNegotiation of bills\n17\n31.\nNegotiation of bills ...................................................................................................................... 17\n32.\nRequisites of a valid indorsement .............................................................................................. 17\n33.\nConditional indorsement ............................................................................................................ 18\n34.\nIndorsement in blank and special indorsement .......................................................................... 18\n35.\nRestrictive indorsement ............................................................................................................. 18\n36.\nNegotiation of overdue or dishonoured bill ................................................................................ 18\n37.\nNegotiation of bill to party already liable thereon ....................................................................... 19\n38.\nRights of the holder .................................................................................................................... 19\n\nGeneral duties of the holder\n19\n39.\nWhen presentment for acceptance is necessary ....................................................................... 19\n40.\nTime for presenting bill payable after sight ................................................................................ 20\n41.\nRules as to presentment for acceptance, and excuses for non-presentment ............................ 20\n42.\nNon-acceptance ......................................................................................................................... 21\n43.\nDishonour by non-acceptance and its consequences ............................................................... 21\n44.\nDuties as to qualified acceptances ............................................................................................ 21\n45.\nRules as to presentment for payment ........................................................................................ 21\n46.\nExcuses for delay or non-presentment for payment .................................................................. 23\n47.\nDishonour by non-payment ........................................................................................................ 23\n48.\nNotice of dishonour and effect of non-notice ............................................................................. 23\n49.\nRules as to notice of dishonour .................................................................................................. 24\n50.\nExcuses for non-notice and delay .............................................................................................. 25\n51.\nNoting or protest of a bill ............................................................................................................ 26\n52.\nDuties of holder as regards drawee or acceptor ........................................................................ 27\n\nLiabilities of parties\n27\n53.\nFunds in hands of drawee .......................................................................................................... 27\n54.\nLiability of acceptor .................................................................................................................... 28\n55.\nLiability of drawer or indorser ..................................................................................................... 28\n56.\nStranger signing bill liable as indorser ....................................................................................... 28\n57.\nMeasure of damages against parties to dishonoured bill ........................................................... 29\n58.\nTransferor by delivery and transferee ........................................................................................ 29\n\nBills of Exchange Act (2021 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2020\nPage 5\n\nDischarge of bill\n29\n59.\nPayment in due course ............................................................................................................... 29\n60.\nBanker paying demand draft whereon indorsement is forged .................................................... 30\n61.\nAcceptor the holder at maturity ................................................................................................... 30\n62.\nExpress waiver ........................................................................................................................... 30\n63.\nCancellation ................................................................................................................................ 30\n64.\nAlteration of bill ........................................................................................................................... 31\n\nAcceptance and payment for honour\n31\n65.\nAcceptance for honour supra protest ......................................................................................... 31\n66.\nLiability of acceptor for honour ................................................................................................... 32\n67.\nPayment to acceptor for honour ................................................................................................. 32\n68.\nPayment for honour supra protest .............................................................................................. 32\n\nLost instrument\n33\n69.\nHolder\u2019s right to duplicate of lost bill ........................................................................................... 33\n70.\nAction on lost bill ......................................................................................................................... 33\n\nBill in a set\n33\n71.\nRules as to sets .......................................................................................................................... 33\n\nConflict of laws\n34\n72.\nRules where laws conflict ........................................................................................................... 34\nPART III-Cheques on a Banker\n73.\nCheque defined .......................................................................................................................... 35\n74.\nPresentment of cheque for payment .......................................................................................... 35\n74A. Alternative means of presentment by banker ............................................................................. 36\n75.\nRevocation of banker\u2019s authority ................................................................................................ 36\n\nCrossed cheques\n37\n76.\nGeneral and special crossings defined....................................................................................... 37\n77.\nCrossing by drawer or after issue ............................................................................................... 37\n78.\nCrossing a material part of cheque ............................................................................................. 37\n79.\nDuties of banker as to crossed cheques .................................................................................... 37\n80.\nProtection to banker and drawer where cheque is crossed ....................................................... 38\n81.\nEffect of crossing on holder ........................................................................................................ 38\n82.\nProtection to collecting banker ................................................................................................... 38\nPART IV-Promissory Note\n83.\nPromissory note defined ............................................................................................................. 38\n84.\nDelivery necessary ..................................................................................................................... 39\n85.\nJoint and several notes ............................................................................................................... 39\n86.\nNote payable on demand ........................................................................................................... 39\n87.\nPresentment of note for payment ............................................................................................... 39\n88.\nLiability of maker ......................................................................................................................... 40\n89.\nApplication of Part II to notes ...................................................................................................... 40\n\nArrangement of Sections\nBills of Exchange Act (2021 Revision)\n\nPage 6\nRevised as at 31st December, 2020\nc\n\nPART V-Supplementary\n90.\nGood faith .................................................................................................................................. 40\n91.\nSignature .................................................................................................................................... 40\n92.\nComputation of time ................................................................................................................... 41\n93.\nWhen noting equivalent to protest. ............................................................................................ 41\n94.\nProtest when notary not accessible ........................................................................................... 41\n95.\nDividend warrants may be crossed ............................................................................................ 41\n96.\nSavings ...................................................................................................................................... 41\nSCHEDULE\n43\nForm of protest which may be used when the services of a notary cannot be obtained\n43\nENDNOTES\n47\nTable of Endnote references: .............................................................................................................. 47\n\nBills of Exchange Act (2021 Revision)\nSection 1\n\nc\nRevised as at 31st December, 2020\nPage 7\n\nCAYMAN ISLANDS\n\nBILLS OF EXCHANGE ACT\n(2021 Revision)\n\nPART I-Introductory\n1.\nShort title\n1.\nThis Act may be cited as the Bills of Exchange Act (2021 Revision).\n2.\nDefinitions\n2.\nIn this Act \u2014\n\u201cacceptance\u201d means an acceptance completed by delivery or notification;\n\u201caction\u201d includes counter-claim and set-off;\n\u201cbanker\u201d includes a body of persons, whether incorporated or not, who carry\non the business of banking;\n\u201cbankrupt\u201d includes any person whose estate is vested in a trustee or assignee\nunder the law for the time being in force relating to bankruptcy;\n\u201cbearer\u201d means the person in possession of a bill or note which is payable to\nbearer;\n\u201cbill\u201d means bill of exchange;\n\u201cdelivery\u201d means transfer of possession, actual or constructive, from one person\nto another;\n\u201cholder\u201d means the payee or indorsee of a bill or note who is in possession of\nit, or the bearer thereof;\n\nSection 3\nBills of Exchange Act (2021 Revision)\n\nPage 8\nRevised as at 31st December, 2020\nc\n\n\u201choliday\u201d means and includes any day appointed by law or the Cabinet, to be\nkept as a public holiday, or as a day of fast or thanksgiving, but not Christmas\nDay or Good Friday;\n\u201cindorsement\u201d means an indorsement completed by delivery;\n\u201cissue\u201d means the first delivery of a bill or note, complete in form, to a person\nwho takes it as a holder;\n\u201cmonth\u201d, in a bill, means a calendar month;\n\u201cnon-business day\u201d means Saturday, Sunday, Good Friday, Christmas Day or\nany holiday, and any other day is a business day;\n\u201cnote\u201d means promissory note;\n\u201cperson\u201d includes a body of persons, whether incorporated or not;\n\u201cvalue\u201d means valuable consideration;\n\u201cwriting\u201d includes print; and\n\u201cwritten\u201d includes printed.