Bills of Exchange (CAP. 48 1
CHAPTER 48
T H E BILLS O F EXCHANGE ACT
Arrangement of Sections
Section
1. Short title.
2. Interpretation.
3. Bill of exchange defined.
4. Inland and foreign bills.
5. Effect where different parties to bill are the same person.
6. Addressed 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. Ante-dating and post-dating.
14. Computation of time of payment.
15. Case of need.
16. Optional stipulations by drawer or indorser.
17. Definition and requisites of acceptance.
18. Time for acceptance.
19. General and qualified acceptance.
20. Inchoate instruments.
2 1 . Delivery.
2 2 . Capacity of parties.
23. Signature essential to liability.
24. Forged or unauthorized signature.
25. Procuration signatures.
26. Person signing as agent or in representative capacity.
27. Value and holder for value.
28. Accommodation bill or party.
29. Holder in due course.
30. Presumption of value and good faith.
31. Negotiation of bill.
32. Requisites of a valid indorsement.
LAWS OF ANTIGUA AND BARBUDA
2 CAP. 48) Bills of Exchange
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.
39. When presentment for acceptance is necessary.
40. Time for presenting bill payable after sight.
41. Rules as to presentment for acceptance, and excuses for
non-presentment.
42. Non-acceptance.
43. Dishonour by non-acceptance, and its consequences.
44. Duties as to qualified acceptances.
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 and effect of non-notice.
49. Rules as to notice of dishonour.
50. Excuses for non-notice and delay.
51. Noting or protest of bill.
52. Duties of holder as regards drawee or acceptor.
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 by delivery, and transferee.
59. Payment in due course.
60. Banker paying demand draft whereon indorsement is
forged.
61. Acceptor the holder at maturity.
62. Express waiver.
63. Cancellation.
64. Alteration of bill.
65. Acceptance for honour supra protest.
66. Liability of acceptor for honour.
67. Presentment to acceptor for honour.
68. Payment for honour supra protest.
69. Holder's right to duplicate of lost bill.
70. Action on lost bill.
71. Rules as to sets.
72. Rules where laws conflict.
73. Cheque defined.
74. Presentment of cheque for payment.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 3
75. Revocation of banker's authority.
76. General and special crossings defined.
77. Crossing by drawer or after issue.
78. Crossing a material part of cheque.
79. Duties of banker as to cross cheques.
80. Protection to banker and drawer where cheque is
crossed.
81. Effect of words "not negotiable".
82. Protection to collecting banker.
83. Cheques drawn on a bank by itself.
84. Promissory note defined.
85. Delivery necessary.
86. Joint and several notes.
87. Note payable on demand.
88. Presentment of note for payment.
89. Liability of maker.
90. Application of Part I to notes.
91. Good faith.
92. Signature.
93. Computation of time.
94. When noting equivalent to protest.
95. Protest when notary not accessible.
96. Dividend warrants may be crossed.
97. Savings.
SCHEDULE.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 5
BILLS OF EXCHANGE
(5th March, 1887.)
311933.
S.R.O. 2211956.
411972.
1. This Act may be cited as the Bills of Exchange Act. Short
2. In this Act- Interpretation.
6' acceptance" means an acceptance completed by
delivery or notification;
"action" includes counter claim and set off;
"banker" includes a body of persons, whether incor-
porated or not, who carry on the business of
banking;
"bankrupt" includes any person whose estate is vested
in a trustee or assignee under the law for the time
being in force relating to bankruptcy;
"bearer" means the person in possession of a bill or
note which is payable to bearer.
"bill" means bill of exchange;
"delivery" means transfer of possession, actual or con-
structive, from one person to another;
"holder" means the payee or indorsee of a bill or note
who is in possession of it, or the bearer thereof;
"indorsement" means an indorsement completed by
delivery;
"issue" means the first delivery of a bill or note, com-
plete in form, to a person who takes it as a holder;
"note" means promissory note;
' 6 person" includes a body of persons, whether incor-
porated or not;
6 ' value" means valuable consideration;
'6 writing" includes print;
"written" includes printed.
LAWS OF ANTIGUA AND BARBUDA
6 CAP. 48) Bills of Exchange
PART I
Bills of Exchange
Form and Interpretation
Bill of exchange 3. (1) A bill of exchange is an unconditional order
defined.
in writing, addressed by one person to another, signed by
the person giving it, requiring the person to whom it is
addressed 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 which does not comply with these
conditions, or which orders any act to be done in addition
to the payment of money, is not a bill of exchange.
(3) An order to pay out of a particular fund is not un-
conditional within the meaning of this section; but an
unqualified order to pay, coupled with an indication of a
particular fund out of which the drawee is to re-imburse
himself, or a particular account to be debited with the
amount, or a statement of the transaction which gives rise
to the bill, is unconditional.
(4) A bill is not invalid by reason-
(a) that it is not dated;
(6) that it does not specify the value given, or that
any value has been given therefor;
( 6 ) that it does not specify the place where it is
drawn, or the place where it is payable.
Inland and
foreign bills.
4. (1) An inland bill is a bill which is, or on the face
of it purports to be-
(a) both drawn and payable within Antigua and
Barbuda; or
( b ) drawn within Antigua and Barbuda upon some
person resident therein.
Any other bill is a foreign bill.
(2) Unless the contrary appear on the face of the bill,
the holder may treat it as an inland bill.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 7
5 . (1) A bill may be drawn payable to, or to the order :[i;c:e;h;~~ies
of, the drawer; or it may be drawn payable to, or to the to bill, the
order of, the drawee. same person.
(2) Where in a bill drawer and drawee are the same
person, or where the drawee is a fictitious person, or a per-
son not having capacity to contract, the holder may treat
the instrument, at his option, either as a bill of exchange
or as a promissory note.
6. (1) The drawee must be named or otherwise Addressed to
drawee. indicated in a bill with reasonable certainty.
(2) A bill may be addressed to two or more drawees
whether they are partners or not; but an order addressed
to two drawees in the alternative, or to two or more drawees
in succession, is not a bill of exchange.
7. (1) Where a bill is not payable to bearer, the payee C;;F;:;ezq~ired
must be named or otherwise indicated therein with reasonable
certainty.
(2) A bill may be made payable to two or more payees
jointly, or it may be made payable in the alternative to one
of two, or one or some of several, payees. A bill may also
be made payable to the holder of an office for the time being.
(3) Where the payee is a fictitious or non-existing per-
son, the bill may be treated as payable to bearer.
8. (1) When a bill contains words prohibiting transfer, 2~:~:::. are
or indicating an intention that it should not be transferable,
it is valid as between the parties thereto, but is not negotiable.
(2) A negotiable bill may be payable either to order or
to bearer.
(3) A bill is payable to bearer which is expressed to be
so payable, or on which the only or last indorsement is an
indorsement in blank.
(4) A bill is payable to order which is expressed to be
so payable, or which is expressed to be payable to a par-
ticular person, and does not contain words prohibiting
LAWS OF ANTIGUA AND BARBUDA
8 CAP. 48) Bills of Exchange
transfer or indicating an intention that it shall not be
transferable.
(5) Where a bill, either originally or by indorsement,
is expressed to be payable to the order of a specified person,
and not to him or his order, it is nevertheless payable to
him or his order at his option.
Sum payable. 9. (1) The sum payable by a bill is a sum certain
within the meaning of this Act although it is required to be
paid-
( a ) with interest;
( 6 ) by stated instalments;
(c ) by stated instalments, with a provision that,
upon default in payment of any instalment, the whole
shall become due;
(d) according to an indicated rate of exchange, or
a rate of exchange to be ascertained as directed by the
bill.
( 2 ) Where the sum payable is expressed in words and
also in figures, and there is a discrepancy between the two,
the sum denoted by the words is the amount payable.
(3) Where a bill is expressed to be payable with interest,
unless the instrument otherwise provides, interest runs from
the date of the bill, and if the bill is undated, from the issue
thereof.
Bill payable on
demand.
10. (1) A bill is payable on demand-
( a ) which is expressed to be payable on demand,
or at sight, or on presentation; or
( b ) in which no time for payment is expressed.
