Bill of Exchange Act LFN 1990

Bill of Exchange Act

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 sum certain in money to or to the order of a specified person, or to bearer. This definition is according to Section 3(1) of the Bill of Exchange Act 1990.

Part 1 (Section 1-2) – Preliminary – General

Section 1 Bill of Exchange Act 1990 – Short title.

Section 2 Bill of Exchange Act 1990 – Interpretation.

Part II (Section 3-72) – Bills of Exchange

>> Form and Interpretation

Section 3 Bill of Exchange Act 1990 – Bill of exchange defined.

Section 4 Bill of Exchange Act 1990 – Inland and foreign bills.

Section 5 Bill of Exchange Act 1990 – Effect where different parties to a bill are the same person.

Section 6 Bill of Exchange Act 1990 – Address to drawee.

Section 7 Bill of Exchange Act 1990 – Certainty required as to payee.

Section 8 Bill of Exchange Act 1990 – What bills are negotiable.

Section 9 Bill of Exchange Act 1990 – Sum payable.

Section 10 Bill of Exchange Act 1990 – Bill payable on demand.

Section 11 Bill of Exchange Act 1990 – Bill payable at a future time.

Section 12 Bill of Exchange Act 1990 – Omission of date in bill payable after date.

Section 13 Bill of Exchange Act 1990 – Ante-dating and post-dating.

Section 14 Bill of Exchange Act 1990 – Computation of time of payment.

Section 15 Bill of Exchange Act 1990 – Case of need.

Section 16 Bill of Exchange Act 1990 – Optional stipulations by drawer or endorser.

Section 17 Bill of Exchange Act 1990 – Definition and requisites of acceptance.

Section 18 Bill of Exchange Act 1990 – Time for acceptance.

Section 19 Bill of Exchange Act 1990 – General and qualified acceptance.

Section 20 Bill of Exchange Act 1990 – Inchoate instruments.

Section 21 Bill of Exchange Act 1990 – Delivery.

>> Capacity and Authority of Parties

Section 22 Bill of Exchange Act 1990 – Capacity of parties.

Section 23 Bill of Exchange Act 1990 – Signature essential to liability.

Section 24 Bill of Exchange Act 1990 – Forged or unauthorised signature.

Section 25 Bill of Exchange Act 1990 – Procuration signatures.

Section 26 Bill of Exchange Act 1990 – Person signing as agent or in representative capacity.

>> The Consideration for a Bill

Section 27 Bill of Exchange Act 1990 – Value and holder for value.

Section 28 Bill of Exchange Act 1990 – Accommodation bill or party.

Section 29 Bill of Exchange Act 1990 – Holder in due course.

Section 30 Bill of Exchange Act 1990 – Presumption of value and good faith.

Section 31 Bill of Exchange Act 1990 – Negotiation of bill.

>> Negotiation of Bills

Section 32 Bill of Exchange Act 1990 – Requisites of a valid endorsement.

Section 33 Bill of Exchange Act 1990 – Conditional endorsement.

Section 34 Bill of Exchange Act 1990 – Endorsement in blank and special endorsement.

Section 35 Bill of Exchange Act 1990 – Restrictive endorsement.

Section 36 Bill of Exchange Act 1990 – Negotiation of overdue or dishonoured bill.

Section 37 Bill of Exchange Act 1990 – Negotiation of bill to party already liable thereon.

Section 38 Bill of Exchange Act 1990 – Rights of the holder

>> General Duties of the Holder

Section 39 Bill of Exchange Act 1990 – When presentment for acceptance is necessary.

Section 40 Bill of Exchange Act 1990 – Time for presenting bill payable after sight.

Section 41 Bill of Exchange Act 1990 – Rules as to presentment for acceptance and excuses for non-presentment.

Section 42 Bill of Exchange Act 1990 – Non-acceptance.

Section 43 Bill of Exchange Act 1990 – Dishonour by non-acceptance and its consequences.

Section 44 Bill of Exchange Act 1990 – Duties as to qualified acceptances.

Section 45 Bill of Exchange Act 1990 – Rules as to presentment for payment.

Section 46 Bill of Exchange Act 1990 – Excuses for delay or non-presentment for payment.

Section 47 Bill of Exchange Act 1990 – Dishonour by non-payment.

Section 48 Bill of Exchange Act 1990 – Notice of dishonour and effect of non-notice.

Section 49 Bill of Exchange Act 1990 – Rules as to notice of dishonour.

