Document ID: chunk:federal_register_of_legislation:C2012C00128:section:57
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 57
Character Range: 50522–51370

57  Duties of holder as regards drawee or acceptor

 (1) When a bill is accepted generally, presentment for payment is not necessary in order to render the acceptor liable.

 (2) When, by the terms of a qualified acceptance, presentment for payment is required, 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.

 (3) In order to render the acceptor of a bill liable, it is not necessary to protest it, or that notice of dishonour should be given to him or her.

 (4) Where the holder of a bill presents it for payment, he or she shall exhibit the bill to the person from whom he or she demands payment, and when a bill is paid, the holder shall forthwith deliver it up to the party paying it.

Division 6—Liabilities of parties