Bills of Exchange. (Ch. 31. No. 5.

unreasonable length of time. What is an unreasonable
length of time for this purpose is a question of fact.

(4) Except where an indorsement bears date after
the maturity of the bill, every negotiation is primd facte
deemed to have been effected before the bill was overdue.

(5) Where a bill which is not overdue has been dis-
honoured, 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
subsection shall affect the rights of a holder in due course.

37. Where a bill is negotiated back to the drawer, or toa
prior indorser, or to the acceptor, such party may, subject
to the provisions of this Ordinance, re-issue and further
negotiate the bill, but he is not entitled to enforce payment
of the bill against any intervening party to whom he was
previously liable.

38. 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 (i) if he negotiates the
bill to a holder in due course, that holder obtains a
good and complete title to the bill, and (ii) if he obtains
payment of the bill, the person who pays. him in due
course gets a valid discharge for the bill.

General duties of the holder.

39. (1) Where a bill is payable after sight, presentment
for acceptance is necessary in order to fix the maturity of
the instrument.

(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

T.—IV. 49

769

Negotiation
of bill to
party
already
liable
thereon.

Rights of
the holder.

When
presentment
for accept-
ance is
necessary.