\nPART II-Bills of Exchange\nForm and interpretation\n3.\nBill of exchange defined\n3.\n(1) A bill of exchange is an unconditional order in writing, addressed by one person\nto another, signed by the person giving it, requiring the person to whom it is\naddressed to pay on demand, or at a fixed or determinable future time, a certain\nsum in money to or to the order of a specified person, or to bearer.\n(2) An instrument which does not comply with these conditions, or which orders\nany act to be done in addition to the payment of money, is not a bill of exchange.\n(3) An order to pay out of a particular fund is not unconditional within the meaning\nof this section; but an unqualified order to pay, coupled with \u2014\n(a) an indication of a particular fund out of which the drawee is to reimburse\nthemselves, or a particular account to be debited with the amount; or\n(b) a statement of the transaction which gives rise to the bill,\nis unconditional.\n(4) A bill is not invalid by reason that it \u2014\n(a) is not dated;\n(b) does not specify the value given, or that any value has been given therefor;\nor\n\nBills of Exchange Act (2021 Revision)\nSection 4\n\nc\nRevised as at 31st December, 2020\nPage 9\n\n(c) does not specify the place where it is drawn, or the place where it is\npayable.\n4.\nInland and foreign bills\n4.\n(1) An inland bill is a bill which is, or on the face of it purports to be \u2014\n(a) both drawn and payable within the Islands; or\n(b) drawn within the Islands upon some person resident therein.\n(2) Any other bill is a foreign bill.\n(3) Unless the contrary appears on the face of the bill, the holder may treat it as an\ninland bill.\n5.\nEffect where different parties to bill are the same person\n5.\n(1) A bill may be drawn payable to or to the order of the drawer, or it may be drawn\npayable to or to the order of the drawee.\n(2) Where, in a bill, drawer and drawee are the same person, or where the drawee\nis a fictitious person or a person not having capacity to contract, the holder may\ntreat the instrument, at the holder\u2019s option, either as a bill of exchange or as a\npromissory note.\n6.\nAddress of drawee\n6.\n(1) The drawee must be named or otherwise indicated in a bill with reasonable\ncertainty.\n(2) A bill may be addressed to two or more drawees, whether they are partners or\nnot, but an order addressed to two drawees in the alternative, or to two or more\ndrawees in succession, is not a bill of exchange.\n7.\nCertainty required as to payee\n7.\n(1) Where a bill is not payable to bearer, the payee must be named or otherwise\nindicated therein with reasonable certainty.\n(2) A bill may be made payable to two or more payees jointly, or it may be made\npayable in the alternative to one of two, or one or some of several payees. A bill\nmay also be made payable to the holder of an office for the time being.\n(3) Where the payee is a fictitious or non-existing person the bill may be treated as\npayable to bearer.\n8.\nWhat bills are negotiable\n8.\n(1) When a bill contains words prohibiting transfer, or indicating an intention that\nit should not be transferable, it is valid as between the parties thereto, but is not\nnegotiable.\n(2) A negotiable bill may be payable either to order or to bearer.\n\nSection 9\nBills of Exchange Act (2021 Revision)\n\nPage 10\nRevised as at 31st December, 2020\nc\n\n(3) A bill is payable to bearer which is expressed to be so payable, or on which the\nonly or last indorsement is an indorsement in blank.\n(4) A bill is payable to order which is expressed to be so payable or which is\nexpressed to be payable to a particular person, and does not contain words\nprohibiting transfer or indicating an intention that it should not be transferable.\n(5) Where a bill, either originally or by indorsement, is expressed to be payable to\nthe order of a specified person, and not to that person or that person\u2019s order, it\nis nevertheless payable to that person or that person\u2019s order at that person\u2019s\noption.\n9.\nSum payable\n9.\n(1) The sum payable by a bill is a sum certain within the meaning of this Act,\nalthough it is required to be paid \u2014\n(a) with interest;\n(b) by stated instalments;\n(c) by stated instalments, with a provision that upon default in payment of any\ninstalment the whole shall become due; or\n(d) according to an indicated rate of exchange, or according to a rate of\nexchange to be ascertained as directed by the bill.\n(2) Where the sum payable is expressed in words and also in figures, and there is a\ndiscrepancy between the two, the sum denoted by the words is the amount\npayable.\n(3) Where a bill is expressed to be payable with interest, unless the instrument\notherwise provides, interest runs from the date of the bill, and if the bill is\nundated from the issue thereof.\n10.\nBill payable on demand\n10. (1) A bill is payable on demand \u2014\n(a) which is expressed to be payable on demand, at sight or on presentation; or\n(b) in which no time for payment is expressed.\n(2) Where a bill is accepted or indorsed when it is overdue it shall, as regards the\nacceptor who so accepts, or any indorser who so indorses it, be deemed a bill\npayable on demand.\n11.\nBill payable at a future time\n11. (1) A bill is payable at a determinable future time within the meaning of this Act\nwhich is expressed to be payable \u2014\n(a) at a fixed period after date or sight; or\n\nBills of Exchange Act (2021 Revision)\nSection 12\n\nc\nRevised as at 31st December, 2020\nPage 11\n\n(b) on or at a fixed period after the occurrence of a specified event which is\ncertain to happen, though the time of happening may be uncertain.\n(2) An instrument expressed to be payable on a contingency is not a bill, and the\nhappening of the event does not cure the defect.\n12.\nOmission of date in bill payable after date\n12. Where a bill expressed to be payable at a fixed period after date is issued undated, or\nwhere the acceptance of a bill payable at a fixed period after sight is undated, any\nholder may insert therein the true date of issue or acceptance, and the bill shall be\npayable accordingly:\nProvided that \u2014\n(a) where the holder in good faith and by mistake inserts a wrong date; and\n(b) in every case where a wrong date is inserted, if the bill subsequently comes\ninto the hands of a holder in due course,\nthe bill shall not be avoided thereby, but shall operate and be payable as if the\ndate so inserted had been the true date.\n13.\nAntedating and postdating\n13. (1) Where a bill or an acceptance, or any indorsement on a bill is dated, the date\nshall, unless the contrary be proved, be deemed to be the true date of the\ndrawing, acceptance or indorsement, as the case may be.\n(2) A bill is not invalid by reason only that it is antedated or postdated, or that it\nbears date on a Sunday.\n14.\nComputation of time of payment\n14. Where a bill is not payable on demand the day on which it falls due is determined as\nfollows \u2014\n(a) three days, called days of grace, are, in every case where the bill itself does\nnot otherwise provide, added to the time of payment as fixed by the bill,\nand the bill is due and payable on the last day of grace:\nProvided that when the last day of grace falls on a Saturday, Sunday,\nChristmas Day, Good Friday or a holiday, the bill is, except in the case\nhereinafter provided for, due and payable on the preceding business day;\nexcept that when the last day of grace is a holiday and the second day of\ngrace is a Saturday, Sunday, Christmas Day or Good Friday, the bill is due\nand payable on the succeeding business day, and where, by reason of any\nperiod of public emergency, the transaction of normal business becomes\nonerous or impossible, the Cabinet may, by declaration published in the\nGazette, retrospectively or otherwise, declare such period to be a holiday\nfor the purpose of this section and any bill which would otherwise have\n\nSection 15\nBills of Exchange Act (2021 Revision)\n\nPage 12\nRevised as at 31st December, 2020\nc\n\nbeen payable during such period shall be payable on the next ensuing\nbusiness day;\n(b) where a bill is payable at a fixed period after date, after sight or after the\nhappening of a specified event, the time of payment is determined by\nexcluding the day from which the time is to begin to run, and by including\nthe day of payment; and\n(c) where a bill is payable at a fixed period after sight, the time begins to run\nfrom the date of the acceptance if the bill be accepted, and from the date\nof noting or protest if the bill be noted or protested for non-acceptance or\nnon-delivery.\n15.\nCase of need\n15. The drawer of a bill, and any indorser, may insert therein the name of a person to\nwhom the holder may resort in case of need, that is to say, in case the bill is\ndishonoured by non-acceptance or non-payment. Such person is called the \u201creferee\nin case of need\u201d. It is in the option of the holder to resort to the referee in case of need\nor not, as the holder may think fit.\n16.\nOptional stipulations by drawer or indorser\n16. The drawer of a bill, and any indorser, may insert therein an express stipulation \u2014\n(a) negativing or limiting the drawer\u2019s own liability to the holder; or\n(b) waiving as regards themselves some or all of the holder\u2019s duties.\n17.\nDefinition and requisites of acceptance\n17. (1) The acceptance of a bill is the signification by the drawee of the drawee\u2019s assent\nto the order of the drawer.\n(2) An acceptance is invalid unless \u2014\n(a) it is written on the bill and signed by the drawee, and in this regard the\nmere signature of the drawee without additional words is sufficient; and\n(b) it does not express that the drawee will perform the drawee\u2019s promise by\nany other means than the payment of money.\n18.\nTime for acceptance\n18. (1) A bill may be accepted \u2014\n(a) before it has been signed by the drawer, or while otherwise incomplete; or\n(b) when it is overdue, or after it has been dishonoured by a previous refusal\nto accept, or by non-payment.\n(2) When a bill payable after sight is dishonoured by non-acceptance and the\ndrawee subsequently accepts it, the holder, in the absence of any different\n\nBills of Exchange Act (2021 Revision)\nSection 19\n\nc\nRevised as at 31st December, 2020\nPage 13\n\nagreement, is entitled to have the bill accepted as of the date of first presentment\nto the drawee for acceptance.\n19.\nGeneral and qualified acceptances\n19. (1) An acceptance is either general or qualified.\n(2) A general acceptance assents without qualification to the order of the drawer. A\nqualified acceptance in express terms varies the effect of the bill as drawn.\n(3) In particular, an acceptance is qualified which is \u2014\n(a) conditional, that is to say, which makes payment by the acceptor dependent\non the fulfilment of a condition therein stated;\n(b) partial, that is to say, an acceptance to pay part only of the amount for\nwhich the bill is drawn; or\n(c) local, that is to say, an acceptance to pay only at a particular specified\nplace:\nProvided that an acceptance to pay at a particular place is a general acceptance,\nunless it expressly states that the bill is to be paid there only and not elsewhere;\n(d) qualified as to time; or\n(e) the acceptance of some one or more of the drawees, but not of all.\n20.\nInchoate instruments\n20. (1) Where a simple signature on a blank stamped paper is delivered by the signer in\norder that it may be converted into a bill, it operates as a prima facie authority\nto fill it up as a complete bill for any amount the stamp will cover, using the\nsignature for that of the drawer, the acceptor or an indorser; and, in like manner,\nwhen a bill is wanting in any material particular, the person in possession of it\nhas a prima facie authority to fill up the omission in any way the person in\npossession thinks fit.