§ 9. another, the amount is determined according to the rate of exchange on the day the bill is payable: Hirschfield v. Smith, L. R. 1 C. P. p. 340 (1866); section 71, 2 (d). On a sterling bill drawn in London on defendant in Toronto, but accepted by him in London and payable there, plaintiff was held entitled to be paid at the current rate of exchange: Greatorex v. Score, 6 U. C. L. J. 212 (1860). It was formerly held in Ontario that a promise to pay a certain sum "with exchange on New York or "with the current rate of exchange on New York" or "with exchange not to exceed one-half per cent." was not valid as not being for a sum certain: Palmer v. Fahnestock, 9 U. C. C. P. 172 (1859); Fahnestock v. Palmer, 20 U. C. Q. B. 307 (1860); Grant v. Young, 23 U. C. Q. B. 387 (1864); Wood v. Young, 14 U.C. C. P. 250 (1864); Saxton v. Stevenson, 23 U. C. C. P. 503 (1874). It was also held in New Brunswick that a promise to £42 3s. 9d. with current rate of exchange on Boston was not a promissory note: Nash v. Gibbon, 9 N. B. (4 Allen) 479 (1860). It was also held in a number of cases in Ontario that notes payable in current funds of the United States were not valid, but these cases were expressly overruled in Third National Bank of Chicago v. Cosby, 43 U. C. Q. B. 58 (1878). Discre pancy between 2. Where the sum payable is expressed in words figures and and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable: Imp. Act, s. 9 (2). words. Usually the amount is stated in words in the body of the bill, and in figures in the margin. In some countries the law requires the amount to be stated in words, while in others both are required: Randolph, § 105. The figures in the margin form no part of the bill or note: Garrard v. Lewis, 10 Q. B. D. 30 (1882). When the words are not distinct, or the word "dollars" or "pounds" is omitted, § 9. the figures in the margin may be looked at to explain them: Rex v. Elliott, 1 Leach C. C. 175 (1777); Phipps v. Tanner, 5 C. & P. 488 (1833); Beardsley v. Hill, 61 Ill. 354 (1871). The rule in this sub-section is so binding that when the figures in the margin differ from the amount in words evidence is inadmissible to show that the amount in figures is the correct one: Saunderson v. Piper, 5 Bing. N. C. 425 (1839). 3. Where a bill is expressed to be payable with Interest. interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated, from the issue thereof. Imp. Act, s. 9 (3). The first part of this sub-section follows the old law. On a note payable on demand with interest, the interest runs from the date of the note: Baxter v. Robinson, 2 Rev. de Leg. 439 (1816); Dechantal v. Pominville, 6 L. C. J. 88 (1860): Crouse v. Park, 3 U. C. Q. B. 458 (1847); Howland v. Jennings, 11 U. C. C. P. 272 (1861). Where a note was made payable twelve months after date, with six months' interest, the interest began to run six months after the date of the note: Heaviside v. Munn, 2 Rev. de Leg. 439 (1817). The agreement between the parties fixes the rate, no matter how exorbitant it may be: Young v. Fluke, 15 U. C. C. P. 360 (1865). As to what rate of interest should be allowed after maturity, see notes to section 57, s-s. 2. An undated bill is issued when first delivered, complete in form, to a person who takes it as a holder: section 2 (i). A bill is complete in this sense without being dated: section 3, 4 (a). If a wrong date is inserted and the § 9. bill comes into the hands of a holder in due course, he can collect interest from the date inserted, even if it be previous to the true date of issue sections 12 and 20. Bills payable on demand. At a future time. 10. A bill is payable on demand (a) Which is expressed to be payable on demand, or on presentation; or (b) In which no time for payment is expressed: Imp. Act, s. 10 (1). Clause (a) differs from the Imperial Act which has the words "or at sight" after "demand." If this section stood alone it might be inferred that bills payable "at sight" were meant to be included as being payable "on presentation," and therefore not entitled to the three days of grace under section 14. But sub-sections 3 and 4 of section 14 and section 39 show that bills payable at sight were not meant to be included among those payable on demand. By section 3 every bill is payable either on demand or at a determinable future time. The Imperial Act enumerates in section 10 the five classes of bills which are payable on demand within the meaning of that Act, viz.: (1) Those expressed to be payable on demand; (2) Or at sight; (3) Or on presentation; (4) Those with no due date expressed; and (5) Those accepted or indorsed after maturity. In section 11 it enumerates the four classes of those payable at a determinable future time, viz. : (1) Those payable at a fixed period after date; (2) Or after sight; (3) On the occurrence of a specified event certain to § 10. happen; and (4) At a fixed period after the happening of such event. grace. Those in section 11 are entitled to days of grace, those Days of in section 10 are not. For a long time it was a doubtful' point in England whether bills payable at sight or on presentation were entitled to days of grace. It was finally settled by the courts that they were. But by 34 & 35 Vict. c. 74, after stating the doubts that had arisen on the subject, it was enacted that bills and notes payable at sight or on presentation should be payable on demand and have no days of grace. This provision was reproduced in the Imperial Bills of Exchange Act. In Canada, before the Act, bills payable at sight were entitled to days of grace. The Bill as introduced into parliament proposed to assimilate our law to that of England in this respect. The House of Commons however, decided not to make the change, and the words "or at sight" were struck out of clause (a): Commons Debates, 1890, p. 108. Apparently, however, by an oversight they were not then inserted in section 11; so that the enumeration in these two sections which was meant to be exhaustive and to include all bills that meet the conditions of section 3, did not, in the Act as passed in 1890, include bills payable at sight under either head. This has been remedied by the Act of 1891, which has included them among those payable at a determinable future time, and so entitled to grace. The term "on presentation" has not been in common use in Canada. "On demand" has been the ordinary expression used when the bill was to be paid on presentation, and "at sight" when it was to be paid three days later. These particular words, however, need not be used; any other words that convey the same idea would serve M'C.B.E.A.-6 § 10. equally well. Ассер tance when overdue. Bill payable at a future time "Presentation" is used in section 93, s-s. 5 as synonymous with "presentment." In the United States as a rule days of grace are allowed on bills payable at sight: 1 Daniel, § 617. In New York, Illinois, Vermont, Rhode Island and some other States sight bills have no grace. In France a bill payable at sight is payable on presentation: Code de Com. Art. 130. 2. Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand: Imp. Act, s. 10 (2). "Before this enactment the English law on the subject dealt with was very obscure; but it had been held in the United States that where a bill was indorsed after maturity, the indorser was entitled to have it presented for payment and to receive notice of dishonor in the event of non-payment, within a reasonable time": Chalmers, p. 29. In Upper Canada the same principle had been laid down in Dunn v. Davis, 6 U. C. Q. B. 327 (1850). As to the United States, see Patterson v. Todd, 18 Penn. St. 426 (1852); Goodwin v. Davenport, 47 Me. 112 (1860); Light v. Kings. bury, 50 Mo. 331 (1872); Eisenlord v. Dillenback, 22 Hun, N. Y. 23 (1878); Bull v. First Nat. Bank, 14 Fed. Rep. 613 (1883); Bassenhorst v. Wilby, 45 Ohio St. 336 (1887); also Daniel, § 611, and Randolph, § 596 and 671 and cases there cited. 11. A bill is payable at a determinable future time, within the meaning of this Act, which is expressed to be payable (a.) At sight, or at a fixed period after date or sight: |