782

Banker
paying
demand
draft
whereon
indorsement
is forged.

Acceptor
the holder
at maturity.

Express
waiver,

Cancellation,

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

party paying if is remitted to his former rights as
regards the acceptor or antecedent parties, and he may,
if he thinks fit, strike out his own and subsequent
indorsements, and again negotiate the bill.

(3) Where an accommodation bill is paid in due course
by the party accommodated, the bill is discharged.

60. When a bill payable to order on demand is drawn on a
banker, and the banker on whom it is drawn pays the bill
in good faith and in the ordinary course of business, it is not
incumbent on the banker to show that the indorsement of the
payee or any subsequent indorsement was made by or under
the authority of the person whose indorsement it purports
to be, and the banker 1s deemed to have paid the bill in due
course, although such indorsement has been forged or made
without authority.

A draft or order drawn by a banker on the head office or a
branch of his bank in the Colony for a sum of money
payable to order on demand shall be deemed to be a bill
for the purposes of this section.

61. When the acceptor of a bill is or becomes the holder
of it at or after its maturity, in his own right, the bill is
discharged.

62. (1) When the holder of a bill at or after its maturity
absolutely and unconditionally renounces his rights against
the acceptor the bill is discharged.

The renunciation must be in writing, unless the bill is
delivered up to the acceptor.

(2) The liabilities of any party to a bill may in like
manner be renounced by the holder before, at, or after its
maturity; but nothing in this section shall affect the rights
of a holder in due course without notice of the renunciation.

63. (1) Where a bill is intentionally cancelled by the
holder or his agent, and the cancellation is apparent thereon,
the bill is discharged.

(2) In like manner any party liable on a bill may be
discharged by the intentional cancellation of his signature