\n(2) In order that any such instrument, when completed, may be enforceable against\nany person who became a party thereto prior to its completion, it must be filled\nup within a reasonable time, and strictly in accordance with the authority given.\nReasonable time for this purpose is a question of fact:\nProvided that if any such instrument, after completion, is negotiated to a holder\nin due course, it shall be valid and effectual for all purposes in the holder\u2019s\nhands, and the holder may enforce it as if it had been filled up within a\nreasonable time, and strictly in accordance with the authority given.\n21.\nDelivery\n21. (1) Every contract on a bill, whether it be the drawer\u2019s, the acceptor\u2019s or an\nindorser\u2019s is incomplete and revocable until delivery of the instrument in order\nto give effect thereto:\n\nSection 22\nBills of Exchange Act (2021 Revision)\n\nPage 14\nRevised as at 31st December, 2020\nc\n\nProvided that where an acceptance is written on a bill, and the drawee gives\nnotice to or according to the directions of the person entitled to the bill that the\ndrawee has accepted it, the acceptance then becomes complete and irrevocable.\n(2) As between immediate parties, and as regards a remote party other than a holder\nin due course, the delivery in order to be effectual \u2014\n(a) must be made either by or under the authority of the party drawing,\naccepting or indorsing, as the case may be; and\n(b) may be shown to have been conditional or for a special purpose only, and\nnot for the purpose of transferring the property in the bill,\nbut if the bill be in the hands of a holder in due course, a valid delivery of the\nbill by all parties prior to the holder so as to make them liable to the holder is\nconclusively presumed.\n(3) Where a bill is no longer in the possession of a party who has signed it as drawer,\nacceptor or indorser, a valid and unconditional delivery by the drawer, acceptor\nor indorser is presumed until the contrary is proved.\nCapacity and authority of parties\n22.\nCapacity of parties\n22. (1) Capacity to incur liability as a party to a bill is co-extensive with capacity to\ncontract:\nProvided that nothing in this section shall enable a corporation to make itself\nliable as drawer, acceptor or indorser of a bill unless it is competent to it so to\ndo under the law for the time being in force relating to corporations.\n(2) Where a bill is drawn or indorsed by an infant, minor or corporation having no\ncapacity or power to incur liability on a bill, the drawing or indorsement entitles\nthe holder to receive payment of the bill, and to enforce it against any other party\nthereto.\n23.\nSignature essential to liability\n23. No person is liable as drawer, indorser or acceptor of a bill who has not signed it\nas such:\nProvided that \u2014\n(a) where a person signs a bill in a trade or assumed name, that person is liable\nthereon as if that person had signed it in that person\u2019s own name; and\n(b) the signature of the name of a firm is equivalent to the signature, by the\nperson so signing, of the names of all persons liable as partners in that firm.\n\nBills of Exchange Act (2021 Revision)\nSection 24\n\nc\nRevised as at 31st December, 2020\nPage 15\n\n24.\nForged or unauthorised signature\n24. Subject to this Act, where a signature on a bill is forged or placed thereon without the\nauthority of the person whose signature it purports to be, the forged or unauthorised\nsignature is wholly inoperative, and no right to retain the bill, to give a discharge\ntherefor or to enforce payment thereof against any party thereto, can be acquired\nthrough or under that signature, unless the party against whom it is sought to retain\nor enforce payment of the bill is precluded from setting up the forgery or want of\nauthority:\nProvided that nothing in this section shall affect the ratification of an unauthorised\nsignature not amounting to a forgery.\n25.\nProcuration signature\n25. A signature by procuration operates as notice that the agent has but a limited authority\nto sign, and the principal is only bound by such signature if the agent in so signing\nwas acting within the actual limits of the agent\u2019s authority.\n26.\nPerson signing as agent or in representative capacity\n26. (1) Where a person signs a bill as drawer, indorser or acceptor, and adds words to\nthat person\u2019s signature indicating that that person signs for or on behalf of a\nprincipal, or in a representative character, that person is not personally liable\nthereon; but the mere addition to that person\u2019s signature of words describing\nthat person as an agent, or as filling a representative character, does not exempt\nthat person from personal liability.\n(2) In determining whether a signature on a bill is that of the principal or that of the\nagent by whose hand it is written, the construction most favourable to the\nvalidity of the instrument shall be adopted.\nThe consideration for a bill\n27.\nValue and holder for value\n27. (1) Valuable consideration for a bill may be constituted by \u2014\n(a) any consideration sufficient to support a simple contract; or\n(b) an antecedent debt or liability; and such a debt or liability is deemed\nvaluable consideration whether the bill is payable on demand or at a future\ntime.\n(2) Where value has, at any time, been given for a bill, the holder is deemed to be a\nholder for value as regards the acceptor and all parties to the bill who became\nparties prior to such time.\n\nSection 28\nBills of Exchange Act (2021 Revision)\n\nPage 16\nRevised as at 31st December, 2020\nc\n\n(3) Where the holder of a bill has a lien on it, arising either from contract or by\nimplication of law, the holder is deemed to be a holder for value to the extent of\nthe sum for which the holder has a lien.\n28.\nAccommodation bill or party\n28. (1) An accommodation party to a bill is a person who has signed a bill as drawer,\nacceptor or indorser, without receiving value therefor, and for the purpose of\nlending the accommodation party\u2019s name to some other person.\n(2) An accommodation party is liable on the bill to a holder for value; and it is\nimmaterial whether, when such holder took the bill, that holder knew such party\nto be an accommodation party or not.\n29.\nHolder in due course\n29. (1) A holder in due course is a holder who has taken a bill, complete and regular on\nthe face of it, under the conditions \u2014\n(a) that the holder became the holder of it before it was overdue, and without\nnotice that it had been previously dishonoured, if such was the fact; and\n(b) that the holder took the bill in good faith and for value, and that at the time\nthe bill was negotiated to the holder the holder had no notice of any defect\nin the title of the person who negotiated it.\n(2) The title of a person who negotiates a bill is defective, within the meaning of\nthis Act, when that person obtained the bill, or the acceptance thereof, by fraud,\nduress, force, fear, unlawful means or for an illegal consideration, or when that\nperson negotiates it in breach of faith, or under such circumstances as amount\nto a fraud.\n(3) A holder (whether for value or not) who derives that holder\u2019s title to a bill\nthrough a holder in due course, and who is not themselves a party to any fraud\nor illegality affecting it, has all the rights of that holder in due course as regards\nthe acceptor and all parties to the bill prior to that holder.\n30.\nPresumption of value and good faith\n30. (1) Every party whose signature appears on a bill is prima facie deemed to have\nbecome a party thereto for value.\n(2) Every holder of a bill is prima facie deemed to be a holder in due course; but if\nin an action on a bill, it is admitted or proved that the acceptance, issue or\nsubsequent negotiation of the bill is affected with fraud, duress, force, fear or\nillegality, the burden of proof is shifted, unless and until the holder proves that,\nsubsequent to the alleged fraud or illegality, value has in good faith been given\nfor the bill.\n\nBills of Exchange Act (2021 Revision)\nSection 31\n\nc\nRevised as at 31st December, 2020\nPage 17\n\nNegotiation of bills\n31.\nNegotiation of bills\n31. (1) A bill is negotiated when it is transferred from one person to another in such a\nmanner as to constitute the transferee the holder of the bill.\n(2) A bill payable to bearer is negotiated by delivery.\n(3) A bill payable to order is negotiated by the indorsement of the holder completed\nby delivery.\n(4) Where the holder of a bill payable to the holder\u2019s order transfers it for value\nwithout indorsing it, the transfer gives the transferee such title as the transferor\nhad in the bill, and the transferee in addition acquires the right to have the\nindorsement of the transferor.\n(5) Where any person is under obligation to indorse a bill in a representative\ncapacity, that person may indorse the bill in such terms as to negative personal\nliability.\n32.\nRequisites of a valid indorsement\n32. An indorsement, in order to operate as a negotiation, must comply with the following\nconditions \u2014\n(a) it must be written on the bill itself, and be signed by the indorser; the\nsimple signature of the indorser on the bill, without additional words, is\nsufficient;\n(b) an indorsement written on an allonge, or on a copy of a bill issued or\nnegotiated in a country where copies are recognised, is deemed to be\nwritten on the bill itself;\n(c) it must be an indorsement of the entire bill; a partial indorsement, that is\nto say, an indorsement which purports to transfer to the indorsee a part\nonly of the amount payable, or which purports to transfer the bill to two or\nmore indorsees severally, does not operate as a negotiation of the bill;\n(d) where a bill is payable to the order of two or more payees or indorsees who\nare not partners, all must indorse,unless the one indorsing has authority to\nindorse for the others;\n(e) where, in a bill payable to order, the payee or indorsee is wrongly\ndesignated, or that payee\u2019s or indorsee\u2019s name is misspelt, that payee or\nindorsee may indorse the bill as therein described, adding, if that payee or\nindorsee thinks fit, that payee\u2019s or indorsee\u2019s proper signature;\n(f)\nwhere there are two or more indorsements on a bill, each indorsement is\ndeemed to have been made in the order in which it appears on the bill, until\nthe contrary is proved; and\n\nSection 33\nBills of Exchange Act (2021 Revision)\n\nPage 18\nRevised as at 31st December, 2020\nc\n\n(g) an indorsement may be made in blank or special; it may also contain terms\nmaking it restrictive.\n33.\nConditional indorsement\n33. Where a bill purports to be indorsed conditionally the condition may be disregarded\nby the payer, and payment to the indorsee is valid, whether the condition has been\nfulfilled or not.\n34.\nIndorsement in blank and special indorsement\n34. (1) An indorsement in blank specifies no indorsee, and a bill so indorsed becomes\npayable to bearer.\n(2) A special indorsement specifies the person to whom, or to whose order, the bill\nis to be payable.\n(3) The provisions of this Act relating to a payee apply, with the necessary\nmodifications, to an indorsee under a special indorsement.\n(4) When a bill has been indorsed in blank, any holder may convert the blank\nindorsement into a special indorsement by writing, above the indorser\u2019s\nsignature, a direction to pay the bill to or to the order of themselves, or some\nother person.\n35.\nRestrictive indorsement\n35. (1) An indorsement is restrictive which prohibits the further negotiation of the bill,\nor which expresses that it is a mere authority to deal with the bill, as thereby\ndirected, and not a transfer of the ownership thereof, as, for example, if a bill be\nindorsed \u201cpay D only\u201d, \u201cpay D for the account of X\u201d or \u201cpay D or order for\ncollection\u201d.