Section 50 Bill of Exchange Act 1990 – Excuses for non-notice and delay.

Section 51 Bill of Exchange Act 1990 – Noting of protest of bill.

Section 52 Bill of Exchange Act 1990 – Duties of holder as regards acceptor.

>> Liabilities of Parties

Section 53 Bill of Exchange Act 1990 – Bill not assignment of funds in hands of drawee.

Section 54 Bill of Exchange Act 1990 – Liability of acceptor.

Section 55 Bill of Exchange Act 1990 – Liability of drawer or endorser.

Section 56 Bill of Exchange Act 1990 – Stranger signing bill liable as endorser.

Section 57 Bill of Exchange Act 1990 – Measure of damages against parties to dishonoured bill.

Section 58 Bill of Exchange Act 1990 – Transferor by delivery and transferee.

>> Discharge of Bill

Section 59 Bill of Exchange Act 1990 – Payment in due course.

Section 60 Bill of Exchange Act 1990 – Banker paying demand draft whereon endorsement is forged.

Section 61 Bill of Exchange Act 1990 – Acceptor the holder at maturity.

Section 62 Bill of Exchange Act 1990 – Express waiver.

Section 63 Bill of Exchange Act 1990 – Cancellation.

Section 64 Bill of Exchange Act 1990 – Alteration of bill.

>> Acceptance and Payment for Honour

Section 65 Bill of Exchange Act 1990 – Acceptance for honour supra protest.

Section 66 Bill of Exchange Act 1990 – Liability of acceptor for honour.

Section 67 Bill of Exchange Act 1990 – Presentment to acceptor for honour.

Section 68 Bill of Exchange Act 1990 – Payment for honour supra protest.

>> Lost Instruments

Section 69 Bill of Exchange Act 1990 – Holder’s right to duplicate of lost bill.

Section 70 Bill of Exchange Act 1990 – Action on lost bill.

>> Bill in a Set

Section 71 Bill of Exchange Act 1990 – Rules as to sets.

>> Conflict of Laws

Section 72 Bill of Exchange Act 1990 – Rules where laws conflict.

Part III (Section 73-84) – Cheques on a Banker

Section 73 Bill of Exchange Act 1990 – Cheque defined.

Section 74 Bill of Exchange Act 1990 – Presentment of cheque for payment.

Section 75 Bill of Exchange Act 1990 – Revocation of banker’s authority.

Section 76 Bill of Exchange Act 1990 – Payment by bankers of unendorsed cheques and other instruments.

Section 77 Bill of Exchange Act 1990 – Protection of collecting banks.

>> Crossed Cheques

Section 78 Bill of Exchange Act 1990 – General and special crossings defined.

Section 79 Bill of Exchange Act 1990 – Crossing by drawer or after issue.

Section 80 Bill of Exchange Act 1990 – Crossing a material part of cheque.

Section 81 Bill of Exchange Act 1990 – Duties of banker as to crossed cheques.

Section 82 Bill of Exchange Act 1990 – Protection to banker and drawer where cheque is crossed.

Section 83 Bill of Exchange Act 1990 – Effect of crossing on holder.

Section 84 Bill of Exchange Act 1990 – Extension of enactments relating to crossed cheques.

Part IV (Section 85-91) – Promissory Notes

Section 85 Bill of Exchange Act 1990 – Promissory note defined.

Section 86 Bill of Exchange Act 1990 – Delivery necessary.

Section 87 Bill of Exchange Act 1990 – Joint and several notes.

Section 88 Bill of Exchange Act 1990 – Note payable on demand.

Section 89 Bill of Exchange Act 1990 – Presentment of note for payment.

Section 90 Bill of Exchange Act 1990 – Liability of maker.

Section 91 Bill of Exchange Act 1990 – Application of Part II to notes.

Part V (Section 92-98) – Supplementary

Section 92 Bill of Exchange Act 1990 – Good faith.

Section 93 Bill of Exchange Act 1990 – Signature.

Section 94 Bill of Exchange Act 1990 – Computation of time.

Section 95 Bill of Exchange Act 1990 – When noting equivalent to protest.

Section 96 Bill of Exchange Act 1990 – Protest when notary not accessible.

Section 97 Bill of Exchange Act 1990 – Dividend warrants may be crossed.

Section 98 Bill of Exchange Act 1990 – Savings.

Credit: CommonLII

Please report any issue to us.