GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bills of Exchange Act — B-4 63
Misspelling payee’s name 63 Where, in a bill payable to order, the payee or endorsee is wrongly designated or his name is misspelt, he may endorse the bill as therein described, adding his proper signature, or he may endorse by his proper signature. R.S., c. B-5, s. 64
Bills of Exchange Act — B-4 64
Presumption as to order of endorsement 64 Where there are two or more endorsements on a bill, each endorsement is deemed to have been made in the order in which it appears on the bill, until the contrary is proved. R.S., c. B-5, s. 65
Bills of Exchange Act — B-4 65
Disregarding condition 65 Where a bill purports to be endorsed conditionally, the condition may be disregarded by the payer, and payment to the endorsee is valid, whether the condition has been fulfilled or not. R.S., c. B-5, s. 66
Bills of Exchange Act — B-4 66
Endorsement 66 (1) An endorsement may be made in blank or special. In blank (2) An endorsement in blank specifies no endorsee, and a bill so endorsed becomes payable to bearer. Special (3) A special endorsement specifies the person to whom, or to whose order, the bill is to be payable. Application of Act (4) The provisions of this Act relating to a payee apply, with such modifications as the circumstances require, to an endorsee under a special endorsement. Conversion of blank endorsement (5) Where a bill has been endorsed in blank, any holder may convert the blank endorsement into a special endorsement by writing above the endorser’s signature a direction to pay the bill to or to the order of himself or some other person. R.S., c. B-5, s. 67
Bills of Exchange Act — B-4 67
Restrictive endorsement 67 (1) An endorsement may contain terms making it restrictive. Idem (2) An endorsement is restrictive that prohibits the further negotiation of the bill, or that expresses that it is a mere authority to deal with the bill as thereby directed, and not a transfer of the ownership thereof, as, for example, if a bill is endorsed “Pay ... only”, or “Pay ... for the account of ...”, or “Pay ..., or order, for collection”. Rights of endorsee (3) A restrictive endorsement gives the endorsee the right to receive payment of the bill and to sue any party thereto that his endorser could have sued, but gives him no power to transfer his rights as endorsee unless it expressly authorizes him to do so. If further transfer is authorized (4) Where a restrictive endorsement authorizes further transfer, all subsequent endorsees take the bill with the same rights and subject to the same liabilities as the first endorsee under the restrictive endorsement. R.S., c. B-5, s. 68
Bills of Exchange Act — B-4 68
When negotiability ceases 68 Where a bill is negotiable in its origin, it continues to be negotiable until it has been (a) restrictively endorsed; or (b) discharged by payment or otherwise. R.S., c. B-5, s. 69
Bills of Exchange Act — B-4 69
Overdue bill 69 (1) Where an overdue bill is negotiated, it can be negotiated only subject to any defect of title affecting it at its maturity, and thenceforward no person who takes it can acquire or give a better title than the person from whom he took it had. When demand bill overdue (2) A bill payable on demand is deemed to be overdue, within the meaning and for the purposes of this section, when it appears on the face of it to have been in circulation for an unreasonable length of time. Time (3) What is an unreasonable length of time for the purpose of subsection (2) is a question of fact. R.S., c. B-5, s. 70
Bills of Exchange Act — B-4 70
Presumption 70 Except where an endorsement bears date after the maturity of the bill, every negotiation is, in the absence of evidence to the contrary, deemed to have been effected before the bill was overdue. R.S., c. B-5, s. 71
Bills of Exchange Act — B-4 71
Taking bill with notice of dishonour 71 Where a bill that is not overdue has been dishonoured, any person who takes it with notice of the dishonour takes it subject to any defect of title attaching thereto at the time of dishonour, but nothing in this section affects the rights of a holder in due course. R.S., c. B-5, s. 72
Bills of Exchange Act — B-4 72
Reissue of bill 72 Where a bill is negotiated back to the drawer, to a prior endorser or to the acceptor, that party may, subject to this Act, reissue and further negotiate the bill, but he is not entitled to enforce the payment of the bill against any intervening party to whom he was previously liable. R.S., c. B-5, s. 73
Bills of Exchange Act — B-4 73