( 2 ) Where a bill is accepted or indorsed when it is over-
due, it shall, as regards the acceptor who so accepts, or any
indorser who so indorses it, be deemed a bill payable on
demand.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 9
1 . A bill is payable at a determinable future time Bill payable at a
within the meaning of this Act which is expressed to be future time.
payable-
( a ) at a fixed period after date or sight;
( b ) on or at a fixed period after the occurrence of
a specified event which is certain to happen, though the
time of happening may be uncertain.
An instrument expressed to be payable on a contingen-
cy is not a bill, and the happening of the event does not
cure the defect.
12. Where a bill expressed to be payable at a fixed Eml;p;:G:te
period after date is issued undated, or where the acceptance .fie, date.
of a bill payable at a fixed period after sight is undated, any
holder may insert therein the true date of issue or accep-
tance, and the bill shall be payable accordingly:
Provided that-
(a) where the holder in good faith and by mistake
inserts a wrong date, and
( b ) in every case where a wrong date is inserted,
if the bill subsequently comes into the hands of a holder
in due course,
the bill shall not be avoided thereby, but shall operate and
be payable as if the date so inserted had been the true date.
13. (1) Where a bill, or an acceptance, or any Ante-dating and
post-dating.
indorsement on a bill is dated, the date shall, unless the con-
trary be proved, be deemed to be the true date of the drawing,
acceptance, or indorsement as the case may be.
(2) A bill is not invalid by reason only that it is ante-
dated or post-dated, or that it bears date on a Sunday.
14. Where a bill is not payable on demand, the day
on which it falls due is determined as follows-
( a ) Three days, called days of grace, are, in every
case where the bill itself does not otherwise provide, add-
ed to the time of payment as fixed by the bill, and the
bill is due and payable on the last day of grace:
LAWS OF ANTIGUA AND BARBUDA
10 CAP. 48) Bills of Exchange
Cap. 354.
Provided that-
(i) when the last day of grace falls on Saturday,
Sunday, Christmas Day, or Good Friday, the
bill is, except in the case hereinafter provided
for, due and payable on the preceding business
day;
(ii) when the last day of grace is a public holiday
(other than Christmas Day or Good Friday)
under the Public Holidays Act, or when the
last day of grace falls on Saturday, or Sunday,
and the second day of grace is a public holi-
day, the bill is due and payable on the
succeeding business day;
(b) Where a bill is payable at a fixed period after
date, after sight, or after the happening of a specified
event, the time of payment is determined by excluding
the day from which the time is to begin to run, and
by including the day of payment;
(c) Where a bill is payable at a fixed period after
sight, the time begins to run from the date of the accep-
tance, if the bill be accepted, and from the date of noting
or protest, if the bill be noted or protested for non-
acceptance or for non-delivery;
(d) The term "month" in a bill means calendar
month.
Case of need. 15. The drawer of a bill, and any indorser, may insert
therein the name of a person to whom the holder may resort
in case of need, that is to say, in case the bill is dishonoured
by non-acceptance or non-payment. Such person is called
the referee in case of need. It is in the option of the holder
to resort to the referee in case of need or not, as he may
think fit.
Optional 16. The drawer of a bill, and any indorser, may insert
stipulations by
drawer or therein an express stipulation-
indorser.
(a) negativing or limiting his own liability to the
holder;
(b) waiving, as regards himself, some or all of the
holder's duties.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 11
17. (1) The acceptance of a bill is the signification Definition and
requisities of by the drawee of his assent to the order of the drawer. acceptance.
(2) An acceptance is invalid unless it complies with the
following conditions; namely-
( a ) It must be written on the bill and be signed
by the drawee. The mere signature of the drawee,
without additional words, is sufficient.
( b ) It must not express that the drawee will per-
form his promise by any other means than the payment
of money.
18. A bill may be accepted- Time of
acceptance.
(a) before it has been signed by the drawer, or while
otherwise incomplete;
( b ) when it is overdue, or after it has been
dishonoured by a previous refusal to accept, or by
non-payment.
When a bill payable after sight is dishonoured by non-
acceptance, and the drawee subsequently accepts it, the
holder, in the absence of any different agreement, is entitl-
ed to have the bill accepted as of the date of first presentment
to the drawee for acceptance.
19. (1) An acceptance is either general or qualified. : $ ~ i ? l ~ ~
acceptance.
(2) A general acceptance assents without qualification
to the order of the drawer. A qualified acceptance in express
terms varies the effect of the bill as drawn. In particular an
acceptance is qualified which is-
( a ) conditional, that is to say, which makes pay-
ment by the acceptor dependent on the fulfilment of a
condition therein stated;
(b ) partial, that is to say, an acceptance to pay part
only of the amount for which the bill is drawn;
(c) local, that is to say, an acceptance to pay only
at a particular specified place;
LAWS OF ANTIGUA AND BARBUDA
CAP. 48) Bills of Exchange
(An acceptance to pay at a particular place is a general
acceptance, unless it expressly states that the bill is to be
paid there only, and not elsewhere.)
(6) qualified as to time;
( e ) the acceptance of some one or more of the
drawees, but not of all.
Inchoate
instruments.
20. (1) Where a simple signature on a blank stamped
paper is delivered by the signer in order that it may be con-
verted into a bill, it operates as a prima facie authority to
fill it up as a complete bill for any amount the stamp will
cover, using the signature for that of the drawer, or the
acceptor, or an indorser. And, in like manner, when a bill
is wanting in any material particular, the person in posses-
sion of it has a prima facie authority to fill up the omission
in any way he thinks fit.
(2) In order that any such instrument, when completed,
may be enforceable against any person who became a party
thereto prior to its completion, it must be filled up within
a reasonable time, and strictly in accordance with the author-
ity given. Reasonable time for this purpose is a question of
fact:
Provided that, if any such instrument, after completion,
is negotiated to a holder in due course, it shall be valid and
effectual for all purposes in his hands, and he may enforce
it as if it had been filled up within a reasonable time, and
strictly in accordance with the authority given.
Delivery. 21. (1) Every contract on a bill, whether it be the
drawer's, the acceptor's or an indorser's, is incomplete and
revocable, until delivery of the instrument in order to give
effect thereto:
Provided that where an acceptance is written on a bill,
and the drawee gives notice to, or according to the direc-
tions of, the person entitled to the bill, that he has accepted
it, the acceptance then becomes complete and irrevocable.
(2) As between immediate parties, and as regards a
remote party other than a holder in due course, the delivery-
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 13
( a ) in order to be effectual, must be made either
by or under the authority of the party drawing, accep-
ting, or indorsing, as the case may be;
( 6 ) may be shown to have been conditional or for
a special purpose only, and not for the purpose of
transferring the property in the bill;
but if the bill be in the hands of a holder in due course,
a valid delivery of the bill by all parties prior to him so as
to make them liable to him is conclusively presumed.
(3) Where a bill is no longer in the possession of a party
who has signed it as a drawer, acceptor, or indorser, a valid
and unconditional delivery by him is presumed until the con-
trary be shown.
Capacity and Authority of Parties
22. (1) Capacity to incur a liability as a party to a %$:Y of
bill is co-extensive with capacity to contract:
Provided that nothing in this section shall enable a cor-
poration to make itself liable as drawer, acceptor, or indorser
of a bill, unless it is competent to it so to do under the law
for the time being in force relating to corporations.
(2) Where a bill is drawn or indorsed by an infant,
minor, or corporation having no capacity or power to incur
liability on a bill, the drawing or indorsement entitles the
holder to receive payment of the bill, and to enforce it against
any other party thereto.
23. No person is liable as drawer, indorser, or Signature
essential to
acceptor of a bill who has not signed it as such: liability.
Provided that-
(a) where a person signs a bill in a trade or assumed
name, he is liable thereon as if he had signed it in his
own name;
(b ) the signature of the name of a firm is equivalent
to the signature, by the person so signing, of the names
of all persons liable as partners in that firm.
LAWS OF ANTIGUA AND BARBUDA
14 CAP. 48) Bills of Exchaplge
Forged or
unauthorized
signature.
Procuration
signatures.
Person signing as
agent or in
representative
capacity.
Value and holder
for value.
