Section 1-2 Bill of Exchange Act LFN 1990
Section 1, 2 of the Bill of Exchange Act [Laws of the Federation of Nigeria 1990] is under Part I [Preliminary – General] of the Act.
Section 1 Bill of Exchange Act 1990
This Act may be cited as the Bills of Exchange Act.
Section 2 Bill of Exchange Act 1990
(1) In this Act –
“acceptance” means an acceptance completed by delivery or notification;
“action” includes a counter-claim and set-off;
“banker” includes a body of persons whether incorporated or not who carry on the business of banking;
“bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy;
“bearer” means the person in possession of a bill or note which is payable to bearer;
“bill” means bill of exchange;
“delivery” means transfer of possession, actual or constructive from one person to another;
“endorsement” means an endorsement completed by delivery;
“holder” means the payee or endorsee of a bill or note who is in possession of it, or the bearer thereof;
“issue” means the first delivery of a bill or note, complete in form to a person who takes it as a holder;
“note” means promissory note;
“prescribed instrument” means any of the following instruments-
(a) a cheque;
(b) a document issued by a customer of a bank which is not a bill but is intended to enable a person to obtain payment from the banker of the sum mentioned in the document;
(c) a draft drawn by a banker upon himself and payable on demand at an office of his bank;
“value” means valuable consideration.