\n(2) A restrictive indorsement gives the indorsee the right to receive payment of the\nbill, and to sue any party thereto that the indorsee\u2019s indorser could have sued,\nbut gives the indorsee no power to transfer the indorsee\u2019s rights as indorsee,\nunless it expressly authorises the indorsee to do so.\n(3) Where a restrictive indorsement authorises further transfer, all subsequent\nindorsees take the bill with the same rights, and subject to the same liabilities,\nas the first indorsee under the restrictive indorsement.\n36.\nNegotiation of overdue or dishonoured bill\n36. (1) Where a bill is negotiable in its origin it continues to be negotiable until it has\nbeen restrictively indorsed or discharged by payment or otherwise.\n(2) Where an overdue bill is negotiated, it can only be negotiated subject to any\ndefect of title affecting it at its maturity, and thenceforward no person who takes\nit can acquire or give a better title than that which the person from whom that\nperson took it had.\n\nBills of Exchange Act (2021 Revision)\nSection 37\n\nc\nRevised as at 31st December, 2020\nPage 19\n\n(3) A bill payable on demand is deemed to be overdue, within the meaning and for\nthe purposes of this section when it appears on the face of it to have been in\ncirculation for an unreasonable length of time. What is an unreasonable length\nof time for the purpose is a question of fact.\n(4) Except where an indorsement bears date after the maturity of the bill, every\nnegotiation is prima facie deemed to have been effected before the bill was\noverdue.\n(5) Where a bill which is not overdue has been dishonoured, any person who takes\nit with notice of the dishonour takes its subject to any defect of title attaching\nthereto at the time of dishonour, but nothing in this subsection shall affect the\nrights of a holder in due course.\n37.\nNegotiation of bill to party already liable thereon\n37. Where a bill is negotiated back to the drawer, to a prior indorser or to the acceptor,\nsuch party may, subject to this Act, reissue and further negotiate the bill, but such\nparty is not entitled to enforce payment of the bill against any intervening party to\nwhom such party was previously liable.\n38.\nRights of the holder\n38. The rights and powers of the holder of a bill are as follows \u2014\n(a) the holder may sue on the bill in the holder\u2019s own name;\n(b) where the holder is a holder in due course, the holder holds the bill free\nfrom any defect of titles of prior parties, as well as from mere personal\ndefences available to prior parties among themselves, and may enforce\npayment against all parties liable on the bill; and\n(c) where the holder\u2019s title is defective \u2014\n(i)\nif the holder negotiates the bill to a holder in due course, that holder\nobtains a good and complete title to the bill; and\n(ii) if the holder obtains payment of the bill, the person who pays the\nholder in due course gets a valid discharge for the bill.\nGeneral duties of the holder\n39.\nWhen presentment for acceptance is necessary\n39. (1) Where a bill is payable after sight, presentment for acceptance is necessary in\norder to fix the maturity of the instrument.\n(2) Where a bill expressly stipulates that it shall be presented for acceptance, or\nwhere a bill is drawn payable elsewhere than at the residence or place of\nbusiness of the drawee, it must be presented for acceptance before it can be\npresented for payment.\n\nSection 40\nBills of Exchange Act (2021 Revision)\n\nPage 20\nRevised as at 31st December, 2020\nc\n\n(3) In no other case is presentment for acceptance necessary in order to render liable\nany party to the bill.\n(4) Where the holder of a bill, drawn payable elsewhere than at the place of business\nor residence of the drawee, has not time, with the exercise of reasonable\ndiligence, to present the bill for acceptance before presenting it for payment on\nthe day that it falls due, the delay caused by presenting the bill for acceptance\nbefore presenting it for payment is excused, and does not discharge the drawer\nand indorsers.\n40.\nTime for presenting bill payable after sight\n40. (1) Subject to this Act, when a bill payable after sight is negotiated, the holder must\neither present it for acceptance or negotiate it within a reasonable time.\n(2) If the holder does not do so, the drawer and all indorsers prior to that holder are\ndischarged.\n(3) In determining what is a reasonable time within the meaning of this section,\nregard shall be had to the nature of the bill, the usage of trade with respect to\nsimilar bills and the facts of the particular case.\n41.\nRules as to presentment for acceptance, and excuses for non-presentment\n41. (1) A bill is duly presented for acceptance which is presented in accordance with\nthe following rules \u2014\n(a) the presentment must be made by or on behalf of the holder to the drawee,\nor to some person authorised to accept or refuse acceptance on the\ndrawee\u2019s behalf, at a reasonable hour on a business day, and before the bill\nis overdue;\n(b) where a bill is addressed to two or more drawees who are not partners,\npresentment must be made to them all, unless one has authority to accept\nfor all, then presentment may be made to that drawee only;\n(c) where the drawee is dead, presentment may be made to the drawee\u2019s\npersonal representative;\n(d) where the drawee is bankrupt, presentment may be made to the drawee or\nto the drawee\u2019s trustee; and\n(e) where authorised by agreement or usage a presentment through the post\noffice is sufficient.\n(2) Presentment in accordance with these rules is excused, and a bill may be treated\nas dishonoured by non-acceptance \u2014\n(a) where the drawee is dead or bankrupt, a fictitious person or a person not\nhaving capacity to contract by bill;\n(b) where, after the exercise of reasonable diligence, such presentment cannot\nbe effected; or\n\nBills of Exchange Act (2021 Revision)\nSection 42\n\nc\nRevised as at 31st December, 2020\nPage 21\n\n(c) where, although the presentment has been irregular, acceptance has been\nrefused on some other ground.\n(3) The fact that the holder has reason to believe that the bill on presentment will\nbe dishonoured does not excuse presentment.\n42.\nNon-acceptance\n42. When a bill is duly presented for acceptance and is not accepted within the customary\ntime, the person presenting it must treat it as dishonoured by non-acceptance. If that\nperson does not, the holder shall lose the holder\u2019s right of recourse against the drawer\nand indorsers.\n43.\nDishonour by non-acceptance and its consequences\n43. (1) A bill is dishonoured by non-acceptance \u2014\n(a) when it is duly presented for acceptance, and such an acceptance as is\nprescribed by this Act is refused, or cannot be obtained; or\n(b) when presentment for acceptance is excused and the bill is not accepted.\n(2) Subject to this Act, when a bill is dishonoured by non-acceptance, an immediate\nright of recourse against the drawer and indorsers accrues to the holder, and no\npresentment for payment is necessary.\n44.\nDuties as to qualified acceptances\n44. (1) The holder of a bill may refuse to take a qualified acceptance, and if the holder\ndoes not obtain a unqualified acceptance may treat the bill as dishonoured by\nnon-acceptance.\n(2) Where a qualified acceptance is taken, and the drawer or an indorser has not\nexpressly or impliedly authorised the holder to take a qualified acceptance, or\ndoes not subsequently assent thereto, such drawer or indorser is discharged from\nthe drawer\u2019s or indorser\u2019s liability on the bill.\n(3) Subsection (2) does not apply to a partial acceptance, whereof due notice has\nbeen given. Where a foreign bill has been accepted as to part, it must be\nprotested as to the balance.\n(4) When the drawer or indorser of a bill receives notice of a qualified acceptance,\nand does not, within a reasonable time, express their dissent to the holder, the\ndrawer or indorser shall be deemed to have assented thereto.\n45.\nRules as to presentment for payment\n45. (1) Subject to this Act, a bill must be duly presented for payment. If it is not so\npresented the drawer and indorsers shall be discharged.\n(2) A bill is duly presented for payment which is presented in accordance with the\nfollowing rules \u2014\n\nSection 45\nBills of Exchange Act (2021 Revision)\n\nPage 22\nRevised as at 31st December, 2020\nc\n\n(a) where the bill is not payable on demand, presentment must be made on the\nday it falls due;\n(b) where the bill is payable on demand, then, subject to this Act, presentment\nmust be made within a reasonable time after its issue in order to render the\ndrawer liable, and within a reasonable time after its indorsement in order\nto render the indorser liable; and in determining what is a reasonable time,\nregard shall be had to the nature of the bill, the usage of trade with regard\nto similar bills and the facts of the particular case;\n(c) presentment must be made by the holder, or by some person authorised to\nreceive payment on the holder\u2019s behalf, at a reasonable hour on a business\nday, at the proper place as hereinafter defined, either to the person\ndesignated by the bill as payer, or to some person authorised to pay or\nrefuse payment on that person\u2019s behalf, if with the exercise of reasonable\ndiligence, such person can there be found;\n(d) a bill is presented at the proper place \u2014\n(i)\nwhere a place of payment is specified in the bill and the bill is there\npresented;\n(ii) where no place of payment is specified, but the address of the drawee\nor acceptor is given in the bill, and the bill is there presented;\n(iii) where no place of payment is specified and no address given, and the\nbill is presented at the drawee\u2019s or acceptor\u2019s place of business, if\nknown, and if not, at the drawee\u2019s or acceptor\u2019s ordinary residence,\nif known; or\n(iv) in any other case, if presented to the drawee or acceptor wherever the\ndrawee or acceptor can be found, or if presented at the drawee\u2019s or\nacceptor\u2019s last known place of business or residence;\n(e) where a bill is presented at the proper place, and after the exercise of\nreasonable diligence no person authorised to pay or refuse payment can be\nfound there, no further presentment to the drawee or acceptor is required;\n(f)\nwhere a bill is drawn upon, or accepted by two or more persons who are\nnot partners, and no place of payment is specified, presentment must be\nmade to them all;\n(g) where the drawee or acceptor of a bill is dead, and no place of payment is\nspecified, presentment must be made to a personal representative, if such\nthere be, and with the exercise of reasonable diligence a personal\nrepresentative can be found; and\n(h) where authorised by agreement or usage, a presentment through the post\noffice is sufficient.\n\nBills of Exchange Act (2021 Revision)\nSection 46\n\nc\nRevised as at 31st December, 2020\nPage 23\n\n46.\nExcuses for delay or non-presentment for payment\n46. (1) Delay in making presentment for payment is excused when the delay is caused\nby circumstances beyond the control of the holder, and not imputable to the\nholder\u2019s default, misconduct or negligence. When the cause of delay ceases to\noperate presentment must be made with reasonable diligence.\n(2) Presentment for payment is dispensed with \u2014\n(a) where, after the exercise of reasonable diligence, presentment, as required\nby this Act, cannot be effected. The fact that the holder has reason to\nbelieve that the bill will, on presentment, be dishonoured, does not\ndispense with the necessity for presentment;\n(b) where the drawer is a fictitious person;\n(c) as regards the drawer, where the drawee or acceptor is not bound, as\nbetween themselves and the drawer, to accept or pay the bill, and the\ndrawer has no reason to believe that the bill would be paid if presented;\n(d) as regards an indorser, where the bill was accepted or made for the\naccommodation of that indorser, and that endorser has no reason to expect\nthat the bill would be paid if presented; or\n(e) by waiver of presentment, express or implied.