Rights and powers of holder 73 The rights and powers of the holder of a bill are as follows: (a) he may sue on the bill in his own name; (b) 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; (c) where his title is defective, if he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill; and (d) where his title is defective, if he obtains payment of the bill, the person who pays him in due course gets a valid discharge for the bill. R.S., c. B-5, s. 74
Bills of Exchange Act — B-4 74
When presentment for acceptance necessary 74 (1) Where a bill is payable at sight or after sight, presentment for acceptance is necessary in order to fix the maturity of the instrument. Express stipulation (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. Other cases (3) In no other case is presentment for acceptance necessary in order to render liable any party to the bill. R.S., c. B-5, s. 75
Bills of Exchange Act — B-4 75
Presentment excused 75 Where the holder of a bill, drawn payable elsewhere than at the place of business or residence of the drawee, has not time, with the exercise of reasonable diligence, 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 endorsers. R.S., c. B-5, s. 76
Bills of Exchange Act — B-4 76
Sight bill 76 (1) Subject to this Act, when a bill payable at sight or after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time. If not presented (2) If the holder does not comply with the requirement of subsection (1), the drawer and all endorsers prior to that holder are discharged. Reasonable time (3) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills and the facts of the particular case. R.S., c. B-5, s. 77
Bills of Exchange Act — B-4 77
Rules for presenting for acceptance 77 A bill is duly presented for acceptance that is presented in accordance with the following rules: (a) the presentment must be made by or on behalf of the holder to the drawee or to a person authorized to accept or refuse acceptance on his behalf, at a reasonable hour on a business day and before the bill is overdue; (b) where a bill is addressed to two or more drawees who are not partners, presentment must be made to all of them, unless one has authority to accept for all, in which case presentment may be made to him only; (c) where the drawee is dead, presentment may be made to his personal representative; and (d) where authorized by agreement or usage, a presentment through the post office is sufficient. R.S., c. B-5, s. 78
Bills of Exchange Act — B-4 78
Excuses 78 (1) Presentment in accordance with the rules set out in section 77 is excused, and a bill may be treated as dishonoured by non-acceptance where (a) the drawee is dead, or is a fictitious person or a person not having capacity to contract by bill; (b) after the exercise of reasonable diligence, the presentment cannot be effected; or (c) although the presentment has been irregular, acceptance has been refused on some other ground. No excuse (2) The fact that the holder has reason to believe that the bill, on presentment, will be dishonoured does not excuse presentment. R.S., c. B-5, s. 79
Bills of Exchange Act — B-4 79
Time for acceptance 79 (1) The drawee may accept a bill on the day of its due presentment to him for acceptance or at any time within two days thereafter. Dishonour (2) When a bill is duly presented for acceptance and is not accepted within the time mentioned in subsection (1), the person presenting it must treat it as dishonoured by non-acceptance. Loss of rights (3) If the person does not treat the bill as dishonoured, the holder loses his right of recourse against the drawer and endorsers. Date of acceptance (4) In the case of a bill payable at sight or after sight, the acceptor may date his acceptance thereon as of any of the days mentioned in subsection (1) but not later than the day of his actual acceptance of the bill. Refusing acceptance (5) If the acceptance is not dated as described in subsection (4), the holder may refuse to take the acceptance and may treat the bill as dishonoured by non-acceptance. R.S., c. B-5, s. 80
Bills of Exchange Act — B-4 80
Dishonour by non-acceptance 80 A bill is dishonoured by non-acceptance when (a) it is duly presented for acceptance and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or (b) presentment for acceptance is excused and the bill is not accepted. R.S., c. B-5, s. 81
Bills of Exchange Act — B-4 81
Recourse 81 Subject to this Act, when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and endorsers accrues to the holder, and no presentment for payment is necessary. R.S., c. B-5, s. 82
Bills of Exchange Act — B-4 82
