BILLS OF EXCHANGE ACT 1909 - NOTES
BILLS OF EXCHANGE ACT 1909 - NOTES
Act No. 27 of 1909 as amended
This compilation was prepared on 27 December 2011
taking into account amendments up to Act No. 46 of 2011
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General's Department, Canberra
Contents
Part I--Preliminary
1 Short title [see Note 1]
2 Commencement [see Note 1]
4 Interpretation of terms
5 Application of rules of bankruptcy and common law
6 Application of Act
7 Application of State laws
Part II--Bills of exchange
Division 1--Form and interpretation
8 Bill of exchange defined
9 Inland and foreign bills
10 Effect where different parties to bill are the same person
11 Address to drawee
12 Certainty required as to payee
13 What bills are negotiable
14 Sum payable
15 Bill payable on demand
16 Bill payable at a future time
17 Omission of date in bill payable after date
18 Ante-dating and post-dating
19 Computation of time of payment
20 Case of need
21 Optional stipulation by drawer or indorser
22 Definition and requisites of acceptance
23 Time for acceptance
24 General and qualified acceptances
25 Inchoate instruments
26 Delivery
Division 2--Capacity and authority of parties
27 Capacity of parties
28 Signature essential to liability
29 Forged or unauthorized signature
30 Procuration signatures
31 Person signing as agent or in representative capacity
Division 3--The consideration for a bill
32 Value and holder for value
33 Accommodation bill or party
34 Holder in due course
35 Presumption of value and good faith
Division 4--Negotiation of bills
36 Negotiation of bill
37 Requisites of a valid indorsement
38 Conditional indorsement
39 Indorsement in blank and special indorsement
40 Restrictive indorsement
41 Negotiation of overdue or dishonoured bill
42 Negotiation of bill to party already liable thereon
43 Rights of holder
Division 5--General duties of the holder
44 When presentment for acceptance is necessary
45 Time for presenting bill payable after sight
46 Rules as to presentment for acceptance and excuses for non -presentment
47 Non-acceptance
48 Dishonour by non-acceptance and its consequences
49 Duties as to qualified acceptances
50 Rules as to presentment for payment
51 Excuses for delay or non-presentment for payment
52 Dishonour by non-payment
53 Notice of dishonour and effect of non-notice
54 Rules as to notice of dishonour
55 Excuses for non-notice and delay
56 Noting or protest of bill
57 Duties of holder as regards drawee or acceptor
Division 6--Liabilities of parties
58 Funds in hands of drawee
59 Liability of acceptor
60 Liability of drawer or indorser
61 Stranger signing bill liable as indorser
62 Measure of damages against parties to dishonoured bill
63 Transferor by delivery and transferee
Division 7--Discharge of bill
64 Payment in due course
65 Banker paying demand draft whereon indorsement is forged
66 Acceptor the holder at maturity
67 Express waiver
68 Cancellation
69 Alteration of bill
Division 8--Acceptance and payment for honour
70 Acceptance for honour supra protest
71 Liability of acceptor for honour
72 Presentment to acceptor for honour
73 Payment for honour supra protest
Division 9--Lost instruments
74 Replacement of lost or destroyed bill
75 Action on lost bill
Division 10--Bill in a set
76 Rules as to sets
Division 11--Conflict of laws
77 Rules where laws conflict
77A Effect of non-compliance with stamp laws in case of certain bills of exchange
Part III--Cheques on a banker
Division 1--Cheques generally
78 Cheque defined
79 Presentment of cheque for payment
80 Rights of banker as regards stale cheques
81 Revocation of banker's authority
Division 2--Crossed cheques
82 General and special crossings defined
83 Crossing by drawer or after issue
84 Crossing a material part of cheque
85 Duties of banker as to crossed cheques
86 Protection to banker and drawer where cheque is crossed
87 Effect of crossing on holder
88A Cheques drawn by a bank on itself
Division 3--Other provisions relating to cheques
88B Protection of bankers paying unindorsed or irregularly indorsed cheques or drafts
88C Payment of unindorsed cheque or draft as evidence of receipt by payee
88D Protection of bankers collecting payment of cheques etc.
88E Rights of banker collecting cheque not indorsed by payee
Part IV--Promissory notes
89 Promissory note defined
90 Delivery necessary
91 Joint and several notes
92 Note payable on demand
93 Presentment of note for payment
94 Liability of maker
95 Application of Part II to notes
Part V--Supplementary
96 Good faith
97 Signature
98 Computation of time
99 When noting equivalent to protest
100 Protest when notary not accessible
101 Dividend warrants
Schedules
The First Schedule
Second Schedule--Form of protest which may be used
Notes