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In the Commonwealth of Nations almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g. Bills of Exchange Act 1882 in the UK, Bills of Exchange Act 1890 in Canada, Bills of Exchange Act 1908 in New Zealand, Bills of Exchange Act 1909 in Australia, [2] the Negotiable Instruments Act, 1881 in India and the Bills of Exchange Act 1914 in ...
The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is an act of the Parliament of the United Kingdom that codified the law relating to bills of exchange.Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.
At that time, bills of exchange could be re-sold, with each seller serving as a guarantor to the bill and, by implication, insuring the buyer of the bill against default. This practice prevented the circulation of low-credit-quality bills among market participants and created a kind of “credit wrapper”—a guarantee for the specific loan ...
The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the ...
Lastly, paper money (or fiat money), issued in the form of a bill of exchange or a banknote, mortgaged on the value of the land that an individual owned. [4] Each year, the supply of specie in the colonies decreased due to international factors. The dearth of specie rendered it ineffective as a means of exchange for day-to-day purchases.
This page was last edited on 16 April 2020, at 00:31 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
An act further to continue an act, made in this present session of parliament, intituled, "An act to suspend, for a limited time, the operation of two acts of the fifteenth [b] and seventeenth [c] years of the reign of his present Majesty, for restraining the negociation of promissory notes and inland bills of exchange, under a limited sum ...
An Act to facilitate the Remedies on Bills of Exchange and Promissory Notes by the Prevention of frivolous or fictitious Defences to Actions thereon. (Repealed by Statute Law Revision and Civil Procedure Act 1883 (46 & 47 Vict. c. 49))
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