PAGE 58, 70 54 57 218 76 182 137 Woolf v. Hamilton (1898), L.R. Wright v. Crawford (1821), 1 S. Wylie v. Latta (1832), 11 S. 151, YATES (1858), 27 L.J. Bank. 9, N.S. 637, Young v. Gordon (1896), 23 R. THE BILLS OF EXCHANGE ACT, 1882. 45 & 46 VICTORIA, CAP. 61. An Act to codify the Law relating to Bills of PART I. PRELIMINARY. S. 1. 1. This Act may be cited as the Bills of Exchange Short title. Act, 1882.a a This Act, which came into operation on 18th August 1882, applies to the United Kingdom. In so far as it amends the law, it is not retrospective.1 The Act applies to bills of exchange, cheques, including dividend warrants,2 and promissory notes. It has been said not to apply to drafts by one branch of a bank upon another.3 2. In this Act, unless the context otherwise requires,― "Acceptance" means an acceptance completed by delivery or notification.a 1 M'Lean v. Clydesdale Banking Co., 1883, 11 R. (H.L.) 1, 3; 9 A.C. 95, 105; Edwards v. Walters [1896], 2 Ch. 157, 165. A 2 See ss. 95, 97 (3 d), S. 2. Interpretation of terms. S. 2. "Action" includes counter claim and set off.c "Banker" includes a body of persons whether incorporated or not who carry on the business of banking.d "Bankrupt" includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy. "Bearer means the person in possession of a bill or note which is payable to bearer. "Bill" means bill of exchange, and "note means promissory note. "Delivery" means transfer of possession, actual or constructive,f from one person to another.g "Holder" means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof.1 "Indorsement" means an indorsement completed by delivery. "Issue" means the first delivery of a bill or note, complete in form, to a person who takes it as a holder.j "Person" includes a body of persons, whether incorporated or not. "Value" means valuable consideration. "Written" includes printed, and "writing" includes print. a See on acceptance section 17, and on delivery or notification, section 21. b A claim in a multiplepoinding is equivalent 'to an action.1 c Compensation. d Cf. Stamp Act, 1891,2 s. 29. • See ss. 97 (1), 41.(1 d), (2 a), and 49 (10). 1 See s. 38, n.b 2 54 and 55 Vict. c. 39, p. 265, infra. |