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Bills of Exchange Act

LAWS OF TONGA

[1988 Ed.]

CHAPTER 108

BILLS OF EXCHANGE

ARRANGEMENT OF SECTIONS

SECTION

1. Short title.

PRELIMINARY

2. Interpretation.

PART I - BILLS OF EXCHANGE

Forms and Interpretation

3. Bill of Exchange defined.
4. Inland and foreign bills.
5. How bills may be drawn.
6. Address to drawee.
7. Certainty required as to payee.
8. What bills are negotiable.
9. Sum payable.
10. Bill payable on demand.
11. Bill payable at a future time.
12. Omission of date in bill payable after date.
13. Antedating and postdating, bills drawn on a Sunday.
14. Computation of time of payment.
15. Referee in case of need.
16. Optional stipulations by drawer or indorser.
17. Definition and requisites of acceptance.
18. Time for acceptance.
19. General and qualified acceptances.
20. Incohate instruments.
21. Delivery.

Capacity and Authority of Parties

22. Capacity of parties.
23. Signature essential to liability.
24. Forged or unauthorised signature.
25. Signature by procuration.
26. Person signing as agent or representative.

The Consideration for a Bill

27. Value, and holder for value.
28. Accommodation Party.
29. Holder in due course.
30. Presumption of value and good faith.

Negotiation of Bills

31. Negotiation of bill.
32. Requisition of a valid indorsement.
33. Conditional indorsement.
34. Indorsement in blank and special indorsement.
35. Restrictive indorsement.
36. Negotiation of overdue or dishonoured bill.
37. Negotiation of bill to party already liable thereon.
38. Rights of the holder.

General Duties of the Holder

39. When presentation for acceptance is necessary.
40. Time for presenting bill payable after sight.
41. Rules as to presentment for acceptance and excuses for nonpresentment.
42. Non-acceptance.
43. Dishonour by non-acceptance, and its consequences.
44. Qualified acceptance.
45. Rules as to presentment for payment.
46. Excuses for delay or non-presentment for payment.
47. Dishonour by non-payment.
48. Notice of dishonour.
49. Rules as to notice of dishonour.
50. Excuses for want of notice and delay.
51. Noting or protest of bill.
52. Duties of holder as regards drawee or acceptor.

Liabilities of Parties

53. Funds in hands of drawee.
54. Liability of acceptor.
55. Liability of drawer or indorser.
56. Stranger signing bill liable as indorser.
57. Measure of damages against parties to dishonoured bill.
58. Transferor and transferee by delivery.

Discharge of Bill

59. Payment in due course.