\n47.\nDishonour by non-payment\n47. (1) A bill is dishonoured by non-payment \u2014\n(a) when it is duly presented for payment and payment is refused or cannot be\nobtained; or\n(b) when presentment is excused and the bill is overdue and unpaid.\n(2) Subject to this Act, when a bill is dishonoured by non-payment, an immediate\nright of recourse against the drawer and indorsers accrues to the holder.\n48.\nNotice of dishonour and effect of non-notice\n48. Subject to this Act, when a bill has been dishonoured by non-acceptance or nonpayment, notice of dishonour must be given to the drawer and each indorser, and any\ndrawer or indorser to whom such notice is not given is discharged:\nProvided that \u2014\n(a) where a bill is dishonoured by non-acceptance, and notice of dishonour is\nnot given, the rights of a holder in due course subsequent to the omission\nshall not be prejudiced by the omission; or\n(b) where a bill is dishonoured by non-acceptance and due notice of dishonour\nis given, it shall not be necessary to give notice of a subsequent dishonour\nby non-payment unless the bill shall in the meantime have been accepted.\n\nSection 49\nBills of Exchange Act (2021 Revision)\n\nPage 24\nRevised as at 31st December, 2020\nc\n\n49.\nRules as to notice of dishonour\n49. Notice of dishonour, in order to be valid and effectual, must be given in accordance\nwith the following rules \u2014\n(a) the notice must be given by or on behalf of the holder, or by or on behalf\nof an indorser who, at the time of giving it, is themselves liable on the bill;\n(b) notice of dishonour may be given by an agent, either in the agent\u2019s own\nname, or in the name of any party entitled to give notice, whether that party\nbe the agent\u2019s principal or not;\n(c) where the notice is given by or on behalf of the holder, it enures for the\nbenefit of all subsequent holders, and all prior indorsers who have a right\nof recourse against the party to whom it is given;\n(d) where notice is given by or on behalf of an indorser entitled to give notice\nas hereinbefore provided, it enures for the benefit of the holder and all\nindorsers subsequent to the party to whom notice is given;\n(e) the notice may be given in writing or by personal communication, and may\nbe given in any terms which sufficiently identify the bill, and intimate that\nthe bill has been dishonoured by non-acceptance or non-payment;\n(f)\nthe return of a dishonoured bill to the drawer or an endorser is, in point of\nform, deemed a sufficient notice of dishonour;\n(g) a written notice need not be signed, and an insufficient written notice may\nbe supplemented and validated by verbal communication; a misdescription\nof the bill shall not vitiate the notice, unless the party to whom the notice\nis given is in fact misled thereby;\n(h) where notice of dishonour is required to be given to any person, it may be\ngiven either to the party themselves, or to the party\u2019s agent in that behalf;\n(i)\nwhere the drawer or indorser is dead, and the party giving notice knows it,\nthe notice must be given to a personal representative, if such there be, and\nwith the exercise of reasonable diligence a personal representative can be\nfound;\n(j)\nwhere the drawer or indorser is bankrupt, notice may be given either to the\nparty themselves or to the trustee;\n(k) where there are two or more drawers or indorsers who are not partners,\nnotice must be given to each of them, unless one of them has authority to\nreceive such notice for the others;\n(l)\nthe notice may be given as soon as the bill is dishonoured, and must be\ngiven within a reasonable time thereafter:\nProvided that in the absence of special circumstances, notice is not deemed to\nhave been given in a reasonable time, unless \u2014\n\nBills of Exchange Act (2021 Revision)\nSection 50\n\nc\nRevised as at 31st December, 2020\nPage 25\n\n(i)\nwhere the person giving and the person to receive notice reside in the\nsame place, the notice is given or sent in time to reach the latter on\nthe day after the dishonour of the bill; or\n(ii) where the person giving and the person to receive notice reside in\ndifferent places, the notice is sent off on the day after the dishonour\nof the bill, if there be a post at a convenient hour on that day, and if\nthere be no such post on that day, then by the next post thereafter;\n(m) where a bill, when dishonoured, is in the hands of an agent, the agent may\neither themselves give notice to the parties liable on the bill, or the agent\nmay give notice to the agent\u2019s principal; and if the agent gives notice to\nthe agent\u2019s principal, the agent must do so within the same time as if the\nagent were the holder, and the principal, upon receipt of such notice, has\nthemselves the same time for giving notice as if the agent had been an\nindependent holder;\n(n) where a party to a bill receives due notice of dishonour, that party has, after\nthe receipt of such notice, the same period of time for giving notice to\nantecedent parties that the holder has after the dishonour; and\n(o) where a notice of dishonour is duly addressed and posted, the sender is\ndeemed to have given due notice of dishonour, notwithstanding any\nmiscarriage by the post office.\n50.\nExcuses for non-notice and delay\n50. (1) Delay in giving notice of dishonour is excused where the delay is caused by\ncircumstances beyond the control of the party giving notice, and not imputable\nto the party\u2019s default, misconduct or negligence. When the cause of delay ceases\nto operate the notice must be given with reasonable diligence.\n(2) Notice of dishonour is dispensed with \u2014\n(a) when, after the exercise of reasonable diligence, notice, as required by this\nAct, cannot be given to or does not reach the drawer or indorser sought to\nbe charged;\n(b) by waiver, express or implied; notice of dishonour may be waived before\nthe time of giving notice has arrived or after the omission to give due\nnotice;\n(c) as regards the drawer \u2014\n(i)\nwhere drawer and drawee are the same person;\n(ii) where the drawee is a fictitious person or a person not having\ncapacity to contract;\n(iii) where the drawer is the person to whom the bill is presented for\npayment;\n\nSection 51\nBills of Exchange Act (2021 Revision)\n\nPage 26\nRevised as at 31st December, 2020\nc\n\n(iv) where the drawee or acceptor is as between themselves and the\ndrawer under no obligation to accept or pay the bill; or\n(v) where the drawer has countermanded payment; and\n(d) as regards the indorser \u2014\n(i)\nwhere the drawee is a fictitious person or a person not having\ncapacity to contract and the indorser was aware of the fact at the time\nthe indorser indorsed the bill;\n(ii) where the indorser is the person to whom the bill is presented for\npayment; or\n(iii) where the bill was accepted or made for the indorser\u2019s\naccommodation.\n51.\nNoting or protest of a bill\n51. (1) Where an inland bill has been dishonoured it may, if the holder thinks fit, be\nnoted for non-acceptance or non-payment, as the case may be; but it shall not\nbe necessary to note or protest any such bill in order to preserve the recourse\nagainst the drawer or indorser.\n(2) Where a foreign bill, appearing on the face of it to be such, has been dishonoured\nby non-acceptance, it must be duly protested for non-acceptance, and where\nsuch a bill, which has not been previously dishonoured by non-acceptance, is\ndishonoured by non-payment, it must be duly protested for non-payment. If it\nbe not so protested the drawer and indorser are discharged. Where a bill does\nnot appear on the face of it to be a foreign bill, protest thereof in case of\ndishonour is unnecessary.\n(3) A bill which has been protested for non-acceptance may be subsequently\nprotested for non-payment.\n(4) Subject to this Act, when a bill is noted or protested it may be noted on the day\nof its dishonour and must be noted not later than the next succeeding business\nday. When a bill has been duly noted, the protest may be subsequently extended\nas of the date of the noting.\n(5) Where the acceptor of a bill becomes bankrupt or suspends payment before it\nmatures, the holder may cause the bill to be protested for better security against\nthe drawer and indorsers.\n(6) A bill must be protested at the place where it is dishonoured:\nProvided that \u2014\n(a) when a bill, is presented through the post office, and returned by post\ndishonoured, it may be protested at the place to which it is returned, and\non the day of its return if received during business hours, and if not\nreceived during business hours, then not later than the next business\nday; or\n\nBills of Exchange Act (2021 Revision)\nSection 52\n\nc\nRevised as at 31st December, 2020\nPage 27\n\n(b) when a bill, drawn payable at the place of business or residence of some\nperson other than the drawee, has been dishonoured by non-acceptance, it\nmust be protested for non-payment at the place where it is expressed to be\npayable, and no further presentment for payment to or demand on the\ndrawee is necessary.\n(7) A protest must contain a copy of the bill, be signed by the notary making it and\nspecify \u2014\n(a) the person at whose request the bill is protested; and\n(b) the place and date of protest, the cause or reason for protesting the bill, the\ndemand made and the answer given, if any, or the fact that the drawee or\nacceptor could not be found.\n(8) Where a bill is lost or destroyed, or is wrongly obtained from the person entitled\nto hold it, protest may be made on a copy or written particulars thereof.\n(9) Protest is dispensed with by any circumstance which would dispense with notice\nof dishonour. Delay in noting or protesting is excused when the delay is caused\nby circumstances beyond the control of the holder, and not imputable to the\nholder\u2019s default, misconduct or negligence. When the cause of delay ceases to\noperate, the bill must be noted or protested with reasonable diligence.\n52.\nDuties of holder as regards drawee or acceptor\n52. (1) When a bill is accepted generally, presentment for payment is not necessary in\norder to render the acceptor liable.\n(2) When, by terms of a qualified acceptance, presentment for payment is required,\nthe acceptor, in the absence of an express stipulation to that effect, is not\ndischarged by the omission to present the bill for payment on the day that it\nmatures.\n(3) In order to render the acceptor of a bill liable it is not necessary to protest it, or\nthat notice of dishonour should be given to the acceptor.\n(4) Where the holder of a bill presents it for payment, the holder shall exhibit the\nbill to the person from whom that holder demands payment, and when a bill is\npaid the holder shall forthwith deliver it up to the party paying it.\nLiabilities of parties\n53.\nFunds in hands of drawee\n53. A bill, of itself, does not operate as an assignment of funds in the hands of the drawee\navailable for the payment thereof, and the drawee of a bill who does not accept as\nrequired by this Act is not liable on the instrument.\n\nSection 54\nBills of Exchange Act (2021 Revision)\n\nPage 28\nRevised as at 31st December, 2020\nc\n\n54.