Qualified acceptance 82 (1) The holder of a bill may refuse to take a qualified acceptance and, if he does not obtain an unqualified acceptance, may treat the bill as dishonoured by non-acceptance. Presumption of assent (2) When the drawer or endorser of a bill receives notice of a qualified acceptance and does not within a reasonable time express his dissent to the holder, he shall be deemed to have assented thereto. R.S., c. B-5, s. 83
Bills of Exchange Act — B-4 83
Qualified acceptance without authority 83 (1) Where a qualified acceptance is taken and the drawer or endorser has not expressedly or impliedly authorized the holder to take a qualified acceptance, or does not subsequently assent thereto, the drawer or endorser is discharged from his liability on the bill. Partial acceptance (2) This section does not apply to a partial acceptance of which due notice has been given. R.S., c. B-5, s. 84
Bills of Exchange Act — B-4 84
Necessity for presentment 84 (1) Subject to this Act, a bill must be duly presented for payment. If not presented (2) If a bill is not duly presented for payment, the drawer and endorsers are discharged. Manner of presentment (3) Where the holder of a bill presents it for payment, he shall exhibit the bill to the person from whom he demands payment. R.S., c. B-5, s. 85
Bills of Exchange Act — B-4 85
Time for presentment 85 (1) A bill is duly presented for payment that is presented when the bill is (a) not payable on demand, on the day it falls due; or (b) payable on demand, within a reasonable time after its issue, in order to render the drawer liable, and within a reasonable time after its endorsement, in order to render the endorser liable. Reasonable time (2) In determining what is a reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills and the facts of the particular case. R.S., c. B-5, s. 86
Bills of Exchange Act — B-4 86
By and to whom 86 (1) Presentment of a bill must be made by the holder or by a person authorized to receive payment on his behalf, at the proper place as defined in section 87, and either to the person designated by the bill as payer or to his representative or a person authorized to pay or to refuse payment on his behalf, if with the exercise of reasonable diligence such person can there be found. Two acceptors (2) When a bill is drawn on or accepted by two or more persons who are not partners and no place of payment is specified, presentment must be made to all of them. Personal representation (3) When the drawee or acceptor of a bill is dead and no place of payment is specified, presentment of the bill must be made to a personal representative if there is one and with the exercise of reasonable diligence he can be found. R.S., c. B-5, s. 87
Bills of Exchange Act — B-4 87
Proper place for presentment 87 A bill is presented at the proper place (a) where a place of payment is specified in the bill or acceptance and the bill is there presented; (b) where no place of payment is specified, but the address of the drawee or acceptor is given in the bill, and the bill is there presented; (c) where no place of payment is specified and no address given, and the bill is presented at the drawee’s or acceptor’s place of business, if known, and if not, at his ordinary residence, if known; or (d) in any other case, if presented to the drawee or acceptor wherever he can be found, or if presented at his latest known place of business or residence. R.S., c. B-5, s. 88
Bills of Exchange Act — B-4 88
Sufficient presentment 88 Where a bill is presented at the proper place as defined in section 87 and after the exercise of reasonable diligence no person authorized to pay or refuse payment can there be found, no further presentment to the drawee or acceptor is required. R.S., c. B-5, s. 89
Bills of Exchange Act — B-4 89
Presentment at post office 89 (1) Where the place of payment specified in the bill or acceptance is any city, town or village and no place therein is specified, and the bill is presented at the drawee’s or acceptor’s known place of business or known ordinary residence therein, and if there is no such place of business or residence, the bill is presented at the post office or principal post office in such city, town or village, such presentment is sufficient. Through post office (2) Where authorized by agreement or usage, a presentment through the post office is sufficient. R.S., c. B-5, s. 90
Bills of Exchange Act — B-4 90
