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Signed on behalf of LAKESHOREBABY by agent and authorized representative, LakeshoreBaby. No value assured.... No liability assumed, Without Recourse, Without Prejudice. Canadians involved in 9/11: Brian Mulroney, Jean Chretien, Frank McKenna, Maurice Strong, Paul Martin http://www.hawkscafe.com http://www.wtprn.com (amazing truth radio) http://www.wearechange.org http://www.prisonplanet.com
Cleaning up the mess that is called CANADA. And doing it with a smile.
Joined: Jun 2007 Gender: Male Posts: 945 Location: Mahnreeyal Kweebik Kaynaduh Karma: 5
Re: The Bill of Exchange For Newbies « Reply #4 on Feb 14, 2008, 2:50pm »
You mean "I don't understand." LOL. Oh, well, they draw up mortgages for example, to be an unconditional order to pay. Unbelievable, eh? When we are sitting in front of the banker to apply for a mortgage, they pretend like we already received the house and that you we the 'registered owner' when we sign the document. They lie in the wording on the mortgage to conform to the bills of exchange act. Meaning, to be an unconditional order to pay, we must have already received something 'in equity'. My guess is they do they same for credit cards and lines of credit.
By writing things up this way, it appears, in equity, like we already got something (meanwhile, not only are we not yet the registered owner, but the Queen owns all the land in the east, and the Natives in the west, and we can never be the true owners), and that we are agreeing now to pay the bank back with interest. But the credit for the mortgage hasn't even been created yet at the point that we sign the document. They then take that signed document (which we think is an application, but is really the mortgage credit itself, credit just being an unconditional order to pay, a bill of exchange) and create new credit in their accounts with it. That signed promise to pay IS the credit. This is what credit is. Our unconditional promise to pay/bill of exchange given to them.
So we sign the mortgage and, on paper, we are agreeing to say we are the registered owner. We agree to the lie. The bank takes that promise to pay from us, opens up the mortgage credit, transfers it to the vendor. We give them our unconditional promise to pay, the bill of exchange, and all we get in return after that is to be the registered ownership we lied about that we were, not a true claimant with allodial title.
We think we are getting something for something. But really we are getting nothing for nothing. Or, just paying them through hard labor to rent the house for an extended while. But it can be taken from us at any time through eminent domain. And can be unlawfully property taxed through the colorable/legal title.
« Last Edit: Feb 17, 2008, 1:22am by LakeshoreBaby »
Signed on behalf of LAKESHOREBABY by agent and authorized representative, LakeshoreBaby. No value assured.... No liability assumed, Without Recourse, Without Prejudice. Canadians involved in 9/11: Brian Mulroney, Jean Chretien, Frank McKenna, Maurice Strong, Paul Martin http://www.hawkscafe.com http://www.wtprn.com (amazing truth radio) http://www.wearechange.org http://www.prisonplanet.com
Joined: Feb 2008 Posts: 464 Location: great south ;Van Die Mens land Karma: 1
Re: The Bill of Exchange For Newbies « Reply #5 on Feb 14, 2008, 3:58pm »
its like were hocking it to get credit only we dont 'get' credit we get debt, no wonder they get so much ''intrest' [ed] all-odi-all title gotta search that one up ps thanks for the help going to form a jury de jure thread[and put my case into it for the de jure of fremen to hear my case?] need a de jure forman tim[E]?
"I am only one, but I am one. I cannot do everything, but I can do something. And because I cannot do everything, I will not refuse to do the something that I can do. What I can do, I should do. And what I should do, by the grace of God, I will do." - Edward Everett Hale
Joined: Feb 2008 Posts: 464 Location: great south ;Van Die Mens land Karma: 1
Re: The Bill of Exchange For Newbies « Reply #8 on Mar 6, 2008, 11:48pm »
Bills of Exchange Act ( R.S., 1985, c. B-4 )
Attention: See coming into force provision and notes, where applicable.
Bills of Exchange Act
B-4
An Act relating to bills of exchange, cheques and promissory notes
SHORT TITLE Short title
1. This Act may be cited as the Bills of Exchange Act.
R.S., c. B-5, s. 1.
