In force2023 Revised EditionCurrent version · 2023 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Bills of Exchange Act · 2023 Revised Edition · Part · Promissory Notes
Bills of Exchange Act · 2023 Revised Edition · Part · Promissory Notes
Official textFrom Attorney General's Chambers, unchanged
Where a note payable on demand had 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.
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.
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 he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue.
holder
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
holder
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
issue
“issue” means the first delivery of a bill or note, complete in form, to a person who takes it as a holder;
Part