Document ID: chunk:federal_register_of_legislation:C2012C00128:section:35
Version: federal_register_of_legislation:C2012C00128
Segment Type: section
Provision Reference: s 35
Character Range: 25497–26129

35  Presumption of value and good faith

 (1) Every party whose signature appears on a bill is prima facie deemed to have become a party thereto for value.

 (2) Every holder of a bill is prima facie deemed to be a holder in due course; but if, in an action on a bill, it is admitted or proved that the acceptance, issue, or subsequent negotiation of the bill is affected with fraud, duress, or force and fear, or illegality, the burden of proof is shifted, unless and until the holder proves that, subsequent to the alleged fraud or illegality, value has in good faith been given for the bill.

Division 4—Negotiation of bills