INTERPRETATION Definitions
2. In this Act,
"acceptance" «acceptation » "acceptance" means an acceptance
completed by delivery or notification;
"action" «action » "action" includes counter-claim and set-off;
"bank" «banque » "bank" means a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act;
"bearer" «porteur » "bearer" means the person in possession of a bill or note that is payable to bearer;
"bill" «lettre » "bill" means bill of exchange;
"defence" «défense » "defence" includes counter-claim;
"delivery" «livraison » "delivery" means transfer of possession, actual or constructive, from one person to another;
"endorsement" «endossement » ou «endos » "endorsement" means an endorsement completed by delivery;
"holder" «détenteur » "holder" means the payee or endorsee of a bill or note who is in possession of it, or the bearer thereof;
"issue" «émission » "issue" means the first delivery of a bill or note, complete in form, to a person who takes it as a holder;
"non-business days" «jours fériés » "non-business days" means days directed by this Act to be observed as legal holidays or non-juridical days, and any other day is a business day;
"note" «billet » "note" means promissory note;
"value" «Version anglaise seulement » "value" means valuable consideration.
R.S., 1985, c. B-4, s. 2; 1999, c. 28, s. 148.
PART I GENERAL Thing done in good faith
3. A thing is deemed to be done in good faith, within the meaning of this Act,
where it is in fact done honestly, whether it is done negligently or not.
R.S., c. B-5, s. 3.
Signature
4. Where, by this Act,
any instrument or writing is required to be signed by any person,
it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person by or under his authority.
R.S., c. B-5, s. 4.
What required of corporation
5. In the case of a corporation, where, by this Act, any instrument or writing is required to be signed,
it is sufficient if the instrument or writing is duly sealed with the corporate seal,
but nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal.
R.S., c. B-5, s. 5.
Computation of time
6. (1) Where, by this Act, the time limited for doing any act or thing is less than three days,
in reckoning time, non-business days are excluded.
Saturdays
(2) In all matters relating to bills or notes,
(a) if the time for doing any act or thing expires or falls on a Saturday,
that time is deemed to expire or fall, as the case may be, on the next following business day;
(b) a bill or note payable on demand cannot be duly presented for acceptance or payment on a Saturday; and
(c) failure to do any act or thing on a Saturday does not give rise to any rights.
Cheques
(3) Notwithstanding any other provision of this Act,
a cheque may be presented and paid on a Saturday or a non-juridical day if the drawee is open for business at the time of the presentment
and the presentment in all other respects is in accordance with this Act,
and the non-acceptance or non-payment of a cheque so presented gives rise to the same rights as though it had been presented on a business day other than a Saturday. Where bank not open for business
(4) In all matters relating to bills or notes, notwithstanding any other provision of this Act,
if a branch of a bank carrying on business is not open for business on a business day
(a) the time for doing any act or thing at the branch, if the time expires or falls on that day,
is deemed to expire or fall, as the case may be, on the next following business day on which the branch is open for business;
(b) a bill or note payable on demand cannot be duly presented for acceptance or payment at the branch on that day; and
(c) failure to do any act or thing by reason of the branch not being open for business on that day does not give rise to any rights.
R.S., c. B-5, s. 6.
Crossing dividend warrants
7. The provisions of this Act relating to crossed cheques apply to a warrant for payment of dividend.
R.S., c. B-5, s. 7.
Bank Act not affected
8. Nothing in this Act affects the provisions of the Bank Act.
R.S., c. B-5, s. 8.
Common law of England
9. The rules of the common law of England, including the law merchant,
save in so far as they are inconsistent with the express provisions of this Act, apply to bills, notes and cheques.
R.S., c. B-5, s. 10.
Protest evidence
10. A protest of any bill or note within Canada, and any copy thereof as copied by the notary or justice of the peace, is, in any action, evidence of presentation and dishonour, and also of service of notice of the presentation and dishonour as stated in the protest or copy.
R.S., c. B-5, s. 11.
Copy of protest, evidence
11. Where a bill or note, presented for acceptance, or payable outside Canada, is protested for non-acceptance or non-payment, a notarial copy of the protest and of the notice of dishonour, and a notarial certificate of the service of the notice, shall be received in all courts as evidence of the protest, notice and service.
R.S., c. B-5, s. 12.
Officer of bank not to act as notary
12. No clerk, teller or agent of any bank shall act as a notary in the protesting of any bill or note payable at the bank or at any of the branches of the bank in which he is employed.
R.S., c. B-5, s. 13.
Purchase of patent right
13. (1) Every bill or note the consideration of which consists, in whole or in part, of the purchase money of a patent right, or of a partial interest, limited geographically or otherwise, in a patent right, shall have written or printed prominently and legibly across the face thereof, before it is issued, the words “Given for a patent right”.
