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It was

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ants for payment of the sums in the cheques.
admitted that the defendants had given cash for the cheques
in bona fide, but it was contended (1) that they had acted
carelessly in taking the cheques; (2) that the cheques were
overdue when handed to them. The first question was held
to be a purely jury question; and as to the second, Lord
Tenterden, in refusing a new trial, said, "It cannot be laid
down that, as matter of law, a party taking a cheque after
any fixed time from date does so at his peril, and that the
mere fact of the defendants having taken the cheques five
days after they bore date, from a person who had not given
value for them, did not entitle the plaintiff to a verdict."

The onus of showing that the bill has been in circulation
for an unreasonable length of time lies on the person assailing
the holder's title. See § 86 as to notes payable on demand.

(j.) Where an indorsement is undated, it is presumed to have been made of the same date as the bill, II. Bell's Com. 173. In England there is no presumption as to the date of an indorsement beyond that stated in this subsection. Whether an indorsement is undated or bears a date prior to the maturity of the bill, the true date of negotiation may be proved by parole, vide § 100. Where an indorsement is dated, the date, unless the contrary be proved, is deemed the true date, vide 13 (1).

(k.) Vide § 43.

(1.) Vide §§ 29 and 38.

bill to party

already liable

thereon.

37. Where a bill is negotiated back to the drawer, Negotiation of or to a prior indorser or to the acceptor, such party may, subject to the provisions of this Act, reissue and further negotiate the bill, but he is not entitled to enforce payment of the bill against any intervening party to whom he was previously liable (a).

(a.) Where a bill is negotiated, vide § 31, to a party already liable thereon, he may reindorse it, and the indorsee

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will have a right of recourse against all prior indorsers, although the person who reindorses has no claim against the indorsers subsequent to his first indorsement, or to whom he himself is ultimately liable in recourse. Frustra petis quod mox restituturus es. If a person to whom a bill is negotiated back, before negotiating the bill, cancels all indorsements subsequent to his own, a subsequent holder has no claim of recourse against the indorser, whose signatures are thus cancelled. An acceptor cannot reissue a bill of which he is the holder at or after maturity, for it is then discharged, vide § 61; nor can a drawer or indorser who is the party accommodated in an accommodation bill, which he has paid in due course, vide § 59 (3). A drawer also cannot reissue a bill payable to a third party, which he has paid, vide § 59 (2). If the bill is cancelled, and the cancellation is apparent thereon, vide § 63, or if it is materially altered without the assent of all parties liable thereon, vide § 64, or if the holder has, on or after maturity, renounced in writing unconditionally his rights against the acceptor, vide § 62, it cannot be reissued.

Rights of the holder.

38. The rights and powers of the holder of a bill are as follows (a) :—

(1.) He may sue on the bill in his own name (b):
(2.) Where he is a holder in due course, he holds

the bill free from any defect of title of prior
parties, as well as from mere personal defences
available to prior parties among themselves, and
may enforce payment against all parties liable on
the bill:

(3.) Where his title is defective (a) if he negotiates

the bill to a holder in due course, that holder obtains a good and complete title to the bill, and (b) if he obtains payment of the bill the person

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who pays him in due course gets a valid discharge

for the bill.

(a.) The person in possession of a bill may be :

Such a

(1.) A holder in due course, as defined in § 29. holder has right to all the contracts on the bill-viz., that of the drawer, vide § 55 (1), of the acceptor, vide § 54, and of all prior indorsers, vide § 55 (2). He takes these contracts free from any defence not appearing on the face of the bill, and from any defect of title of his indorser, vide § 29 (3). He is not liable to the defence that a signature on a blank bill stamp has not been filled up as a complete bill within a reasonable time, and strictly in accordance with the authority given, vide § 20. Delivery of a bill by prior parties is conclusively presumed in a question with him, vide § 21 (2). The drawer, acceptor, and prior indorsers are precluded from stating certain objections to his title, vide §§ 54, 55, and 88. An indorser per aval is liable in recourse to him, vide § 56. He may enforce a bill, which has been materially altered according to its original tenor, if the alteration is not apparent, vide § 64.

(2.) A holder for value, vide § 27. He can enforce an accommodation bill against a person whom he knew to be an accommodation party when he took the bill. If not a holder in due course, he is liable to all objections pleadable against a prior holder, except that the acceptor or other party sued has not received value, vide § 27 (2).

(3.) He may be a holder by negotiation from one of these holders, in which case, he has all the rights of the holder from whom he took the bill, unless he is a party to fraud or illegality affecting the bill, vide § 29 (2), § 27 (2). (4.) He may be a holder with a defective title-e.g., a thief or a finder, or a person who has fraudulently or by violence obtained the bill. Such a holder has a title to transfer the bill or to discharge the drawee, but his title may be cut down, vide § 29 (2).

(5.) He may derive his title from a person whose title is

H

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When presentment for acceptance is necessary.

defective.

If he become a holder after maturity of the bill, his title is defective also, whether he knew of the defect or not. If he become a holder before the bill is overdue, his title is good, unless he had notice that the title of his transferor was defective, or did not take it for value, or in good faith.

(6.) He may be a forger, and neither has a good title himself, nor can confer one on a bona fide holder for value before maturity, vide § 24, with the exceptions stated in S$ 54, 55, and 88. He cannot give a valid discharge, vide § 59, for no one can be a holder of a bill whose title depends on a forged or unauthorised signature.

(7.) He may be a transferee for value without indorsement, and has such title as his transferor had in the bill, vide 31 (4).

(8.) He may be a bona fide holder for value, but subject to a condition. Such a holder, if the condition be proved, vide § 34, has right to the bill only if the condition be fulfilled, but he can give a valid discharge to the payer.

(b.) A holder may either bring an ordinary action or raise diligence on the bill, vide § 98.

General duties of the Holder.

39. (1.) Where a bill is payable after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument (a).

(2.) Where a bill expressly stipulates that it shall be presented for acceptance, or where a bill is drawn payable elsewhere than at the residence or place of business of the drawee, it must be presented for acceptance before it can be presented for payment (b). (3.) In no other case is presentment for acceptance

necessary in order to render liable any party to the bill (c).

(4.) Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee (d), has not time, with the exercise of reasonable diligence (e), to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawer and indorsers.

(a.) When a bill payable after sight is presented for acceptance, the drawee ought to date his acceptance, but the want of the date does not affect the maturity of the bill. The holder may insert the true date, but if he inserts a wrong date in good faith and by mistake, or if the acceptance with a wrong date come into the hands of a holder in due course, the bill becomes payable at the date so inserted, vide § 12.

(b.) Presentment must be to the drawee or to some person authorised to accept or refuse acceptance on his behalf, and not at the place of payment. The stipulation in this subsection must be in writing on the bill.

(c.) The holder may, however, in his option present for acceptance, and if he does, and acceptance be refused, he must treat the bill as dishonoured, vide § 42. Although presentment, except in the specified cases, is not necessary to render any party to the bill liable, non-presentment may involve the person not presenting in liability. Thus, an agent who neglects to present a bill sent to him for presentment will be liable in damages, if loss result therefrom, as by the drawer failing in the interval, I. Bell's Com. 433; Van Dieman's Land Bank v. Victoria Bank, L. R. 3, P. C. 526.

(d.) Where the bill is payable at the residence or place of business of the drawee, presentment for acceptance on the day it falls due, is sufficient compliance with the stipulation.

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