24. Subject to the provisions of this Act, where a
signature on a bill is forged or placed thereon without the
authority of the person whose signature it purports to be,
the forged or unauthorized signature is wholly inoperative,
and no right to retain the bill, or give a discharge therefor,
or to enforce payment thereof against any party thereto, can
be acquired through or under that signature, unless the par-
ty against whom it is sought to retain or enforce payment
of the bill is precluded from setting up the forgery or want
of authority:
Provided that nothing in this section shall affect the
ratification of an unauthorized signature not amounting to
a forgery.
25. A signature by procuration operates as notice that
the agent has but a limited authority to sign; and the prin-
cipal is only bound by such signature if the agent, in so sign-
ing, was acting within the actual limit of his authority.
26. ( 1 ) Where a person signs a bill as a drawer,
indorser or acceptor, and adds words to his signature,
indicating that he signs for or on behalf of a principal, or
in a representative character, he is not personally liable
thereon; but the mere addition to his signature of words
describing him as an agent, or as filling a representative
character, does not exempt him from personal liability.
(2) In determining whether a signature on a bill is that
of the principal or that of the agent by whose hand it is writ-
ten, the construction most favourable to the validity of the
instrument shall be adopted.
The Consideration For A Bill
27. ( 1 ) Valuable consideration for a bill may be con-
stituted by-
(a) any consideration sufficient to support a simple
contract;
( 6 ) an antecedent debt or liability. Such a debt or
liability is deemed valuable consideration whether the
bill is payable on demand or at a future time.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 15
(2) Where value has at any time been given for a bill,
the holder is deemed to be a holder for value as regards the
acceptor and all parties to the bill who became parties prior
to such time.
(3) Where the holder of a bill has a lien on it, arising
either from contract or by implication of law, he is deemed
to be a holder for value to the extent of the sum for which
he has a lien.
28. (1) An accommodation party to a bill is a per- Accommodation
son who has signed a bill as drawer, acceptor, or indorser, bill Or
without receiving value therefor, and for the purpose of len-
ding his name to some other person.
(2) An accommodation party is liable on the bill to a
holder for value; and it is immaterial whether, when such
holder took the bill, he knew such party to be an accom-
modation party or not.
29. (1) A holder in due course is a holder who has Holder in due
course.
taken a bill, complete and regular on the face of it, under
the following conditions; namely-
(a) that he became the holder of it before it was
overdue, and without notice that it had been previously
dishonoured, if such was the fact;
(6) that he took the bill in good faith and for value,
and that, at the time the bill was negotiated to him,
he had no notice of any defect in the title of the person
who negotiated it.
(2) In particular the title of a person who negotiates
a bill is defective within the meaning of this Act when he
obtained the bill, or the acceptance thereof, by fraud, duress,
or false, unfair, or other unlawful means, or for an illegal
consideration, or when he negotiates it in breach of faith,
or under such circumstances as amount to a fraud.
(3) A holder, whether for value or not, who derives his
title to a bill through a holder in due course, and who is
not himself a party to any fraud or illegality affecting it, has
all the rights of that holder in due course as regards the
acceptor and all parties to the bill prior to that holder.
LAWS OF ANTIGUA AND BARBUDA
16 CAP. 48) Bills of Exchange
Presumption of
value and good
30. (1) Every party whose signature appears on a bill
faith. is prima facie deemed to have become a party thereto for value.
(2) Every holder of a bill is prima facie deemed to be
a holder in due course; but if in an action on a bill it is
admitted or proved that the acceptance, issue, or subsequent
negotiation of the bill is affected with fraud, duress, or force
and fear, or illegality, the burden of proof is shifted, unless
and until the holder proves that, subsequent to the alleged
fraud or illegality, value has in good faith been given for
the bill.
Negotiation Of Bills
~ e ~ o t i a t i o n of bill. 31. (1) A bill is negotiated when it is transferred from
one person to another in such a manner as to constitute the
transferee the holder of the bill.
(2) A bill payable to bearer is negotiated by delivery.
(3) A bill payable to order is negotiated by the indorse-
ment of the holder, completed by delivery.
(4) Where the holder of a bill payable to his order
transfers it for value without indorsing it, the transfer gives
the transferee such title as the transferor had in the bill, and
the transferee in addition acquires the right to have the
indorsement of the transferor.
(5) Where any person is under obligation to indorse
a bill in a representative capacity, he may indorse the bill
in such terms as to negative personal liability.
Requisites of a 32. An indorsement, in order to operate as a negotia-
valid indorsement.
tion, must comply with the following conditions, namely-
(a ) It must be written on the bill itself, and be sign-
ed by the indorser;
The simple signature of the indorser on the
bill, without additional words, is sufficient;
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 17
An indorsement written on an allonge, or on
a "copy" of a bill issued or negotiated in a coun-
try where "copies" are recognized, is deemed to
be written on the bill itself;
(6) It must be an indorsement of the entire bill;
a partial indorsement, that is to say, an indorsement
which purports to transfer to the indorsee a part only
of the amount payable, or which purports to transfer
the bill to two or more indorsees severally, does not
operate as a negotiation of the bill;
(G) Where a bill is payable to the order of two or
more payees or indorsees, who are not partners, all must
indorse, unless the one indorsing has authority to indorse
for the others;
(d) Where, in a bill payable to order, the payee
or indorsee is wrongly designated, or his name is mis-
spelt, he may indorse the bill as therein described,
adding, if he think fit, his proper signature;
( e ) Where there are two or more indorsements on
a bill, each indorsement is deemed to have been made
in the order in which it appears on the bill, until the
contrary is proved;
(j) An indorsement may be made in blank or
special. It may also contain terms making it restrictive.
33. Where a bill purports to be indorsed conditionally, Conditional
indorsement.
the condition may be disregarded by the payer, and pay-
ment to the indorsee is valid whether the condition has been
fulfilled or not.
34. (1) An indorsement in blank specifies no k::ya:;:;jzial
indorsee, and a bill so indorsed becomes payable to bearer. ind,,se,e,t.
(2) A special indorsement specifies the person to whom,
or to whose order, the bill is to be payable.
(3) The provisions of this Act relating to a payee apply,
with the necessary modifications, to an indorsee under a
special indorsement.
LAWS OF ANTIGUA AND BARBUDA
18 CAP. 48) Bills of Exchange
(4) When a bill has been indorsed in blank, any holder
may convert the blank indorsement into a special indorse-
ment by writing above the indorser's signature a direction
to pay the bill to, or to the order of, himself or some other
person.
Restrictive
indorsement.
35. (1) An indorsement is restrictive which prohibits
the further negotiation of the bill, or which expresses that
it is a mere authority to deal with the bill as thereby directed,
and not a transfer of the ownership thereof, as, for example,
if a bill be indorsed "Pay D only", or "Pay D for the account
of X", or "Pay D or order for collection".
(2) A restrictive indorsement gives the indorsee the right
to receive payment of the bill, and to sue any party thereto
that his indorser could have sued, but gives him no power
to transfer his rights as indorsee, unless it expressly authorizes
him to do so.
(3) Where a restrictive indorsement authorizes further
transfer, all subsequent indorsees take the bill with the same
rights and subject to the same liabilities as the first indorsee
under the restrictive indorsement.
Negotiation of 36. (1) Where a bill is negotiable in its origin, it con-
overdue or
dishonoured bill. tinues to be negotiable until it has been restrictively indorsed,
or discharged by payment or otherwise.
(2) Where an overdue bill is negotiated, it can only be
negotiated subject to any defect of title affecting it at its
maturity, and thenceforward no person who takes it can
acquire or give a better title than that which the person from
whom he took it had.
(3) A bill payable on demand is deemed to be overdue
within the meaning, and for the purposes, of this section
when it appears on the face of it to have been in circulation
for an 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 prima facie deemed
to have been effected before the bill was overdue.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 19
(5) Where a bill which is not overdue has been
dishonoured, 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 subsec-
tion shall affect the rights of a holder in due course.
37. Where a bill is negotiated back to the drawer, Negotiation of
bill to party or to a prior indorser or to the acceptor, such party may, already liable
subject to the provisions of this Act, reissue and further thereon.
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 ~ ~ ~ ~ ~ ~ O f the
as follows-
(a) he may sue on the bill in his own name;
(6) 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, if he negotiates the
bill to a holder in due course, that holder obtains a good
and complete title to the bill, and 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, present- When
presentment for
ment for acceptance is necessary in order to fix the maturity acceptance is
of the instrument. necessary.