Absence of necessary words
(2) If the words “Given for a patent right” are not written or printed on any instrument in the manner prescribed in subsection (1), the instrument and any renewal thereof is void, except in the hands of a holder in due course without notice of the consideration. R.S., c. B-5, s. 14.
Transferee to take with equities
14. The endorsee or other transferee of any instrument referred to in section 13 having the words “Given for a patent right” printed or written thereon takes the instrument subject to any defence or set-off in respect of the whole or any part thereof that would have existed between the original parties.
R.S., c. B-5, s. 15.
Offence and punishment
15. Every person who issues, sells or transfers, by endorsement or delivery, any instrument referred to in section 13 not having the words “Given for a patent right” printed or written across the face thereof in the manner prescribed by that section, knowing the consideration of that instrument to have consisted, in whole or in part, of the purchase money of a patent right, or of a partial interest, limited geographically or otherwise, in a patent right, is guilty of an indictable offence and liable to imprisonment for any term not exceeding one year, or to such fine, not exceeding two hundred dollars, as the court thinks fit.
R.S., c. B-5, s. 16.
PART II BILLS OF EXCHANGE Form and Interpretation of Bill Bill of exchange
16. (1) A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.
Non-compliance with requisites
(2) An instrument that does not comply with the requirements of subsection (1), or that orders any act to be done in addition to the payment of money, is not, except as hereinafter provided, a bill. Unconditional order
(3) An order to pay out of a particular fund is not unconditional within the meaning of this section, except that an unqualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount, or
(b) a statement of the transaction that gives rise to the bill,
is unconditional.
R.S., c. B-5, s. 17.
Instrument payable on contingency
17. (1) An instrument expressed to be payable on a contingency is not a bill and the happening of the event does not cure the defect.
Addressed to two or more drawees
(2) A bill may be addressed to two or more drawees, whether they are partners or not, but an order addressed to two drawees in the alternative, or to two or more drawees in succession, is not a bill. R.S., c. B-5, s. 18.
Payee, drawer or drawee
18. (1) A bill may be drawn payable to, or to the order of, the drawer, or it may be drawn payable to, or to the order of, the drawee.
Two or more payees
(2) A bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. Holder of office payee
(3) A bill may be made payable to the holder of an office for the time being. R.S., c. B-5, s. 19.
Drawee to be named
19. The drawee must be named or otherwise indicated in a bill with reasonable certainty.
R.S., c. B-5, s. 20.
Transfer words
20. (1) When a bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the parties thereto, but it is not negotiable.
Negotiable bill
(2) A negotiable bill may be payable either to order or to bearer. When payable to bearer
(3) A bill is payable to bearer that is expressed to be so payable, or on which the only or last endorsement is an endorsement in blank. Certainty of payee
(4) Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty. Fictitious payee
(5) Where the payee is a fictitious or non-existing person, the bill may be treated as payable to bearer. R.S., c. B-5, s. 21.
Bill payable to order
21. (1) A bill is payable to order that is expressed to be so payable, or that is expressed to be payable to a particular person, and does not contain words prohibiting transfer or indicating an intention that it should not be transferable.
When payable to person or order
(2) Where a bill, either originally or by endorsement, is expressed to be payable to the order of a specified person, and not to him or his order, it is nevertheless payable to him or his order at his option. R.S., c. B-5, s. 22.
When payable on demand
22. (1) A bill is payable on demand
(a) that is expressed to be payable on demand or on presentation; or
(b) in which no time for payment is expressed.
Endorsed when overdue
(2) Where a bill is accepted or endorsed when it is overdue, it shall, with respect to the acceptor who so accepts it, or any endorser who so endorses it, be deemed a bill payable on demand. R.S., c. B-5, s. 23.
Determinable future time
23. A bill is payable at a determinable future time, within the meaning of this Act, that is expressed to be payable
(a) at sight or at a fixed period after date or sight; or
(b) on or at a fixed period after the occurrence of a specified event that is certain to happen, though the time of happening is uncertain.
R.S., c. B-5, s. 24.
Inland bill
24. (1) An inland bill is a bill that is, or on the face of it purports to be,
(a) both drawn and payable within Canada; or
(b) drawn within Canada on a person resident in Canada.
Foreign bill
(2) Any other bill is a foreign bill. Presumption
(3) Unless the contrary appears on the face of a bill, the holder may treat it as an inland bill. R.S., c. B-5, s. 25.
Bill or note
25. Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill or as a note.
R.S., c. B-5, s. 26.
