Commonwealth Consolidated Acts

by | Dec 29, 2023 | Useful Info

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Bill of exchange defined

  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.
  2. An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange.
  3. An order to pay out of a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with:
    1.  an indication of a particular fund out of which the drawee is to re-imburse himself or herself, or a particular account to be debited with the amount; or
    2. a statement of the transaction which gives rise to the bill; is unconditional.
  4. A bill is not invalid by reason:
    1. that it is not dated;
    2. that it does not specify the value given, or that any value has been given therefor; or
    3. that it does not specify the place where it is drawn, or the place where it is payable.