(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
drawee, it must be presented for acceptance before it can
be presented for payment.
(3) In no other case is presentment for acceptance
necessary in order to render liable any party to the bill.
LAWS OF ANTIGUA AND BARBUDA
20 CAP. 48) Bills of Exchange
(4) Where the holder of a bill, drawn payable elsewhere
than at the place of business or residence of the drawee, has
not time, with the exercise of reasonable diligence, to pre-
sent the bill for acceptance before presenting it for payment
on the day that it falls due, the delay caused by presenting
the bill for acceptance before presenting it for payment is
excused, and does not discharge the drawer and indorsers.
Time for
presenting bill
40. ( 1 ) Subject to the provisions of this Act, when
payable after a bill payable after sight is negotiated, the holder must either
sight. present it for acceptance or negotiate it within a reasonable
time.
(2) If he do not do so, the drawer and all indorsers prior
to that holder are discharged.
(3) In determining what is a reasonable time within the
meaning of this section, regard shall be had to the nature
of the bill, the usage of trade with respect to similar bills,
and the facts of the particular case.
Rules as to
presentment for
41. ( 1 ) A bill is duly presented for acceptance which
acceptance, and is presented in accordance with the following rules-
excuses for non-
presentment. (a) The presentment must be made by, or on behalf
of. the holder to the drawee. or to some person
authorized to a c c e ~ t or refuse acceptance on his behalf,
at a reasonable ho;r on a business- day, and before the
bill is overdue;
(6) When a bill is addressed to two or more
drawees, who are not partners, presentment must be
made to them all, unless one has authority to accept
for all, then presentment may be made to him only;
( 6 ) Where a drawee is dead, presentment may be
made to his personal representative;
(4 Where the drawee is bankrupt, presentment
may be made to him or to his trustee;
( e ) Where authorized by agreement or usage, a
presentment through the post office is sufficient.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 2 1
( 2 ) Presentment in accordance with these rules is
excused, and a bill may be treated as dishonoured by
non-acceptance-
( a ) Where the drawee is dead or bankrupt, or is
a fictitious person, or a person not having capacity to
contract by bill;
( b ) Where, after the exercise of reasonable
diligence, such presentment cannot be effected;
(6) Where, although the presentment has been
irregular, acceptance has been refused on some other
ground.
(3) The fact that the holder has reason to believe that
the bill, on presentment, will be dishonoured does not excuse
presentment.
42. When a bill is duly presented for acceptance, and Non-acce~tance.
is not accepted within the customary time, or, where there
is no custom, within a reasonable time, the person presen-
ting it must treat it as dishonoured by non-acceptance. If
he do not, the holder shall lose his right of recourse against
the drawer and indorsers.
43. (1) A bill is dishonoured by non-acceptance- D i " ~ n ~ u r by
non-acceptance,
( a ) When it is duly presented for acceptance and ~ ~ ~ s , $ , e n c e s ,
such an acceptance as is prescribed by this Act is refused,
or cannot be obtained; or
( 6 ) When presentment for acceptance is excused
and the bill is not accepted.
( 2 ) Subject to the provisions of this Act, when a bill
is dishonoured by non-acceptance, an immediate right of
recourse against the drawer and indorsers accrues to the
holder, and no presentment for payment is necessary.
44. ( 1 ) The holder of a bill may refuse to take a "$;:
qualified acceptance, and if he does not obtain an unqualified acceptances.
acceptance, may treat the bill as dishonoured by
non-acceptance.
LAWS OF ANTIGUA AND BARBUDA
2 2 CAP. 48) Bills of Exchange
(2) Where a qualified acceptance is taken, and the
drawer or an indorser has not expressly or impliedly
authorized the holder to take a qualified acceptance, or does
not subsequently assent thereto, such drawer or indorser is
discharged from his liability on the bill.
The provisions of this subsection do not apply to a par-
tial acceptance, whereof due notice has been given. Where
a foreign bill has been accepted as to part, it must be pro-
tested as to the balance.
(3) Where the drawer or indorser of a bill receives notice
of a qualified acceptance, and does not, within a reasonable
time, express his dissent to the holder, he shall be deemed
to have assented thereto.
Rules as to
presentment for
45. Subject to the provisions of this Act a bill must
payment. be duly presented for payment. If it be not so presented,
the drawer and indorsers shall be discharged.
A bill is duly presented for payment which is presented
in accordance with the following rules-
(a) Where the bill is not payable on demand,
presentment must be made on the day it falls due;
(6) Where the bill is payable on demand, then, sub-
ject to the provisions of this Act, presentment must be
made within a reasonable time after its issue, in order
to render the drawer liable, and within a reasonable
time after its indorsement, in order to render the in-
dorser liable. In determining what is a reasonable time,
regard shall be had to the nature of the bill, the usage
of trade with regard to similar bills, and the facts of
the particular case.
(c) Presentment must be made by the holder, or
by some person authorized to receive payment on his
behalf, at a reasonable hour on a business day, at the
proper place as hereinafter defined, either to the per-
son designated by the bill as payer, or to some person
authorized to pay or refuse payment on his behalf, if
with the exercise of reasonable diligence such person
can there be found.
(d) A bill is presented at the proper place-
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 23
(i) Where a place of payment is specified in the
bill, and the bill is there presented;
(ii) Where no place of payment is specified, but
the address of the drawee or acceptor is given
in the bill, and the bill is there presented;
(iii) Where no place of payment is specified and
no address given, and the bill is presented at
the drawee's or acceptor's place of business,
if known, and if not, at his ordinary residence,
if known;
(iv) in any other case, if presented to the drawee
or acceptor wherever he can be found, or if
presented at his last known place of business
or residence.
(e) Where a bill is presented at the proper place,
and, after the exercise of reasonable diligence, no per-
son authorized to pay or refuse payment can be found
there, no further presentment to the drawee or accep-
tor is required.
0) Where a bill is drawn upon or accepted by two
or more persons who are not partners, and no place
of payment is specified, presentment must be made to
them all.
(.g) Where the drawee or acceptor of a bill is dead,
and no place of payment is specified, presentment must
be made to a personal representative, if such there be,
and, with the exercise of reasonable diligence, he can
be found.
(h) Where authorized by agreement or usage, a
presentment through the post office is sufficient.
46. (1) Delay in making presentment for payment z,",",": for delay
is excused when the delay is caused by circumstances beyond presentment for
the control of the holder, and not imputable to his default, payment.
misconduct, or negligence. When the cause of delay ceases
to operate, presentment must be made with reasonable
diligence.
(2) Presentment for payment is dispensed with-
LAWS OF ANTIGUA AND BARBUDA
24 CAP. 48) Bills of Exchange
(a) Where, after the exercise of reasonable
diligence, presentment, as required by this Act, cannot
be effected;
(The fact that the holder has reason to believe
that the bill will, on presentment, be dishonoured,
does not dispense with the necessity for
presentment);
( b ) Where the drawee is a fictitious person;
(6) As regards the drawer, where the drawee or
acceptor is not bound, as between himself and the
drawer, to accept or pay the bill, and the drawer has
no reason to believe that the bill would be paid if
presented;
(4 As regards an indorser, where the bill was
accepted or made for the accommodation of that
indorser, and he has no reason to expect that the bill
would be paid if presented;
(e ) By waiver of presentment, expressed or implied.
Dishonour by
non-payment.
47. (1) A bill is dishonoured by non-payment-
(a) when it is duly presented for payment and pay-
ment is refused or cannot be obtained, or
(6 ) when presentment is excused and the bill is
overdue and unpaid.
(2) Subject to the provisions of this Act, when a bill
is dishonoured by non-payment, an immediate right of
recourse against the drawer and indorsers accrues to the
holder.
Notice of
dishonour and
48. Subject to the provisions of this Act, when a bill
effect of non- has been dishonoured by non-acceptance or by non-payment,
notice. notice of dishonour must be given to the drawer and each
indorser, and any drawer or indorser to whom such notice
is not given is discharged:
Provided that-
(a) Where a bill is dishonoured by non-acceptance,
and notice of dishonour is not given, the rights of a
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 2 5
holder in due course subsequent to the omission, shall
not be prejudiced by the omission;
( b ) Where a bill is dishonoured by non-acceptance,
and due notice of dishonour is given, it shall not be
necessary to give notice of a subsequent dishonour by
non-payment, unless the bill shall in the meantime have
been accepted.
