Section 69-72 Nigerian Bill of Exchange Act LFN 1990

Section 69-72 Bill of Exchange Act 1990

Section 69, 70, 71, 72 of the Bill of Exchange Act [Laws of the Federation of Nigeria 1990] is under Part II [Bills of Exchange – Lost Instruments, Bill in a Set, & Conflict of Laws] of the Act, among other sections.

>> Lost Instruments

Section 69 Bill of Exchange Act 1990

(Holder’s right to duplicate of lost bill)

(1)            Where a bill has been lost before it is overdue, the person who was the holder of it may apply for the drawer to give him another bill of the same tenor, giving security to the drawer if required to indemnify him 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 he may be compelled to do so.

Section 70 Bill of Exchange Act 1990

(Action on lost bill)

In any action or proceeding upon a bill, the court may order that the loss of the instrument shall not be set up, provided that an indemnity be given to the satisfaction of the court against the claims of any other person upon the instrument in question.

>> Bill in a Set

Section 71 Bill of Exchange Act 1990

(Rules as to sets)

(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 endorses two or more parts to different persons, he is liable on every such part, and every endorser subsequent to him is liable on the part he has himself endorsed 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 holder deemed 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 him.

(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, he 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 his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of the holder in due course, he is liable to the holder thereof.

(7)            Subject to the preceding rules, 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

Section 72 Bill of Exchange Act 1990

(Rules where laws conflict)

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-

(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 contracts, such as acceptance, or endorsement, or acceptance supra protest, is determined by the law of the place where such contract was made:

                 Provided that –

(i)             where a bill is issued out of Nigeria it is not invalid by reason only that it is not stamped in accordance with the law of the place of issue,

(ii)            where a bill issued out of Nigeria conforms, as regards requisites in form, to the law of Nigeria, 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 Nigeria;

(b)            subject to the provisions of this Act, the interpretation of the drawing, endorsement, acceptance, or acceptance supra protest of a bill, is determined by the law of the place where such contract was made:

                 Provided that where an inland bill is endorsed in a foreign country the endorsement shall as regards the payer be interpreted according to the law of Nigeria;

(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 Nigeria and the sum payable is not expressed in the currency of Nigeria, the amount shall, in the absence of some expressed stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable;

(e)            where a bill is drawn in one country and is payable in another, the due date thereof is determined according to the law of the place where it is payable.

Credit: CommonLII