Bills of Exchange Act 1909 (Cth)

Bills of Exchange Act 1909

Act No. 27 of 1909 as amended

This compilation was prepared on 27 December 2011 taking into account amendments up to Act No. 46 of 2011

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents

Part I—Preliminary 1 Short title [see Note 1] 2 Commencement [see Note 1] 4 Interpretation of terms 5 Application of rules of bankruptcy and common law 6 Application of Act 7 Application of State laws

Part II—Bills of exchange Division 1—Form and interpretation 8 Bill of exchange defined 9 Inland and foreign bills 10 Effect where different parties to bill are the same person 11 Address to drawee 12 Certainty required as to payee 13 What bills are negotiable 14 Sum payable 15 Bill payable on demand 16 Bill payable at a future time 17 Omission of date in bill payable after date 18 Ante‑dating and post‑dating 19 Computation of time of payment 20 Case of need 21 Optional stipulation by drawer or indorser 22 Definition and requisites of acceptance 23 Time for acceptance 24 General and qualified acceptances 25 Inchoate instruments 26 Delivery Division 2—Capacity and authority of parties 27 Capacity of parties 28 Signature essential to liability 29 Forged or unauthorized signature 30 Procuration signatures 31 Person signing as agent or in representative capacity Division 3—The consideration for a bill 32 Value and holder for value 33 Accommodation bill or party 34 Holder in due course 35 Presumption of value and good faith Division 4—Negotiation of bills 36 Negotiation of bill 37 Requisites of a valid indorsement 38 Conditional indorsement 39 Indorsement in blank and special indorsement 40 Restrictive indorsement 41 Negotiation of overdue or dishonoured bill 42 Negotiation of bill to party already liable thereon 43 Rights of holder Division 5—General duties of the holder 44 When presentment for acceptance is necessary 45 Time for presenting bill payable after sight 46 Rules as to presentment for acceptance and excuses for non‑presentment 47 Non‑acceptance 48 Dishonour by non‑acceptance and its consequences 49 Duties as to qualified acceptances 50 Rules as to presentment for payment 51 Excuses for delay or non‑presentment for payment 52 Dishonour by non‑payment 53 Notice of dishonour and effect of non‑notice 54 Rules as to notice of dishonour 55 Excuses for non‑notice and delay 56 Noting or protest of bill 57 Duties of holder as regards drawee or acceptor Division 6—Liabilities of parties 58 Funds in hands of drawee 59 Liability of acceptor 60 Liability of drawer or indorser 61 Stranger signing bill liable as indorser 62 Measure of damages against parties to dishonoured bill 63 Transferor by delivery and transferee Division 7—Discharge of bill 64 Payment in due course 65 Banker paying demand draft whereon indorsement is forged 66 Acceptor the holder at maturity 67 Express waiver 68 Cancellation 69 Alteration of bill Division 8—Acceptance and payment for honour 70 Acceptance for honour supra protest 71 Liability of acceptor for honour 72 Presentment to acceptor for honour 73 Payment for honour supra protest Division 9—Lost instruments 74 Replacement of lost or destroyed bill 75 Action on lost bill Division 10—Bill in a set 76 Rules as to sets Division 11—Conflict of laws 77 Rules where laws conflict 77A Effect of non‑compliance with stamp laws in case of certain bills of exchange