Delay in presentment 90 (1) Delay in making presentment of a bill for payment is excused where the delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct or negligence. Diligence (2) Where the cause of delay ceases to operate, presentment must be made with reasonable diligence. R.S., c. B-5, s. 91
Bills of Exchange Act — B-4 91
When presentment is dispensed with 91 (1) Presentment of a bill for payment is dispensed with (a) where, after the exercise of reasonable diligence, presentment, as required by this Act, cannot be effected; (b) where the drawee is a fictitious person; (c) with respect to the drawer, where the drawee or acceptor is not bound, as between himself and the drawer, to accept or pay the bill, and the drawer has no reason to believe that the bill would be paid if presented; or (d) with respect to an endorser, where the bill was accepted or made for the accommodation of that endorser, and he has no reason to expect that the bill would be paid if presented; (e) by waiver of presentment, express or implied. Not dispensed with (2) The fact that the holder has reason to believe that the bill will, on presentment, be dishonoured does not dispense with the necessity for presentment. R.S., c. B-5, s. 92
Bills of Exchange Act — B-4 92
When no place specified 92 (1) When no place of payment is specified in a bill or acceptance, presentment for payment is not necessary in order to render the acceptor liable. If place specified (2) When a place of payment is specified in a bill or acceptance, the acceptor, in the absence of an express stipulation to that effect, is not discharged by the omission to present the bill for payment on the day that it matures, but if any suit or action is instituted thereon before presentation, the costs thereof shall be in the discretion of the court. Delivery on payment (3) When a bill is paid, the holder shall forthwith deliver it to the party paying it. R.S., c. B-5, s. 93
Bills of Exchange Act — B-4 93
Time for presentment 93 (1) Where the address of the acceptor for honour of a bill is in the same place where the bill is protested for non-payment, the bill must be presented to him not later than the day following its maturity. Parties in different places (2) Where the address of the acceptor for honour is in a place other than the place where a bill is protested for non-payment, the bill must be forwarded not later than the day following its maturity for presentment to him. Excuses for delay (3) Delay in presentment or non-presentment is excused by any circumstance that would, in case of acceptance by a drawee, excuse delay in presentment for payment or non-presentment for payment. R.S., c. B-5, s. 94
Bills of Exchange Act — B-4 94
Dishonour by non-payment 94 (1) A bill is dishonoured by non-payment when (a) it is duly presented for payment and payment is refused or cannot be obtained; or (b) presentment is excused and the bill is overdue and unpaid. Recourse (2) Subject to this Act, when a bill is dishonoured by non-payment, an immediate right of recourse against the drawer, acceptor and endorsers accrues to the holder. R.S., c. B-5, s. 95
Bills of Exchange Act — B-4 95
Notice of dishonour 95 (1) Subject to this Act, when a bill has been dishonoured by non-acceptance or by non-payment, notice of dishonour must be given to the drawer and each endorser, and any drawer or endorser to whom the notice is not given is discharged. Subsequent holder (2) Where a bill is dishonoured by non-acceptance and notice of dishonour is not given, the rights of a holder in due course subsequent to the omission are not prejudiced by the omission. Notice of subsequent dishonour (3) Where a bill is dishonoured by non-acceptance and due notice of dishonour is given, it is not necessary to give notice of a subsequent dishonour by non-payment, unless the bill is accepted in the meantime. Notice to acceptor (4) In order to render the acceptor of a bill liable, it is not necessary that notice of dishonour be given to him. R.S., c. B-5, s. 96
Bills of Exchange Act — B-4 96
Conditions for validity of notice 96 Notice of dishonour in order to be valid and effectual must be given (a) not later than the juridical or business day next following the dishonouring of the bill; (b) by or on behalf of the holder, or by or on behalf of an endorser, who at the time of giving notice is himself liable on the bill; (c) in the case of the death, if known to the party giving notice, of the drawer or endorser, to a personal representative if there is one and with the exercise of reasonable diligence he can be found; and (d) in case of two or more drawers or endorsers who are not partners, to each of them, unless one of them has authority to receive notice for the others. R.S., c. B-5, s. 97