\nLiability of acceptor\n54. The acceptor of a bill, by accepting it \u2014\n(a) engages that the acceptor will pay it accordingly to the tenor of the\nacceptor\u2019s acceptance; and\n(b) is precluded from denying to a holder in due course \u2014\n(i)\nthe existence of the drawer, the genuineness of the drawer\u2019s signature\nand the drawer\u2019s capacity and authority to draw the bill;\n(ii) in the case of a bill payable to drawer\u2019s order, the then capacity of\nthe drawer to indorse, but not the genuineness or validity of the\ndrawer\u2019s endorsement; or\n(iii) in the case of a bill payable to the order of a third person, the\nexistence of the payee and the payee\u2019s then capacity to indorse, but\nnot the genuineness or validity of the payee\u2019s endorsement.\n55.\nLiability of drawer or indorser\n55. (1) The drawer of a bill by drawing it \u2014\n(a) engages that on due presentment it shall be accepted and paid according to\nits tenor, and that if it be dishonoured the drawer will compensate the\nholder, or any indorser who is compelled to pay it, if the requisite\nproceedings on dishonour are duly taken; and\n(b) is precluded from denying to a holder in due course the existence of a\npayee, and the payee\u2019s then capacity to indorse.\n(2) The indorser of a bill by indorsing it \u2014\n(a) engages that, on due presentment, it shall be accepted and paid according\nto its tenor, and that if it be dishonoured the indorser will compensate the\nholder, or a subsequent indorser who is compelled to pay it, if the requisite\nproceedings on dishonour are duly taken;\n(b) is precluded from denying to a holder in due course the genuineness and\nregularity in all respects of the drawer\u2019s signature, and all previous\nindorsements; and\n(c) is precluded from denying to the indorser\u2019s immediate or a subsequent\nindorsee that the bill was, at the time of the indorser\u2019s indorsement, a valid\nand subsisting bill, and that the indorser had then a good title thereto.\n56.\nStranger signing bill liable as indorser\n56. Where a person signs a bill otherwise than as drawer or acceptor, that person thereby\nincurs the liabilities of an indorser to a holder in due course.\n\nBills of Exchange Act (2021 Revision)\nSection 57\n\nc\nRevised as at 31st December, 2020\nPage 29\n\n57.\nMeasure of damages against parties to dishonoured bill\n57. Where a bill is dishonoured, the measure of damages, which shall be deemed to be\nliquidated damages, shall be as follows \u2014\n(a) the holder may recover from any party liable on the bill, and the drawer\nwho has been compelled to pay the bill may recover from the acceptor, and\nan indorser who has been compelled to pay the bill may recover from the\nacceptor or from the drawer, or from a prior indorser \u2014\n(i)\nthe amount of the bill;\n(ii) interest thereon from the time of presentment for payment if the bill\nis payable on demand and from the maturity of the bill in any other\ncase; and\n(iii) the expenses of noting, or, when protest is necessary and the protest\nhas been extended, the expenses of protest;\n(b) in the case of a bill which has been dishonoured abroad, in lieu of the above\ndamages, the holder may recover from the drawer or an indorser, and the\ndrawer or an indorser who has been compelled to pay the bill may recover\nfrom any party liable to the drawer or an indorser, the amount of the reexchange, with interest thereon until the time of payment; and\n(c) where, by this Act, interest may be recovered as damages, such interest\nmay, if justice requires it, be withheld wholly or in part, and where a bill\nis expressed to be payable with interest at a given rate, interest as damages\nmay or may not be given at the same rate as interest proper.\n58.\nTransferor by delivery and transferee\n58. (l)\nWhere the holder of a bill payable to bearer negotiates it by delivery without\nindorsing it, the holder is called a \u201ctransferor by delivery\u201d.\n(2) A transferor by delivery is not liable on the instrument.\n(3) A transferor by delivery who negotiates a bill thereby warrants to the\ntransferor\u2019s immediate transferee, being a holder for value, that the bill is what\nit purports to be, that the transferor has a right to transfer it and that at the time\nof transfer the transferor is not aware of any fact which renders it valueless.\nDischarge of bill\n59.\nPayment in due course\n59. (1) A bill is discharged by payment in due course by or on behalf of the drawee or\nacceptor.\n(2) In subsection (1) \u2014\n\nSection 60\nBills of Exchange Act (2021 Revision)\n\nPage 30\nRevised as at 31st December, 2020\nc\n\n\u201cpayment in due course\u201d means payment made at or after the maturity of the\nbill to the holder thereof in good faith, and without notice that the holder\u2019s title\nto the bill is defective.\n(3) Subject to the provisions hereinafter contained, when a bill is paid by the drawer\nor an indorser it is not discharged; but \u2014\n(a) where a bill payable to or to the order of a third party is paid by the drawer,\nthe drawer may enforce payment thereof against the acceptor, but may not\nre-issue the bill; or\n(b) where a bill is paid by an indorser, or where a bill payable to drawer\u2019s\norder is paid by drawer, the party paying it is remitted to the party\u2019s former\nrights as regards the acceptor or antecedent parties, and the party may, if\nthat party thinks fit, strike out that party\u2019s own and subsequent\nindorsements, and again negotiate the bill.\n(4) Where an accommodation bill is paid in due course by the party accommodated\nthe bill is discharged.\n60.\nBanker paying demand draft whereon indorsement is forged\n60. When a bill payable to order on demand is drawn on a banker, and the banker on\nwhom it is drawn pays the bill in good faith, and in the ordinary course of business,\nit is not incumbent on the banker to show that the indorsement of the payee, or any\nsubsequent indorsement, was made by or under the authority of the person whose\nindorsement it purports to be, and the banker is deemed to have paid the bill in due\ncourse, although such indorsement has been forged or made without authority.\n61.\nAcceptor the holder at maturity\n61. When the acceptor of a bill is or becomes the holder of it at or after maturity, in the\nacceptor\u2019s own right, the bill is discharged.\n62.\nExpress waiver\n62. (1) When the holder of a bill at or after its maturity absolutely and unconditionally\nrenounces the holder\u2019s rights against the acceptor the bill is discharged.\n(2) The renunciation must be in writing, unless the bill is delivered up to the\nacceptor.\n(3) The liabilities of any party to a bill may, in like manner, be renounced by the\nholder before, at, or after its maturity; but nothing in this section shall affect the\nrights of a holder in due course without notice of the renunciation.\n63.\nCancellation\n63. (1) Where the bill is intentionally cancelled by the holder or the holder\u2019s agent, and\nthe cancellation is apparent thereon, the bill is discharged.\n\nBills of Exchange Act (2021 Revision)\nSection 64\n\nc\nRevised as at 31st December, 2020\nPage 31\n\n(2) In like manner, any party liable on a bill may be discharged by the intentional\ncancellation of the party\u2019s signature by the holder or the holder\u2019s agent. In such\ncase any indorser who would have had a right of recourse against the party\nwhose signature is cancelled is also discharged.\n(3) A cancellation made unintentionally, under a mistake or without the authority\nof the holder is inoperative; but where a bill, or any signature thereon, appears\nto have been cancelled, the burden of proof lies on the party who alleges that\nthe cancellation was made unintentionally, under a mistake or without authority.\n64.\nAlteration of bill\n64. (1) Where a bill or acceptance is materially altered without the assent of all parties\nliable on the bill, the bill is avoided except as against a party who has themselves\nmade, authorised or assented to, the alteration, and subsequent indorsers:\nProvided that where a bill has been materially altered but the alteration is not\napparent, and the bill is in the hands of a holder in due course, such holder may\navail themselves of the bill as if it had not been altered, and may enforce\npayment of it according to its original tenor.\n(2) In particular, the following alterations are material, namely, any alteration of the\ndate, the sum payable, the time of payment, the place of payment and, where a\nbill has been accepted generally, the addition of a place of payment without the\nacceptor\u2019s assent.\nAcceptance and payment for honour\n65.\nAcceptance for honour supra protest\n65. (1) Where a bill of exchange has been protested for dishonour by non-acceptance,\nor protested for better security, and is not overdue, any person, not being a party\nalready liable thereon, may, with the consent of the holder, intervene and accept\nthe bill supra protest, for the honour of any party liable thereon, or for the honour\nof the person for whose account the bill is drawn.\n(2) A bill may be accepted for honour for part only of the sum for which it is drawn.\n(3) An acceptance for honour supra protest in order to be valid must \u2014\n(a) be written on the bill, and indicate that it is an acceptance for honour; and\n(b) be signed by the acceptor for honour.\n(4) Where an acceptance for honour does not expressly state for whose honour it is\nmade, it is deemed to be an acceptance for the honour of the drawer.\n(5) Where a bill payable after sight is accepted for honour, its maturity is calculated\nfrom the date of the noting for non-acceptance, and not from the date of the\nacceptance for honour.\n\nSection 66\nBills of Exchange Act (2021 Revision)\n\nPage 32\nRevised as at 31st December, 2020\nc\n\n66.\nLiability of acceptor for honour\n66. (1) The acceptor for honour of a bill by accepting it engages that the acceptor will,\non due presentment, pay the bill according to the tenor of the acceptor\u2019s\nacceptance, if it is not paid by the drawee, provided it has been duly presented\nfor payment, and protested for non-payment, and that the acceptor receives\nnotice of these facts.\n(2) The acceptor for honour is liable to the holder and to all parties to the bill\nsubsequent to the party for whose honour the acceptor has accepted.\n67.\nPayment to acceptor for honour\n67. (1) Where a dishonoured bill has been accepted for honour supra protest or contains\na reference in case of need, it must be protested for non-payment before it is\npresented for payment to the acceptor for honour, or referee in case of need.\n(2) Where the address of the acceptor for honour is in the same place where the bill\nis protested for non-payment, the bill must be presented to the acceptor for\nhonour not later than the day following its maturity; and where the address of\nthe acceptor for honour is in some place other than the place where it was\nprotested for non-payment, the bill must be forwarded not later than the day\nfollowing its maturity for presentment to the acceptor.\n(3) Delay in presentment or non-presentment is excused by any circumstance which\nwould excuse delay in presentment for payment or non-presentment for\npayment.\n(4) When a bill of exchange is dishonoured by the acceptor for honour it must be\nprotested for non-payment by the acceptor.\n68.\nPayment for honour supra protest\n68. (1) Where a bill has been protested for non-payment, any person may intervene and\npay it supra protest for the honour of any party liable thereon, or for the honour\nof the person for whose account the bill is drawn.\n(2) Where two or more persons offer to pay a bill for the honour of different parties,\nthe person whose payment will discharge most parties to the bill shall have the\npreference.\n(3) Payment for honour supra protest, in order to operate as such, and not as a mere\nvoluntary payment, must be attested by a notarial act of honour, which may be\nappended to the protest or form an extension of it.\n(4) The notarial act of honour must be founded on a declaration made by the payer\nfor honour, or the payer for honour\u2019s agent in that behalf, declaring the payer\nfor honour\u2019s intention to pay the bill for honour, and for whose honour that payer\nfor honour pays.