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BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Fri Jun 17, 2011 10:13 pm
by Grantor
In the Bills of Exchange Act 1882, does it state, in principle, that an attempt to make payment discharges debt?
If it does please, would someone that is familiar with the Act cite the particular Section of the Act that states that.

Thanks

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Sat Jun 18, 2011 9:29 am
by The Freeman-on-the-Land known as Michael
43 Dishonour by non-acceptance and its consequences

(1)A bill is dishonoured by non-acceptance—

(a)when it is duly presented for acceptance, and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or

(b)when presentment for acceptance is excused and the bill is not accepted.

(2)Subject to the provisions of this Act when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary.


http://freetheplanet.net/articles/75/english-bills-of-exchange-act-1882

Namaste

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Sat Jun 18, 2011 11:49 am
by gerbil
Hi Micheal,

A question that I have been looking to find the answer to relates to BOE Act as well.

Any bill raised by a crown agency (or other similar things such as council tax etc) should this bill raised to our PERSON be a bill under the BOE?

Also all bills raised by the utility companies are their bill's supposed to be a bill under the BOE act?

Or is any bill to our PERSON from any corporation supposed to be a bill under the BOE Act?

any thoughts would be welcome

regards

Gerbil

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Sun Sep 18, 2011 10:54 pm
by Grantor
Hi Michael
My sincere apologies for delay in getting back to you.
This post is to say - many thanks and gratitude to you for your information,
and your help in helping me decipher this act.

grantor

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Sun Sep 18, 2011 11:09 pm
by enegiss
what a nice reply, well done michael, respect, peace and light

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Tue Sep 20, 2011 6:38 pm
by wanabfree
there is a famous ish court case from back in the 60's, when the attorney general said a promissary note must be accepted as cash/money, hopefully micheal already know's about this one and can confirm this.

if can find the case transcript or citation i'll post it up soon as.

Re: BILLS OF EXCHANGE ACT 1882 - A QUESTION

PostPosted: Sat Dec 17, 2011 5:01 pm
by BenOfEtc
gerbil wrote:
Any bill raised by a crown agency (or other similar things such as council tax etc) should this bill raised to our PERSON be a bill under the BOE?

Also all bills raised by the utility companies are their bill's supposed to be a bill under the BOE act?

Or is any bill to our PERSON from any corporation supposed to be a bill under the BOE Act?

The answer to all three questions is no.

There seems to be a bit of confusion about what a bill of exchange is and what the Bill of Exchange Act is about. The Act only deals with bills of exchange, NOT ordinary bills. A bill of exchange is a very different thing to an ordinary bill. A bill - as in a demand for money sent to you by the electrician or given to you at Pizza Express - has nothing at all to do with a bill of exchange.

A bill of exchange is a type of negotiable instrument. Its an unconditional demand by the drawer to the drawee to pay money to the payee. A cheque is a type of bill of exchange. Let's say you pay your gardener by cheque. The cheeque is a demand by you (the drawer) to your bank (the drawee) to pay money to the payee (your gardener).

As you can see, a bill of exchange is not the same thing as the bill for 2 glasses of house white and a quattro formaggi.