49. Notice of dishonour, in order to be valid and :,",y;e;ft~
effectual, must be given in accordance with the following dishonour.
rules-
( a ) The notice must be given by or on behalf of
the holder, or by or on behalf of an indorser who, at
the time of giving it, is himself liable on the bill.
( 6 ) Notice of dishonour may be given by an agent,
either in his own name, or in the name of any party
entitled to give notice, whether that party be his prin-
cipal or not.
( c ) Where the notice is given by or on behalf of
the holder, it ensures for the benefit of all subsequent
holders and all prior indorsers who have a right of
recourse against the party to whom it is given.
(d) Where notice is given by or on behalf of an
indorser entitled to give notice as hereinbefore provided,
it enures for the benefit of the holder, and all indorsers
subsequent to the party to whom notice is given.
(e) The notice may be given in writing or by per-
sonal communication, and may be given in any terms
which sufficiently identify the bill, and intimate that the
bill has been dishonoured by non-acceptance or
non-payment.
Cf) The return of a dishonoured bill to the drawer
or an indorser is, in point of form, deemed a sufficient
notice of dishonour.
e) A written notice need not be signed, and an
insufficent written notice may be supplemented and
validated by verbal communication. A mis-description
of the bill shall not vitiate the notice, unless the party
to whom the notice is given is in fact misled thereby.
LAWS OF ANTIGUA AND BARBUDA
CAP. 48) Bills of Exchange
(h) Where notice of dishonour is required to be
given to any person, it may be given either to the party
himself or to his agent in that behalf.
( i ) Where the drawer or indorser is dead, and the
party giving notice knows it, the notice must be given
to a personal representative, if such there be, and, with
the exercise of reasonable diligence, he can be found.
@ Where the drawer or indorser is bankrupt,
notice may be given either to the party himself or to
the trustee.
(k) Where there are two or more drawers or
indorsers who are not partners, notice must be given
to each of them, unless one of them has authority to
receive such notice for the others.
(I) The notice may be given as soon as the bill is
dishonoured, and must be given within a reasonable
time thereafter.
(In the absence of special circumstances, notice is not
deemed to have been given within a reasonable time, unless-
(i) Where the person giving and the person to
receive notice reside in the same place, the
notice is given or sent off in time to reach the
latter on the day after the dishonour of the bill;
(ii) Where the person giving and the person to
receive notice reside in different places, the
notice is sent off on the day after the dishonour
of the bill, if there be a post at a convenient
hour on that day, and if there be no such post
on that day, then by the next post thereafter).
(m) Where a bill when dishonoured is in the hands
of an agent, he may either himself give notice to the
parties liable on the bill, or he may give notice to his
principal. If he give notice to his principal, he must do
so within the same time as if he were the holder, and
the principal, upon receipt of such notice, has himself
the same time for giving notice as if the agent had been
an independent holder.
(n) Where a party to a bill receives due notice of
dishonour, he has, after the receipt of such notice, the
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 27
same period of time for giving notice to antecedent par-
ties that the holder has after the dishonour.
(0) Where a notice of dishonour is duly addressed
and posted, the sender is deemed to have given due
notice of dishonour notwithstanding any miscarriage by
the post office.
50. (1) Delay in giving notice of dishonour is excused Excuses for non-
notice and delay.
where the delay is caused by circumstances beyond the con-
trol of the party giving notice, and not imputable to his
default, misconduct, or negligence. When the cause of delay
ceases to operate, the notice must be given with reasonable
diligence.
(2) Notice of dishonour is dispensed with-
(a) When, after the exercise of reasonable diligence,
notice as required by this Act cannot be given to, or
does not reach, the drawer or indorser sought to be
charged;
( 6 ) By waiver express or implied (notice of
dishonour may be waived before the time of giving notice
has arrived, or after the omission to give due notice);
(c) As regards the drawer in the following cases,
namely-
(i) Where the drawer and drawee are the same
person,
(ii) Where the drawee is a fictitious person, or a
person not having capacity to contract,
(iii) Where the drawer is the person to whom the
bill is presented for payment,
(iv) Where the drawee or acceptor is, as between
himself and the drawer, under no obligation
to accept or pay the bill,
(v) Where the drawer has countermanded
payment;
(6) As regards the indorser in the following cases,
namely-
LAWS OF ANTIGUA AND BARBUDA
28 CAP. 48) Bills of Exchange
(i) Where the drawee is a fictitious person or a
person not having capacity to contract, and
the indorser was aware of the fact at the time
he indorsed the bill,
(ii) Where the indorser is the person to whom the
bill is presented for payment,
(iii) Where the bill was accepted or made for his
accommodation.
Or protest 5 1. (1) Where an inland bill has been dishonoured, of bill.
it may, if the holder think fit, be noted for non-acceptance
or non-payment, as the case may be, but it shall not be
necessary to note or protest any such bill in order to preserve
the recourse against the drawer or indorser.
(2) Where a foreign bill, appearing on the face of it
to be such, has been dishonoured by non-acceptance, it must
be duly protested for non-acceptance, and where such a bill,
which has not been previously dishonoured by non-
acceptance, is dishonoured by non-payment, it must be duly
protested for non-payment. If it be not so protested, the
drawer and indorsers are discharged. Where a bill does not
appear on the face of it to be a foreign bill, protest thereof
in case of dishonour is unnecessary.
(3) A bill which has been protested for non-acceptance
may be subsequently protested for non-payment.
(4) Subject to the provisions of this Act, when a bill
is noted, or protested, it may be noted on the day of its
dishonour and must be noted not later than the next suc-
ceeding business day. When a bill has been duly noted, the
protest may be subsequently extended as of the date of the
noting.
(5) Where the acceptor of a bill becomes bankrupt, or
suspends payment, before it matures, the holder may cause
the bill to be protested for better security against the drawer
and indorsers.
(6) A bill must be protested at the place where it is
dishonoured:
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 2 9
Provided that-
(a) When a bill is presented through the post office,
and returned by post dishonoured, it may be protested
at the place to which it is returned, and on the day of
its return, if received during business hours, and, if not
received during business hours, then not later than the
next business day;
(a) When a bill, drawn payable at the place of
business or residence of some person other than the
drawee, has been dishonoured by non-acceptance, it
must be protested for non-payment at the place where
it is expressed to be payable, and no further present-
ment for payment to, or demand on, the drawee is
necessary.
(7) A protest must contain a copy of the bill, and must
be signed by the notary making it, and must specify-
(a ) The person at whose request the bill is
protested;
(6 ) The place and date of protest, the cause or
reason for protesting the bill, the demand made, and
the answer given, if any, or the fact that the drawee
or acceptor could not be found.
(8) Where a bill is lost or destroyed, or is wrongly de-
tained from the person entitled to hold it, protest may be
made on a copy or written particulars thereof.
( 9 ) Protest is dispensed with by any circumstance which
would dispense with notice of dishonour. Delay in noting
or protesting is excused when the delay is- caused by cir-
cumstances beyond the control of the holder, and not im-
putable to his default, misconduct, or negligence. When the
cause of delay ceases to operate, the bill must be noted or
protested with reasonable diligence.
52. (1) When a bill is accepted generally, present- F$;a;Jsholder
ment for payment is not necessary in order to render the drawee
acceptor liable. acceptor.
(2) When by the terms of a qualified acceptance present-
ment for payment is required, the acceptor, in the absence
LAWS OF ANTIGUA AND BARBUDA
3 0 CAP. 48) Bills of Exchange
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
Funds in hands
of drawee.
53. A bill, of itself, does not operate as an assign-
ment 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 Act is not liable on the instrument.
Liability of
acceptor.
54. The acceptor of a bill, by accepting it-
(a) Engages that he will pay it according to the
tenor of his acceptance;
(6) Is precluded from denying to a holder in due
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
indorsement;
(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.
Liability of
drawer or
indorser.