Valid bill
26. A bill is not invalid by reason only that it
(a) is not dated;
(b) does not specify the value given, or that any value has been given therefor;
(c) does not specify the place where it is drawn or the place where it is payable; or
(d) is antedated or post-dated, or bears date on a Sunday or other non-juridical day.
R.S., c. B-5, s. 27.
Sum certain
27. (1) The sum payable by a bill is a sum certain within the meaning of this Act, although it is required to be paid
(a) with interest;
(b) by stated instalments;
(c) by stated instalments, with a provision that on default in payment of any instalment the whole shall become due; or
(d) according to an indicated rate of exchange or a rate of exchange to be ascertained as directed by the bill.
Figures and words
(2) Where the sum payable by a bill is expressed in words and also in figures and there is a discrepancy between the two, the sum denoted by the words is the amount payable. With interest
(3) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill and, if the bill is undated, from the issue thereof. R.S., c. B-5, s. 28.
True date presumption
28. Where a bill or an acceptance, or any endorsement on a bill, is dated, the date shall, unless the contrary is proved, be deemed to be the true date of the drawing, acceptance or endorsement, as the case may be.
R.S., c. B-5, s. 29.
Undated bill payable after date
29. Where a bill expressed to be payable at a fixed period after date is issued undated, or where the acceptance of a bill payable at sight or at a fixed period after sight is undated, any holder may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly, but where the holder in good faith and by mistake inserts a wrong date, or in every other case where a wrong date is inserted, if the bill subsequently comes into the hands of a holder in due course, the bill is not voided thereby, but operates and is payable as if the date so inserted had been the true date.
R.S., c. B-5, s. 30.
Perfecting bill
30. Where a simple signature on a blank paper is delivered by the signer in order that it may be converted into a bill, it operates, in the absence of evidence to the contrary, as an authority to fill it up as a complete bill for any amount, using the signature for that of the drawer or acceptor, or an endorser, and, in like manner, when a bill is wanting in any material particular, the person in possession of it has, in the absence of evidence to the contrary, the authority to fill up the omission in any way he thinks fit.
R.S., c. B-5, s. 31.
When completed
31. (1) In order that any instrument referred to in section 30 when completed may be enforceable against any person who became a party thereto prior to its completion, it must be filled up within a reasonable time and strictly in accordance with the authority given, but where any such instrument, after completion, is negotiated to a holder in due course, it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up within a reasonable time and strictly in accordance with the authority given.
Reasonable time
(2) Reasonable time within the meaning of this section is a question of fact. R.S., c. B-5, s. 32.
Referee in case of need
32. (1) The drawer of a bill and any endorser may insert therein the name of a person, who shall be called the referee in case of need, to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment.
Option
(2) The holder may, at his option, resort to the referee in case of need or not, as he thinks fit. R.S., c. B-5, s. 33.
Stipulations
33. The drawer of a bill, and any endorser, may insert therein an express stipulation
(a) negativing or limiting his own liability to the holder; or
(b) waiving, with respect to himself, some or all of the holder’s duties.
R.S., c. B-5, s. 34.
Acceptance Acceptance
34. (1) The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer.
Drawee’s name wrong
(2) Where in a bill the drawee is wrongly designated or his name is misspelt, he may accept the bill as therein described, adding, if he thinks fit, his proper signature or he may accept by his proper signature. R.S., c. B-5, s. 35.
Acceptance
35. (1) An acceptance is invalid unless it complies with the following conditions:
(a) it must be written on the bill and be signed by the drawee; and
(b) it must not express that the drawee will perform his promise by any other means than the payment of money.
Mere signature
(2) The mere signature of the drawee written on the bill without additional words is a sufficient acceptance. R.S., c. B-5, s. 36.
Acceptance
36. (1) A bill may be accepted
(a) before it has been signed by the drawer or while otherwise incomplete; or
(b) when it is overdue or after it has been dishonoured by a previous refusal to accept, or by non-payment.
Acceptance after dishonour
(2) When a bill payable at sight or after sight is dishonoured by non-acceptance and the drawee subsequently accepts it, the holder, in the absence of any different agreement, is entitled to have the bill accepted as of the date of first presentment to the drawee for acceptance. R.S., c. B-5, s. 37.
Kinds
37. (1) An acceptance is either general or qualified.
