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BILLS OF EXCHANGE ACT 1909 - SECT 13 What bills are negotiable

BILLS OF EXCHANGE ACT 1909 - SECT 13

What bills are negotiable

  (1)   When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but is not negotiable.

  (2)   A negotiable bill may be payable either to order or to bearer.

  (3)   A bill is payable to bearer which is expressed to be so payable, or on which the only or last indorsement is an indorsement in blank.

  (4)   A bill is payable to order which:

  (a)   is expressed to be so payable; or

  (b)   is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.

  (5)   Where a bill, either originally or by indorsement, is expressed to be payable to the order of a specified person, and not to the person or his or her order, it is nevertheless payable to the person or his or her order at his or her option.