55. (1) The drawer of a bill, by drawing it-
(a) 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
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 3 1
indorser who is compelled to pay it, provided that the
requisite proceedings on dishonour be duly taken;
(6) Is precluded from denying to a holder in due
course the existence of the payee, and his then capacity
to indorse.
(2) The indorser of a bill by indorsing it-
(a) 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 a
subsequent indorser who is compelled to pay it, pro-
vided that the requisite proceedings on dishonour be
duly taken;
(6) Is precluded from denying to a holder in due
course the genuineness and regularity in all respects of
the drawer's signature and all previous indorsements;
(c) Is precluded from denying to his immediate or
a subsequent indorsee that the bill was, at the time of
his indorsement, a valid and subsisting bill, an that he
had then a good title thereto.
56. Where a person signs a bill otherwise than as Stranger signing
bill liable as
drawer or acceptor, he thereby incurs the liabilities of an ;ndorser.
indorser to a holder in due course.
57. Where a bill is dishonoured, the measure of 2:;; ;iainst
damages, which shall be deemed to be liquidated damages, .art;es to
shall ge as follows-
-
hishonoured bill.
(a) The holder may recover from any party liable
on the bill, and the drawer who has been compe!led
to pay the bill may recover from the acceptor, and an
indorser who has been compelled to pay the bill may
recover from the acceptor, or from the drawer, or from
a prior indorser-
(i) The amount of the bill;
(ii) Interest thereon from the time of presentment
for payment, if the bill is payable on demand,
and from the maturity of the bill in any other
case;
LAWS OF ANTIGUA AND BARBUDA
3 2 CAP. 48) Bills of Exchange
(iii) The expenses of noting, or, when protest is
necessary, and the protest has been extend-
ed, the expenses of protest.
(6) In the case of a bill which has been dishonoured
abroad, in lieu of the above damages, the holder may
recover from the drawer or an indorser, and the drawer
or an indorser who has been compelled to pay the bill
may recover from any party liable to him, the amount
of the re-exchange with interest thereon until the time
of payment.
( 6 ) Where by this Act interest may be recovered
as damages, such interest may, if justice require it, be
withheld wholly or in part, and where a bill is expressed
to be payable with interest at a given rate, interest, as
damages, may or may not be given at the same rate
as interest proper.
Transferor by
delivery, and
58. (1) Where the holder of a bill payable to bearer
transferee. negotiates it by delivery without endorsing it, he is called
a "transferor by delivery".
(2) A transferor by delivery is not liable on the
instrument.
(3) A transferor by delivery who negotiates a bill thereby
warrants to his immediate transferee, being a holder for value,
that the bill is what it purports to be, that he has a right
to transfer it, and that, at the time of transfer, he is not aware
of any fact which renders it valueless.
Payment in due 59. (1) A bill is discharged by payment in due course
course.
by or on behalf of the drawee or acceptor.
L 6 Payment in due course" means payment made at or
after the maturity of the bill to the holder thereof, in good
faith and without notice that his title to the bill is defective.
(2) Subject to the provisions hereinafter contained, when
a bill is paid by the drawer or an indorser, it is not discharged:
but-
(a) Where a bill payable to, or to the order of, a
third party is paid by the drawer, the drawer may enforce
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 3 3
payment thereof against the acceptor, but may not
reissue the bill;
( a ) Where a bill is paid by an indorser, or where
a bill payable to drawer's order is paid by the drawer,
the party paying it 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. (1) When a bill payable to order on demand is :;fk,','d~zf:g
drawn on a banker, and the banker, on whom it is drawn
pays the bill in good faith and in the ordinary course of k,";;;;ment is
business, it is not incumbent on the banker to show that
the indorsement of the payee, or any subsequent indorse-
ment, was made by or under the authority of the person
whose indorsement it purports to be, and the banker is
deemed to have paid the bill in due course, although such
indorsement has been forged, or made without authority.
( 2 ) A draft or order drawn by a banker on the head
office or a branch of his bank in Antigua and Barbuda 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 Acceptor the
holder at
holder of it at or after its maturity, in his own right, the mat,,;ty.
bill is discharged.
62. (1) When the holder of a bill, at or after its waiver.
maturity, absolutely and unconditionally renounces his rights
against the acceptor, the bill is discharged; the renunciation
must be in writing, unless the bill is deliverd up to the
acceptor.
( 2 ) The liabilities of any party to a bill may in like man-
ner be renounced by the holder before, at, or after its maturi-
ty; but nothing in this section shall affect the rights of a holder
in due course without notice of the renunciation.
LAWS OF ANTIGUA AND BARBUDA
34 CAP. 48) Bills of Exchange
Cancellation. 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
by the holder or his agent. In such case, any indorser, who
would have had a right of recourse against the party whose
signature is cancelled, is also discharged.
(3) A cancellation made unintentionally, or under a
mistake, or without the authority of the holder, is inoperative;
but where a bill or any signature thereon appears to have
been cancelled, the burden of proof lies on the party who
alleges that the cancellation was made unintentionally, or
under a mistake, or without authority.
Alteration of bill. 64. (1) Where a bill or acceptance is materially
altered without the assent of all parties liable on the bill,
the bill is avoided, except as against a party who has himself
made, authorized, or assented to the alteration, and subse-
quent indorsers:
Provided that where a bill has been materially altered,
but the alteration is not apparent, and the bill is in the hands
of a holder in due course, such holder may avail himself
of the bill as if it had not been altered, and may enforce
payment of it according to its original tenor.
(2) In particular the following alterations are material,
namely, any alteration of the date, the sum payable, the time
of payment, the place of payment, and, where a bill has been
accepted generally, ,the addition of a place of payment without
the acceptor's assent.
Acceptance and Payment for Honour
Acceptance hr
honour supra
65. (1) Where a bill of exchange has been protested
protest. for dishonour by non-acceptance, or protested for better
security, and is not overdue, any person, not being a party
already liable thereon, may, with the consent of the holder,
intervene and accept the bill supra protest, for the honour
of any party liable thereon, or for the honour of the person
for whose account the bill is drawn.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48
(2) A bill may be accepted for honour for part only of
the sum for which it is drawn.
(3) An acceptance for honour supra protest in order to
be valid must-
(a) be written on the bill, and indicate that it is
an acceptance for honour;
( b ) be signed by the acceptor for honour.
(4) Where an acceptance for honour does not expressly
state for whose honour it is made, it is deemed to be an
acceptance for the honour of the drawer.
(5) Where a bill payable after sight is accepted for
honour, its maturity is calculated from the date of the noting
for non-acceptance, and not from the date of the acceptance
for honour.
66. (1) The acceptor for honour of a bill, by accep- ~ ~ ~ ~ t ~ ~ ~ y ; ~
ting it, engages that he will, on due presentment, pay the h,,o,,.
bill according to the tenor of his acceptance, if it is not paid
by the drawee, provided it has been duly presented for pay-
ment, and protested for non-payment, and that he receives
notice of these facts.
(2) The acceptor for honour is liable to the holder and
to all parties to the bill subsequent to the party for whose
honour he has accepted.
67. (1) Where a dishonoured bill has been accepted Tft,";:,";,":
for honour supra protest, or contains a reference in case of honour.
need, it must be protested for non-payment, before it is
presented for payment to the acceptor for honour, or referee
in case of need.
(2) Where the address of the acceptor for honour is in
the same place where the bill is protested for non-payment,
the bill must be presented to him not later than the day follow-
ing its maturity; and where the address of the acceptor for
honour is in some place other than the place where it was
protested for non-payment, the bill must be forwarded, not
later than the day following its maturity, for presentment
to him.
LAWS OF ANTIGUA AND BARBUDA
CAP. 48) Bills of Exchange
(3) Delay in presentment, or non-presentment, is
excused by any circumstance which would excuse delay in
presentment for payment, or non-presentment for payment.
(4) When a bill of exchange is dishonoured by the
acceptor for honour, it must be protested for non-payment
by him.
Payment for
honour supra
68. (1) Where a bill has been protested for non-
protest. payment, any person may intervene and pay it supra protest
for the honour of any party liable thereon, or for the honour
of the person for whose account the bill is drawn.
(2) Where two or more persons offer to pay a bill for
the honour of different parties, the person whose payment
will discharge most parties to the bill shall have the preference.
