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

(2) When, by the terms of a qualified acceptance,
presentment for payment is required, the acceptor, in the
absence of an express stipulation to that effect, is not
discharged by the omission to present the bill for payment
on the day that it matures.

(3) In order to render the acceptor of a bill liable, it
is not necessary to protest it, or that notice of dishonour
should be given to him.

(4) Where the holder of a bill presents it for payment,
he shall exhibit the bill to the person from whom he
demands payment, and when a bill is paid the holder shall
forthwith deliver it up to the party paying it.

Liabilities of parties.

53. A bill, of itself, does not operate as an assignment of
funds in the hands of the drawee available for the payment
thereof, and the drawee of a bill who does not accept as
required by this Ordinance is not lable on the instrument.

54. The acceptor of a bill by accepting it —
(a) engages that he will pay it according to the
tenor of his acceptance;
(5) is precluded from denying to a holder in duc
course —

(i) the existence of the drawer, the genuineness
of his signature, and his capacity and authority to
draw the bill;

(ii) in the case of a bill payable to drawer’s
order, the then capacity of the drawer to indorse,
but not the genuineness or validity of his indorse-
ment ;

(iii) in the case of a bill payable to the order of
a third person, the existence of the payee and his
then capacity to indorse, but not the genuineness
or validity of his indorsement.

55. (1) The drawer of a bill by drawing it—
(2) engages that on due presentment it shall be
accepted and paid according to its tenor, and that if it
be dishonoured he will compensate the holder or any

779

Lill not
assignment
of funds in
bands of
drawee.

Liability of
acceptor,

Liability of
drawer or
indorser.