General
(2) A general acceptance assents without qualification to the order of the drawer. Qualified
(3) A qualified acceptance in express terms varies the effect of the bill as drawn and, in particular, an acceptance is qualified that is (a) conditional, that is to say, that makes payment by the acceptor dependent on the fulfilment of a condition therein stated;
(b) partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn;
(c) qualified as to time; or
(d) the acceptance of one or more of the drawees, but not of all.
Specified place
(4) An acceptance to pay at a particular specified place is not on that account conditional or qualified. R.S., c. B-5, s. 38.
Delivery When acceptance complete
38. Every contract on a bill, whether it is the drawer’s, the acceptor’s or an endorser’s, is incomplete and revocable until delivery of the instrument in order to give effect thereto, but where an acceptance is written on a bill and the drawee gives notice to, or according to the directions of, the person entitled to the bill that he has accepted it, the acceptance then becomes complete and irrevocable.
R.S., c. B-5, s. 39.
Requisites
39. (1) As between immediate parties and as regards a remote party, other than a holder in due course, the delivery of a bill
(a) in order to be effectual must be made either by or under the authority of the party drawing, accepting or endorsing, as the case may be; or
(b) may be shown to have been conditional or for a special purpose only, and not for the purpose of transferring the property in the bill.
Presumption
(2) Where the bill is in the hands of a holder in due course, a valid delivery of the bill by all parties prior to him, so as to make them liable to him, is conclusively presumed. R.S., c. B-5, s. 40.
Parting with possession
40. Where a bill is no longer in the possession of a party who has signed it as drawer, acceptor or endorser, a valid and unconditional delivery by him is presumed until the contrary is proved.
Endorsing
61. (1) An endorsement in order to operate as a negotiation must be
(a) written on the bill itself and be signed by the endorser; and
(b) an endorsement of the entire bill.
Allonge
(2) An endorsement written on an allonge, or on a copy of a bill issued or negotiated in a country where copies are recognized, is deemed to be written on the bill itself. Partial endorsement
(3) A partial endorsement, that is to say, an endorsement that purports to transfer to the endorsee a part only of the amount payable, or that purports to transfer the bill to two or more endorsees severally, does not operate as a negotiation of the bill. R.S., c. B-5, s. 62.
Signature sufficient
62. (1) The simple signature of the endorser on a bill, without additional words, is a sufficient endorsement.
Two or more payees
(2) Where a bill is payable to the order of two or more payees or endorsees who are not partners, all must endorse, unless the one endorsing has authority to endorse for the others. R.S., c. B-5, s. 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Rights and Powers of Holder 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.
Presentment for Acceptance 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Presentment for Payment 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Notice of Dishonour 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Dispensing with notice re drawer
106. Notice of dishonour is dispensed with as regards the drawer where
(a) the drawer and drawee are the same person;
(b) the drawee is a fictitious person or a person not having capacity to contract;
(c) the drawer is the person to whom the bill is presented for payment;
(d) the drawee or acceptor is, as between himself and the drawer, under no obligation to accept or pay the bill; or
(e) the drawer has countermanded payment.
R.S., c. B-5, s. 107.
Dispensing with notice re endorser
107. Notice of dishonour is dispensed with as regards the endorser where
(a) the drawee is a fictitious person or a person not having capacity to contract, and the endorser was aware of the fact at the time he endorsed the bill;
(b) the endorser is the person to whom the bill is presented for payment; or
(c) the bill was accepted or made for his accommodation.
R.S., c. B-5, s. 108.
Protest Necessity of protest
108. In order to render the acceptor of a bill liable, it is not necessary to protest it.
R.S., c. B-5, s. 109.
Protest dispensed with
109. Protest is dispensed with by any circumstances that would dispense with notice of dishonour.
R.S., c. B-5, s. 110.
Delay excused
110. (1) Delay in noting or protesting 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 in noting or protesting ceases to operate, the bill must be noted or protested with reasonable diligence. R.S., c. B-5, s. 111.
Foreign bill, non-acceptance
111. (1) Where a foreign bill appearing on the face of it to be such has been dishonoured by non-acceptance, it must be duly protested for non-acceptance.
Non-payment
(2) Where a foreign bill that has not been previously dishonoured by non-acceptance is dishonoured by non-payment, it must be duly protested for non-payment. Balance
(3) Where a foreign bill has been accepted only as to part, it must be protested as to the balance. Discharge
(4) Where a foreign bill is not protested as required by this section, the drawer and endorsers are discharged. R.S., c. B-5, s. 112.
Protest of inland bill
112. Where an inland bill has been dishonoured, it may, if the holder thinks fit, be noted and protested
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