Bills of Exchange Act — B-4 97
How notice given 97 (1) Notice of dishonour may be given (a) as soon as the bill is dishonoured; (b) to the party to whom notice is required to be given or to his agent in that behalf; (c) by an agent either in his own name or in the name of any party entitled to give notice, whether that party is his principal or not; or (d) in writing or by personal communication and in any terms that identify the bill and intimate that the bill has been dishonoured by non-acceptance or non-payment. Misdescription (2) A misdescription of the bill does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby. R.S., c. B-5, s. 98
Bills of Exchange Act — B-4 98
Form of notice 98 (1) In point of form, the return of a dishonoured bill to the drawer or endorser is a sufficient notice of dishonour, and a written notice need not be signed. Verbal supplement (2) An insufficient written notice may be supplemented and validated by verbal communication. R.S., c. B-5, s. 99
Bills of Exchange Act — B-4 99
Notice by agent 99 (1) Where a bill when dishonoured is in the hands of an agent, he may himself give notice to the parties liable on the bill, or he may give notice to his principal, in which case the principal on receipt of the notice has the same time for giving notice as if the agent had been an independent holder. Time for notice (2) Where the agent gives notice to his principal, he must do so within the same time as if he were an independent holder. R.S., c. B-5, s. 100
Bills of Exchange Act — B-4 100
Notice to antecedent parties 100 Where a party to a bill receives due notice of dishonour, he has, after the receipt of the notice, the same period of time for giving notice to antecedent parties that a holder has after dishonour. R.S., c. B-5, s. 101
Bills of Exchange Act — B-4 101
Benefit of notice 101 A notice of dishonour enures for the benefit (a) of all subsequent holders and of all prior endorsers who have a right of recourse against the party to whom the notice is given, where given on behalf of the holder; and (b) of the holder and all endorsers subsequent to the party to whom the notice is given, where given, by or on behalf of an endorser entitled under this Part to give notice. R.S., c. B-5, s. 102
Bills of Exchange Act — B-4 102
How notice addressed 102 (1) Notwithstanding anything in this Act, notice of dishonour of any bill payable in Canada is sufficiently given if it is addressed in due time to any party to the bill entitled to the notice, at his customary address or place of residence or at the place at which the bill is dated, unless any such party has, under his signature, designated another place, in which case the notice shall be sufficiently given if addressed to him in due time at that other place. Sufficiency of notice (2) A notice referred to in subsection (1) shall be sufficient, although the place of residence of such party is other than either of the places mentioned in that subsection, and shall be deemed to have been duly served and given for all purposes if it is deposited in any post office, with the postage paid thereon, at any time during the day on which presentment has been made or on the next following juridical or business day. Death of party (3) The notice referred to in subsection (1) is not invalid by reason only of the fact that the party to whom it is addressed is dead. R.S., c. B-5, s. 103
Bills of Exchange Act — B-4 103
Miscarriage in post service 103 Where a notice of dishonour is duly addressed and posted, as provided in section 102, the sender is deemed to have given due notice of dishonour, notwithstanding any miscarriage by the post office. R.S., c. B-5, s. 104
Bills of Exchange Act — B-4 104
Excuse for delay 104 (1) Delay in giving notice of dishonour is excused where the delay is caused by circumstances beyond the control of the party giving notice and not imputable to his default, misconduct or negligence. Diligence (2) Where the cause of delay in giving notice of dishonour ceases to operate, the notice must be given with reasonable diligence. R.S., c. B-5, s. 105
Bills of Exchange Act — B-4 105
Notice dispensed with 105 (1) Notice of dishonour is dispensed with (a) when, after the exercise of reasonable diligence, notice as required by this Act cannot be given to or does not reach the drawer or endorser sought to be charged; or (b) by waiver, express or implied. Time of waiver (2) Notice of dishonour may be waived before the time of giving notice has arrived or after the omission to give due notice. R.S., c. B-5, s. 106