(3) Payment for honour supra protest, in order to operate
as such, and not as a mere voluntary payment, must be
attested by a notarial act of honour which may be appended
to the protest, or form an extension of it.
(4) The notarial act of honour must be founded on a
declaration made by the payer for honour, or his agent in
that behalf, declaring his intention to pay the bill for honour,
and for whose honour he pays.
(5) Where a bill has been paid for honour, all parties
subsequent to the party for whose honour it is paid are
discharged, but the payer for honour is subrogated for, and
succeeds to both the rights and duties of, the holder, as
regards the party for whose honour he pays, and all parties
liable to that party.
(6) The payer for honour, on paying to the holder the
amount of the bill and the notarial expenses incidental to
its dishonour, is entitled to receive both the bill itself and
the protest. If the holder do not on demand deliver them
up, he shall be liable to the payer for honour in damages.
(7) Where the holder of a bill refuses to receive pay-
ment supra protest, he shall lose his right of recourse against
any party who would have been discharged by such payment.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 3 7
Lost Instruments
69. Where a bill has been lost before it is overdue, ~ : ~ ~ ~ ; e ~ ~ ~ ~
the person who was the holder of it may apply to the drawer bill.
to give him another bill of the same tenor, giving security
to the drawer, if required, to indemnify him against all per-
sons whatever in case the bill alleged to have been lost should
be found again.
If the drawer, on request as aforesaid, refuses to give
such duplicate bill, he may be compelled to do so.
70. In any action or proceeding upon a bill, the Court On lost
or a Judge may order that the loss of the instrument shall
not be set up, provided an indemnity be given to the satisfac-
tion of the Court or Judge against the claims of any other
person upon the instrument in question.
Bill In A Set
71. (1) Where a bill is drawn in a set, each part of Rules as to sets.
the set being numbered, and containing a reference to the
other parts, the whole of the parts constitute one bill.
(2) Where the holder of a set indorses two or more parts
to different persons, he is liable on every such part, and every
indorser subsequent to him is liable on the part he has himself
indorsed, as if the said parts were separate bills.
(3) Where two or more parts of a set are negotiated
to different holders in due course, the holder whose title first
accrues is, as between such holders, deemed the true holder
of the bill; but nothing in this subsection shall affect the rights
of a person who in due course accepts or pays the part first
presented to him.
(4) The acceptance may be written on any part, and
it must be written on one part only.
If the drawee accepts more than one part, and such
accepted parts get into the hands of different holders in due
course, he is liable on every such part as if it were a separate
bill.
(5) When the acceptor of a bill drawn in a set pays it
without requiring the part bearing his acceptance to be
LAWS OF ANTIGUA AND BARBUDA
38 CAP. 48) Bills of Exchange
delivered up to him, and that part at maturity is outstan-
ding in the hands of a holder in due course, he is liable to
the holder thereof.
(6) Subject to the preceding rules, where any one part
of a bill drawn in a set is discharged by payment or other-
wise, the whole bill is discharged.
Conflict of Laws
Rules where laws
conflict.
72. Where a bill drawn in one country is negotiated,
accepted, or payable in another, the rights, duties, and
liabilities of the parties thereto are determined as follows-
(a) The validity of a bill as regards requisites in
form is determined by the law of the place of issue, and
the validity as regards requisites in form of the superven-
ing contracts, such as acceptance, or indorsement, or
acceptance supra protest, is determined by the law of
the place where such contract was made:
Provided that-
(i) Where a bill is issued out of Antigua and
Barbuda, it is not invalid by reason only that
it is not stamped in accordance with the law
of the place of issue;
(ii) Where a bill issued out of Antigua and
Barbuda conforms as regards requisites in
form, to the law of Antigua and Barbuda, it
may, for the purpose of enforcing payment
thereof, be treated as valid as between all per-
sons who negotiate, hold, or become parties
to it in Antigua and Barbuda;
(6) Subject to the provisions of this Act, the inter-
pretation of the drawing, indorsement, acceptance, or
acceptance supra protest of a bill, is determined by the
law of the place where such contract is made:
Provided that where an inland bill is indorsed in
a foreign country, the indorsement shall as regards the
payer, be interpreted according to the law of Antigua
and Barbuda;
(c) The duties of the holder with respect to present-
ment for acceptance or payment and the necessity for
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 39
or sufficiency of a protest or notice of dishonour, or
otherwise, are determined by the law of the place where
the act is done or the bill is dishonoured;
(d) Where a bill is drawn out of but payable in
Antigua and Barbuda, and the sum payable is not
expessed in the currency of the United Kingdom, or
in dollars, or in dollars and cents, the amount shall,
in the absence of some express stipulation, be calculated
according to the rate of exchange for sight drafts, at
the place of payment on the day the bill is payable;
(e) Where a bill is drawn in one country and is
payable in another, the due date thereof is determined
according to the law of the place where it is payable.
Cheques on a Banker
73. A cheque is a bill of exchange drawn on a banker Cheque defined.
payable on demand. Except as otherwise provided in this
Part, the provisions of this Act applicable to a bill of exchange
payable on demand apply to a cheque.
74. Subject to the provisions of this Act- Presentment of
cheque for
( a ) Where a cheque is not presented for payment payment.
within a reasonable time of its issue, and the drawer
or the person on whose account it is drawn had the right
at the time of such presentment, as between him and
the banker, to have the cheque paid, and suffers actual
damage through the delay, he is discharged to the extent
of such damage, that is to say, to the extent to which
such drawer or person is a creditor of such banker to
a larger amount than he would have been, had such
cheque been paid;
( 6 ) In determining what is a reasonable time,
regard shall be had to the nature of the instrument, the
usage of trade and of bankers, and the facts of the par-
ticular case;
(c) the holder of such cheque as to which such
drawer or person is discharged shall be a creditor, in
lieu of such drawer or person, of such banker to the
LAWS OF ANTIGUA AND BARBUDA
40 CAP. 48) Bills of Exchange
extent of such discharge, and entitled to recover the
amount from him.
Revocation of
banker's
authority.
75. The duty and authority of a banker to pay a
cheque drawn on him by his customer are determined by-
(a ) countermand of payment;
(6) notice of the customer's death.
Crossed Cheque
General and
special crossings
76. (1) Where a cheque bears across its face an
defined. addition of-
(a) The words "and company", or any abbrevia-
tion thereof, between two parallel transverse lines, either
with or without the words "not negotiable"; or,
( 6 ) Two parallel transverse lines simply, either with
or without the words "not negotiable",
that addition constitutes a crossing, and the cheque is cross-
ed generally.
(2) Where a cheque bears across its face an addition
of the name of a banker, either with or without the words
"not negotiable", that addition constitutes a crossing, and
the cheque is crossed specially and to that banker.
Crossing by
drawer or after
77. (1) A cheque may be crossed generally or
issue. specially by the drawer.
(2) Where a cheque is uncrossed, the holder may cross
it generally or specially.
(3) Where a cheque is crossed generally, the holder may
cross it specially.
( 4 ) Where a cheque is crossed generally or specially,
the holder may add the words "not negotiable".
(5) Where a cheque is crossed specially, the banker to
whom it is crossed may again cross it specially to another -
banker for collection.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 41
(6) Where an uncrossed cheque, or a cheque crossed
generally, is sent to a banker for collection, he may cross
it specially to himself.
78. A crossing authorized by this Act is a material Crossing a
material part of part of the cheque; it shall not be lawful for any person to .heque.
obliterate, or, except as authorized by this Act, to add to
or alter the crossing.
79. (1) Where a cheque is crossed specially to more Duties of banker
as to crossed than one banker, except when crossed to an agent for collec- cheques.
tion being a banker, the banker on whom it is drawn shall
refuse payment thereof.
(2) Where the banker on whom a cheque is drawn which
is so crossed nevertheless pays the same, or pays a cheque
crossed generally otherwise than to a banker, or if crossed
specially otherwise than to th anker to whom it is crossed,
or his agent for collection being "% banker, he is liable to the
true owner of the cheque for any loss he may sustain owing
to the cheque having been so paid:
Provided that where a cheque is presented for payment
which does not at the time of presentment appear to be cross-
ed, or to have had a crossing which has been obliterated,
or to have been added to or altered otherwise than as
authorized by this Act, the banker paying the cheque in good
faith and without negligence shall not be responsible or incur
any liability, nor shall the payment be questioned by reason
of the cheque having been crossed, or of the crossing having
been obliterated, or having been added to, or altered, other-
wise than as authorized by this Act, and of payment having
been made otherwise than to a banker, or to the banker to
whom the cheque is or was crossed, or to his agent for col-
lection being a banker, as the case may be.
