Bills of Exchange Act · 2023 Revised Edition · Part 2
54. Liability of acceptor
Official textFrom Attorney General's Chambers, unchanged
The acceptor of a bill, by accepting it —
engages that he will pay it according to the tenor of his acceptance;
acceptance
“acceptance” means an acceptance completed by delivery or notification;
is precluded from denying to a holder in due course —
holder
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
the existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill;
Authority
“Authority” means the Brunei Darussalam Central Bank established under section 3(1) of the Brunei Darussalam Central Bank Order, 2010;
in the case of a bill payable to drawer’s order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement;
in the case of a bill payable to the order of a third person, the existence of the payee and his then capacity to indorse, but not the genuineness or validity of his indorsement.
Terms defined in s 2
acceptance
Defined · s 2“acceptance” means an acceptance completed by delivery or notification;
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established under section 3(1) of the Brunei Darussalam Central Bank Order, 2010;
holder
Defined · s 2“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
Part
Cheques on Banker
Part
Promissory Notes
Part