\n\nBills of Exchange Act (2021 Revision)\nSection 69\n\nc\nRevised as at 31st December, 2020\nPage 33\n\n(5) Where a bill has been paid for honour, all parties subsequent to the party for\nwhose honour it is paid are discharged, but the payer for honour is subrogated\nfor, and succeeds to both the rights and duties of the holder, as regards the party\nfor whose honour the payer for honour pays, and all parties liable to that party.\n(6) The payer for honour, on paying to the holder the amount of the bill and the\nnotarial expenses incidental to its dishonour, is entitled to receive both the bill\nitself and the protest. If the holder does not, on demand, deliver them up the\nholder shall be liable to the payer for honour in damages.\n(7) Where the holder of a bill refuses to receive payment supra protest, the holder\nshall lose the holder\u2019s right of recourse against any party who would have been\ndischarged by such payment.\nLost instrument\n69.\nHolder\u2019s right to duplicate of lost bill\n69. (1) Where a bill has been lost before it is overdue, the person who was the holder\nof it may apply to the drawer to give that holder another bill of the same tenor,\ngiving security to the drawer, if required, to indemnify the drawer against all\npersons whatever in case the bill, alleged to have been lost, shall be found again.\n(2) If the drawer, on request as aforesaid, refuses to give such duplicate bill, the\ndrawer may be compelled to do so.\n70.\nAction on lost bill\n70. In any action or proceeding upon a bill, the court or a judge may order that the loss\nof the instrument shall not be set up, provided an indemnity be given to the\nsatisfaction of the court or judge against the claims of any other person upon the\ninstrument in question.\nBill in a set\n71.\nRules as to sets\n71. (1) Where a bill is drawn in a set, each part of the set being numbered, and\ncontaining a reference to the other parts, the whole of the parts constitute\none bill.\n(2) Where the holder of a set indorses two or more parts to different persons, the\nholder is liable on every such part, and every indorser subsequent to the holder\nis liable on the part that holder has themselves indorsed as if the said parts were\nseparate bills.\n(3) Where two or more parts of a set are negotiated to different holders in due\ncourse, the holder whose title first accrues is, as between such holders, deemed\n\nSection 72\nBills of Exchange Act (2021 Revision)\n\nPage 34\nRevised as at 31st December, 2020\nc\n\nthe true owner of the bill; but nothing in this subsection shall affect the rights of\na person who in due course accepts or pays the part first presented to that person.\n(4) The acceptance may be written on any part, and it must be written on one\npart only.\n(5) If the drawee accepts more than one part, and such accepted parts get into the\nhands of different holders in due course the drawee is liable on every such part\nas if it were a separate bill.\n(6) When the acceptor of a bill drawn in a set pays it without requiring the part\nbearing the acceptor\u2019s acceptance to be delivered up to the acceptor, and that\npart at maturity is outstanding in the hands of a holder in due course, the acceptor\nis liable to the holder thereof.\n(7) Subject to subsections (1) to (6), where any one part of a bill drawn in a set is\ndischarged by payment or otherwise, the whole bill is discharged.\nConflict of laws\n72.\nRules where laws conflict\n72. Where a bill drawn in one country is negotiated, accepted or payable in another, the\nrights, duties and liabilities of the parties thereto are determined as follows \u2014\n(a) the validity of a bill as regards requisites in form is determined by the law\nof the place of issue, and the validity, as regards requisites in form of the\nsupervening contract, such as acceptance, indorsement or acceptance supra\nprotest, is determined by the law of the place where such contract was\nmade:\nProvided that \u2014\n(i)\nwhere a bill is issued out of the Islands it is not invalid by reason only\nthat it is not stamped in accordance with the law of the place of issue;\nand\n(ii) where a bill issued out of the Islands conforms, as regards requisites\nin form, to the law of the Islands, it may, for the purpose of enforcing\npayment thereof, be treated as valid as between all persons who\nnegotiate, hold or become parties to it in the Islands;\n(b) subject to this Act, the interpretation of the drawing, indorsement,\nacceptance or acceptance supra protest of a bill is determined by the law\nof the place where such contract is made:\nProvided that, where an inland bill is indorsed in a foreign country, the\nindorsement shall, as regards the payer, be interpreted according to the law of\nthe Islands;\n\nBills of Exchange Act (2021 Revision)\nSection 73\n\nc\nRevised as at 31st December, 2020\nPage 35\n\n(c) the duties of the holder with respect to presentment for acceptance or\npayment, and the necessity for or sufficiency of a protest or notice of\ndishonour, or otherwise, are determined by the law of the place where the\nact is done or the bill is dishonoured;\n(d) where a bill is drawn out of, but payable in the Islands, and the sum payable\nis not expressed in the currency of the Islands, the amount shall, in the\nabsence of some express stipulation, be calculated according to the rate of\nexchange for sight drafts at the place of payment on the day the bill is\npayable; and\n(e) where a bill is drawn in one country and payable in another, the due date\nthereof is determined according to the law of the place where it is payable.\nPART III-Cheques on a Banker\n73.\nCheque defined\n73. (1) A cheque is a bill of exchange drawn on a banker payable on demand.\n(2) Except as otherwise provided in this Part, the provisions of this Act applicable\nto a bill of exchange payable on demand apply to a cheque.\n74.\nPresentment of cheque for payment\n74. Subject to this Act \u2014\n(a) where a cheque is not presented for payment within a reasonable time of\nits issue, and the drawer or the person on whose account it is drawn had\nthe right, at the time of such presentment, as between the drawer or the\nperson on whose account it is drawn and the banker, to have the cheque\npaid, and suffers actual damage through the delay, the drawer or the person\non whose account it is drawn is discharged to the extent of such damage,\nthat is to say, to the extent to which such drawer or person is a creditor of\nsuch banker to a larger amount than the drawer or the person on whose\naccount it is drawn would have been had such cheque been paid;\n(b) in determining what is a reasonable time, regard shall be had to the nature\nof the instrument, the usage of trade and of bankers and the facts of the\nparticular case; and\n(c) the holder of such cheque, as to which such drawer or person is discharged,\nshall be a creditor, in lieu of such drawer or person, of such banker, to the\nextent of such discharge and entitled to recover the amount from such\nbanker.\n\nSection 74A\nBills of Exchange Act (2021 Revision)\n\nPage 36\nRevised as at 31st December, 2020\nc\n\n74A. Alternative means of presentment by banker\n74A. (1) Notwithstanding the provisions of section 45, a banker may present a cheque\nfor payment to the banker on whom it is drawn by providing notification of the\nessential features of a cheque by electronic means to the banker on whom it is\ndrawn.\n(2)  If the presentment of a cheque is carried out in accordance with this section, the\npresentment may take place in a location other than the proper place or may be\ncarried out at a time other than at a reasonable hour on a business day as required\nunder section 45(2).\n(3)  If, before the close of business on the next business day following presentment\nof a cheque under this section, the banker on whom the cheque is drawn requests\npresentment of the cheque otherwise than in accordance with this section \u2014\n(a)  any presentment that took place in accordance with subsections (1) and (2)\nshall be disregarded; and\n(b)  the provisions in this section relating to electronic presentment shall not\nbe applicable to the subsequent presentment of the cheque.\n(4)  A request under subsection (3) for the presentment of a cheque shall not\nconstitute dishonour by non-payment of the cheque.\n(5)  Where presentment of a cheque is made electronically in accordance with this\nsection, the banker who presented the cheque and the banker on whom it is\ndrawn shall be subject to the same duties in relation to the collection and\npayment of the cheque as if the cheque itself had been presented in accordance\nwith section 45 for payment.\n(6)  For the purposes of this section, the essential features of a cheque are \u2014\n(a)  the serial number of the cheque;\n(b)  the code which identifies the banker on whom the cheque is drawn;\n(c)  the account number of the drawer of the cheque;\n(d)  the amount of the cheque entered by the drawer of the cheque; and\n(e)  the signature of the drawer.\n75.\nRevocation of banker\u2019s authority\n75. The duty and authority of a banker to pay a cheque drawn on the banker by the\nbanker\u2019s customer are determined by \u2014\n(a) countermand of payment; or\n(b) notice of the customer\u2019s death.\n\nBills of Exchange Act (2021 Revision)\nSection 76\n\nc\nRevised as at 31st December, 2020\nPage 37\n\nCrossed cheques\n76.\nGeneral and special crossings defined\n76. (1) Where a cheque bears across its face an addition of \u2014\n(a) the words \u201cand company\u201d or any abbreviation thereof between two parallel\ntransverse lines, either with or without the words \u201cnot negotiable\u201d; or\n(b) two parallel transverse lines simply, either with or without the words \u201cnot\nnegotiable\u201d,\nthat addition constitutes a crossing, and the cheque is crossed generally.\n(2) Where a cheque bears across its face an addition of the name of a banker, either\nwith or without the words \u201cnot negotiable\u201d, that addition constitutes a crossing,\nand the cheque is crossed specially, and to that banker.\n77.\nCrossing by drawer or after issue\n77. (1) A cheque may be crossed generally or specially by the drawer.\n(2) Where a cheque is uncrossed, the holder may cross it generally or specially.\n(3) Where a cheque is crossed generally, the holder may cross it specially.\n(4) Where a cheque is crossed generally or specially, the holder may add the words\n\u201cnot negotiable\u201d.\n(5) Where a cheque is crossed specially, the banker to whom it is crossed may again\ncross it specially to another banker for collection.\n(6) Where an uncrossed cheque, or a cheque crossed generally, is sent to a banker\nfor collection, the banker may cross it specially to themselves.\n78.\nCrossing a material part of cheque\n78. A crossing authorised by this Act is a material part of the cheque; it shall not be lawful\nfor any person to obliterate or, except as authorised by this Act, to add to or alter the\ncrossing.\n79.\nDuties of banker as to crossed cheques\n79. (1) Where a cheque is crossed specially to more than one banker, except when\ncrossed to an agent for collection, being a banker, the banker on whom it is\ndrawn shall refuse payment thereof.