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

82. Sections 76 to 81 shall apply to a banker’s draft as
if the draft were a cheque.

For the purposes of this section, the expression “banker’s
draft ’’ means a draft payable on demand drawn by or on
behalf of a bank upon itself, whether payable at the head
office or some other office of the bank.

PART III.
PROMISSORY NOTES.

83. (1) A promissory note is an unconditional promise in
writing made by one person to another signed by the maker,
engaging to pay, on demand or at a fixed or determinable
future time, a sum certain in money, to, or to the order of, a
specified person or to bearer.

(2) An instrument in the form of a note payable to
maker’ order is not a note within the meaning of this
section unless and until it is indorsed by the maker.

(3) A note is not invalid by reason only that it
contains also a pledge of collateral security with authority
to sell or dispose thereof.

(4) A note which is, or on the face of it purports to
be, both made and payable within the Colony is an inland
note. Any other note is a foreign note.

84. A promissory note is inchoate and incomplete until
delivery thereof to the payee or bearer.

85. (1) A promissory note may be made by two or more
makers, and they may be liable thereon jointly, or jointly
and severally, according to its tenor.

(2) Where a note runs’ I promise to pay”’ and is
signed by two or more persons, it is deemed to be their
joint and several note.

86. (1) Where a note payable on demand has been
indorsed, it must be presented for payment within a reason-
able time of the indorsement. If it be not so presented, the
indorser is discharged.

791

Cheques
drawn on i
bank bv
itself.

l'romissory
note defined.

Delivery
necessary

Joint and
several
notes.

Note
payable on
demand.