80. Where the banker, on whom a crossed cheque banker Protection a d to
is drawn, in good faith and without negligence pays it, if drawer ,here
crossed generally, to a banker, and if crossed specially, to cheque is
crossed.
the banker to whom it is crossed, or his agent for collection
being a banker, the banker paying the cheque, and, if the
cheque has come into the hands of the payee, the drawer,
LAWS OF ANTIGUA AND BARBUDA
42 CAP. 48) Bills of Exahange
shall respectively be entitled to the same rights and be plac-
ed in the same position as if payment of the cheque had been
made to the true owner thereof.
Effect of words 81. Where a person takes a crossed cheque which
"not
negotiable". bears on it the words "not negotiable", he shall not have,
and shall not be capable of giving, a better title to the che-
que than that which the person from whom he took it had.
Protection to
collecting banker.
82. (1) Where a banker in good faith and without
negligence receives payment for a customer of a cheque cross-
ed generally or specially to himself, and the customer has
no title or a defective title thereto, the banker shall not incur
any liability to the true owner of the cheque by reason only
of having received such payment.
(2) A banker receives payment of a crossed cheque for
a customer within the meaning of this section, notwith-
standing that he credits his customer's account with the
amount of the cheque before receiving payment thereof.
Cheques drawn
on a bank by
83. (1) Sections 76 to 82 shall apply to a banker's
itself. draft as if the draft were a cheque.
(2) 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.
Promissory Notes
Promissory note 84. (1) A promissory note is an unconditional pro-
defined. mise 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's order is not a note within the meaning of this sec-
tion unless and until it is indorsed by the maker.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 43
(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 Antigua and Barbuda is
an inland note. Any other note is a foreign note.
85. A promissory note is inchoate and incomplete f:E;:y.
until delivery thereof to the payee or bearer.
86. (1) A promissory note may be made by two or Joint and several
notes.
more makers, and they may be liable thereon jointly, or joint-
ly and severally, according to its tenor.
(2) Where a note runs "I promise to pay7' and is sign-
ed by two or more persons, it is deemed to be their joint
and several note.
87. (1) Where a note payable on demand has been !?,"?~~,";yable on
indorsed, it must be presented for payment within a
reasonable time of the indorsement. If it be not so presented
the indorser is discharged.
(2) In determining what is a reasonable time, regard
shall be had to the nature of the instrument, the usage of
trade, and the facts of the particular case.
(3) Where a note payable on demand is negotiated, it
is not deemed to be overdue, for the purpose of affecting
the holder with defects of title of which he had no notice,
by reason that it appears that a reasonable time for presen-
ting it for payment has elapsed since its issue.
88. (1) Where a promissory note is in the body of ~~~~~~t
it made payable at a particular place, it must be presented payment.
for payment at that place in order to render the maker liable.
In any other case, presentment for payment is not necessary
in order to render the maker liable.
(2) Presentment for payment is necessary in order to
render the endorser of a note liable.
LAWS OF ANTIGUA AND BARBUDA
44 CAP. 48 ) Bills of Exchange
Liability of
maker.
(3) Where a note is in the body of it made payable at
a particular place, presentment at that place is necessary in
order to render the indorser liable; but when a place of pay-
ment is indicated by way of memorandum only, present-
ment at that place is sufficient to render the indorser liable,
but a presentment to the maker elsewhere, if sufficient in
other respects, shall also suffice.
89. The maker of a promissory note by making it-
(a) engages that he will pay it according to its tenor;
(6) is precluded from denying to a holder in due
course the existence of the payee and his then capacity
to indorse.
Application of
Part I to notes.
90. (1) Subject to the provisions in this Part, and
except as by this section provided, the provisions of this Act
relating to bills of exchange, apply, with the necessary
modifications, to promissory notes.
(2) In applying those provisions the maker of a note
shall be deemed to correspond with the acceptor of a bill,
and the first indorier of a note shall be deemed to corres-
pond with the drawer of an accepted bill payable to drawer's
order.
(3) The following provisions as to bills do not apply
to notes: namely, provisions relating to-
(a) presentment for acceptance;
(6) acceptance;
(6) acceptance supra protest;
(d) bills in a set;
( 4 ) Where a foreign note is dishonoured, protest thereof
is unnecessary.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 45
Supplementary
91. A thing is deemed to be done in good faith, within Good faith.
the meaning of this Act, where it is in fact done honestly,
whether it is done negligently or not.
92. (1) Where, by this Act, any instrument or writing Signature.
is required to be signed by any person, it is not necessary
that he should sign it with his own hand, but it is sufficient
if his signature is written thereon by some other person by
or under his authority.
(2) In the case of a corporation, where, by this Act,
any instrument or writing is required to be signed, it is suf-
ficient if the instrument or writing be sealed with the corporate
seal.
(3) Nothing in this section shall be construed as
requiring the bill or note of a corporation to be under seal.
93. Where, by this Act, the time limited for doing Computation of
time.
any act or thing is less than three days, in reckoning time,
non-business days are excluded. Non-business days for the
purposes of this Act mean-
(a) Saturday, Sunday, Good Friday, Christmas
Day;
( b ) A public holiday under the Public Holidays Act. Cap. 354.
Any other day is a business day.
94. For the purposes of this Act, where a bill or note When noting.
equivalent to
is required to be protested within a specified time or before protest.
some further proceeding is taken, it is sufficient that the bill
has been noted for protest before the expiration of the
specified time or the taking of the proceeding; and the for-
mal protest may be extended at any time thereafter as of
the date of the noting.
95. (1) Where a dishonoured bill or note is authorized F':;::; ~ 4 " "
or required to be protested, and the services of a notary can- a c , e s s ~ ~ ~ e .
not be obtained at the place where the bill is dishonoured,
any householder or substantial resident of the place may,
LAWS OF ANTIGUA AND BARBUDA
46 CAP. 48) Bills of Exchange
in the presence of two witnesses, give a certificate, signed
by them, attesting the dishonour of the bill, and the cer-
tificate shall in all respects operate as if it were a formal pro-
test of the bill.
Schedule. (2) The form given in the Schedule may be used with
necessary modifications, and if used shall be sufficient.
Dividend
warrants may be
96. The provisions of this Act as to crossed cheques
crossed. shall apply to a warrant for payment of dividend.
Savings. 97. (1) The rules in bankruptcy relating to bills of
exchange, promissory notes, and cheques shall continue to
apply thereto notwithstanding anything in this Act contained.
(2) The rules of common law including the law mer-
chant, save in so far as they are inconsistent with the express
provisions of this Act, shall continue to apply to bills of
exchange, promissory notes, and cheques.
(3) Nothing in this Act shall affect-
(a) The provisions of any Stamp Act for the time
being in force in Antigua and Barbuda or any law or
enactment for the time being in force relating to the
revenue;
Cap. 94. ( b ) The provisions of the Companies Act;
( c ) The validity of any usage relating to dividend
warrants, or the indorsements thereof.
LAWS OF ANTIGUA AND BARBUDA
Bills of Exchange (CAP. 48 47
SCHEDULE S.95(2)
FORM OF PROTEST WHICH MAY BE USED WHEN THE SERVICES OF
A NOTARY CANNOT BE OBTAINED.
Antkua and Barbuda
Know all m e n , that I , A .B . (householder) o f
in Antigua and Barbuda, at the request o f C . D . , there being n o
Notary Public available, did o n the
day o f 19 , at
demand payment (or acceptance) o f the bill o f exchange hereunder
written from E . F . , t o which demand he made answer (state answer,
i f any), wherefore I now, i n the presence o f G . H . and J .K. , d o
protest the said bill o f exchange.
(Signed) A . B .
G . H . I Witnesses.
J.K.
N. B. -The bill itself should be annexed, or a copy of the bill and
all that is written thereon should be underwritten..