\n(2) Where the banker on whom a cheque is drawn which is so crossed nevertheless\npays the same, or pays a cheque crossed generally otherwise than to a banker,\nor if crossed especially otherwise than to the banker to whom it is crossed, or\nthe banker\u2019s agent for collection being a banker, the banker is liable to the true\nowner of the cheque for any loss the owner may sustain owing to the cheque\nhaving been so paid:\n\nSection 80\nBills of Exchange Act (2021 Revision)\n\nPage 38\nRevised as at 31st December, 2020\nc\n\nProvided that where a cheque is presented for payment which does not, at the\ntime of presentment, appear to be crossed, or to have had a crossing which has\nbeen obliterated, or to have been added to or altered otherwise than as authorised\nby this Act, the banker paying the cheque in good faith and without negligence,\nshall not be responsible or incur any liability, nor shall the payment be\nquestioned by reason of the cheque having been crossed, or of the crossing\nhaving been obliterated, or having been added to or altered otherwise than as\nauthorised by this Act, and of payment having been made otherwise than to a\nbanker or to the banker to whom the cheque is or was crossed, or to that banker\u2019s\nagent for collection being a banker, as the case may be.\n80.\nProtection to banker and drawer where cheque is crossed\n80. Where the banker on whom a crossed cheque is drawn, in good faith, and without\nnegligence, pays it, if crossed generally, to a banker, and if crossed specially, to the\nbanker to whom it is crossed, or the banker\u2019s agent for collection being a banker, the\nbanker paying the cheque and, if the cheque has come into the hands of the payee, the\ndrawer, shall respectively be entitled to the same rights, and be placed in the same\nposition, as if payment of the cheque had been made to the true owner thereof.\n81.\nEffect of crossing on holder\n81. Where a person takes a crossed cheque which bears on it the words \u201cnot negotiable\u201d,\nthe person shall not have and shall not be capable of giving a better title to the cheque\nthan that which the person from whom that person took it had.\n82.\nProtection to collecting banker\n82. (1) Where a banker, in good faith and without negligence, receives payment for a\ncustomer of a cheque crossed generally, or specially to themselves, and the\ncustomer has no title or a defective title thereto, the banker shall not incur any\nliability to the true owner of the cheque by reason only of having received such\npayment.\n(2) A banker receives payment of a crossed cheque for a customer within the\nmeaning of this section notwithstanding that the banker credits the customer\u2019s\naccount with the amount of the cheque before receiving payment thereof.\nPART IV-Promissory Note\n83.\nPromissory note defined\n83. (1) A promissory note is an unconditional promise in writing, made by one person\nto another, signed by the maker engaging to pay, on demand or at a fixed or\ndeterminable future time, a sum certain in money to or to the order of a specified\nperson, or to bearer.\n\nBills of Exchange Act (2021 Revision)\nSection 84\n\nc\nRevised as at 31st December, 2020\nPage 39\n\n(2) An instrument in the form of a note payable to maker\u2019s order is not a note within\nthe meaning of this section unless and until it is endorsed by the maker.\n(3) A note is not invalid by reason only that it contains also a pledge of collateral\nsecurity with authority to sell or dispose thereof.\n(4) A note which is, or on the face of it purports to be, both made and payable within\nthe Islands is an inland note. Any other note is a foreign note.\n84.\nDelivery necessary\n84. A promissory note is inchoate and incomplete until delivery thereof to the payee or\nbearer.\n85.\nJoint and several notes\n85. (1) A promissory note may be made by two or more makers, and they may be liable\nthereon jointly, or jointly and severally, according to its tenor.\n(2) Where a note runs \u201cI promise to pay\u201d, and is signed by two or more persons, it\nis deemed to be their joint and several note.\n86.\nNote payable on demand\n86. (1) Where a note payable on demand has been indorsed, it must be presented for\npayment within a reasonable time of the indorsement. If it be not so presented\nthe indorser is discharged.\n(2) In determining what is a reasonable time, regard shall be had to the nature of the\ninstrument, the usage of trade and the facts of the particular case.\n(3) Where a note payable on demand is negotiated, it is not deemed to be overdue,\nfor the purpose of affecting the holder with defects of title of which the holder\nhad no notice, by reason that it appears that a reasonable time for presenting it\nfor payment has elapsed since its issue.\n87.\nPresentment of note for payment\n87. (1) Where a promissory note is, in the body of it, made payable at a particular place,\nit must be presented for payment at the place in order to render the maker liable.\nIn any other case, presentment for payment is not necessary in order to render\nthe maker liable.\n(2) Presentment for payment is necessary in order to render the indorser of a note\nliable.\n(3) Where a note is in the body of it made payable at a particular place, presentment\nat that place is necessary in order to render an indorser liable; but when a place\nof payment is indicated by way of memorandum only, presentment at that place\nis sufficient to render the indorser liable, but a presentment to the maker\nelsewhere, if sufficient in other respects, shall also suffice.\n\nSection 88\nBills of Exchange Act (2021 Revision)\n\nPage 40\nRevised as at 31st December, 2020\nc\n\n88.\nLiability of maker\n88. The maker of a promissory note, by making it \u2014\n(a) engages that the maker will pay it according to its tenor; and\n(b) is precluded from denying to a holder in due course the existence of the\npayee and the payee\u2019s then capacity to indorse.\n89.\nApplication of Part II to notes\n89. (1) Subject to this Part, and except as by this section provided, the provisions of this\nAct relating to bills of exchange apply, with the necessary modifications, to\npromissory notes.\n(2) In applying those provisions, the maker of a note shall be deemed to correspond\nwith the acceptor of a bill, and the first indorser of a note shall be deemed to\ncorrespond with the drawer of an accepted bill payable to drawer\u2019s order.\n(3) The following provisions as to bills do not apply to notes, namely, provisions\nrelating to \u2014\n(a) presentment for acceptance;\n(b) acceptance;\n(c) acceptance supra protest; or\n(d) bills in a set.\n(4) Where a foreign note is dishonoured, protest thereof is unnecessary.\nPART V-Supplementary\n90.\nGood faith\n90. A thing is deemed to be done in good faith, within the meaning of this Act, where it\nis in fact done honestly whether it is done negligently or not.\n91.\nSignature\n91. (1) Where, by this Act, any instrument or writing is required to be signed by any\nperson, it is not necessary that that person should sign it with that person\u2019s own\nhand, but it is sufficient if that person\u2019s signature is written thereon by some\nother person by or under that person\u2019s authority.\n(2) In the case of a corporation, where by this Act any instrument or writing is\nrequested to be signed, it is sufficient if the instrument or writing be sealed with\nthe corporate seal.\n(3) Nothing in this section shall be construed as requiring the bill or note of a\ncorporation to be under seal.\n\nBills of Exchange Act (2021 Revision)\nSection 92\n\nc\nRevised as at 31st December, 2020\nPage 41\n\n92.\nComputation of time\n92. Where, by this Act, the time limited for doing any act or thing is less than three days,\nin reckoning time non-business days are excluded.\n93.\nWhen noting equivalent to protest.\n93. For the purposes of this Act, where a bill or note is required to be protested within a\nspecified time, or before some further proceeding is taken, it is sufficient that the bill\nhas been noted for protest before the expiration of the specified time, or the taking of\nthe proceeding; and the formal protest may be extended at any time thereafter as of\nthe date of the noting.\n94.\nProtest when notary not accessible\n94. (1) Where a dishonoured bill or note is authorised or required to be protested, and\nthe services of a notary cannot be obtained at the place where the bill is\ndishonoured, any householder or substantial resident of the place may, in the\npresence of two witnesses, give a certificate, signed by them, attesting the\ndishonour of the bill, and the certificate shall, in all respects, operate as if it were\na formal protest of the bill.\n(2) The form given in the Schedule may be used with necessary modifications, and\nif used shall be sufficient.\n95.\nDividend warrants may be crossed\n95. The provisions of this Act as to crossed cheques shall apply to a warrant for payment\nof dividend.\n96.\nSavings\n96. (1) The rules in bankruptcy relating to bills of exchange, promissory notes and\ncheques, shall continue to apply thereto, notwithstanding anything in this Act\ncontained.\n(2) The rules of common law, including the law merchant, save insofar as they are\ninconsistent with the express provisions of this Act, shall continue to apply to\nbills of exchange, promissory notes and cheques.\n(3) Nothing in this Act shall affect \u2014\n(a) the Stamp Duty Act (2019 Revision) or any law or enactment for the time\nbeing in force relating to the Revenue; or\n(b) the Companies Act (2021Revision) or any law relating to joint stock banks\nor companies.\n\nBills of Exchange Act (2021 Revision)\nSCHEDULE\n\nc\nRevised as at 31st December 2020\nPage 43\n\n SCHEDULE\n(section 94)\nForm of protest which may be used when the services of a notary\ncannot be obtained\n\nKnow all men that I, A.B. (householder), of................................................................\nin the Cayman Islands, at the request of C.D., there being no notary public available, did\non the ...........day of....................... , 20......... , at.......................................................,\ndemand payment (or acceptance) of the bill of exchange hereunder written, from E.F., to\nwhich demand E.F. made answer (state answer, if any) wherefore I now, in the presence of\nG.H. and I.K. do protest the said bill of exchange.\n\n(Signed)\n                              A.B.\n                                                                                                                                        G.H.\nWitness\nI.K.\nWitness\n\nNote: The bill itself should be annexed, or a copy of the bill and all that is written thereon\nshould be underwritten.\nPublication in consolidated and revised form authorised by the Cabinet this 5th day\nof January, 2021.\nKim Bullings\nClerk of the Cabinet\n\nBills of Exchange Act (2021 Revision)\nSCHEDULE\n\nc\nRevised as at ???\nPage 45\n\nBills of Exchange Act (2021 Revision)\nENDNOTES\n\nc\nRevised as at ???\nPage 47\n\nENDNOTES\nTable of Legislation history:\nSL #\nLaw #\nLegislation\nCommencement\nGazettes\n\n56\/2020\nCitation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n120\/2020\nBills of Exchange (Amendment) Law, 2019\n(Commencement) Order, 2020\n10-Sep-2020\nLG65\/2020\/s2\n\n1\/2019\nBills of Exchange (Amendment) Law, 2019\n14-Sept-2020\nLG16\/2019\/s1\n\nBills of Exchange Law (1997 Revision)\n1-Apr-1997\nG7\/1997\/s2\n\nBills of Exchange Law (Revised)\n13-Feb-1978\nG4\/1978\/s2\n\n16\/1970\nBills of Exchange (Amendment) Law, 1970\n30-Dec-1970\nGN204\/1970\n\n1\/1969\nBills of Exchange (Amendment) Law, 1969\n1-Mar-1969\nGN43\/1969\n\nCap. 11\nBills of Exchange Law\n1-Jan-1964 Revised Laws of the CI\n(Vol I \u2013 p. 153\n\nENDNOTES\nBills of Exchange Act (2021 Revision)\n\nPage 48\nRevised as at ???\nc\n\n(Price: $9.60)","akn_extracted_at":"2026-06-16 03:50:04.862426+00","cms_id":"1964-0011","law_type":"principal","year":"1964","number":"11","title":"Bills of Exchange Act","status":"in_force"},"provenance":{"files":[],"paragraph_count":97,"latest_history":null},"quality":{"expr_id":"393","doc_id":"393","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{other,truncated_text}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample shows abrupt truncation at section 42 and inconsistent revision dates on later pages; requires verification of full text capture and metadata consistency.","assessed_at":"2026-06-22 15:29:44.889146+00","updated_at":"2026-06-22 15:29:44.889146+00"}}