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CIVIL CODE OF LOWER CANADA.
BOOK IV.-COMMERCIAL LAW.
C. C. 2279.
TITLE I.-OF BILLS OF EXCHANGE, NOTES AND
[Came into force August 1st, 1866; repealed September 1st, 1890, by the Bills of Exchange Act, s. 95, and second Schedule, except Articles 2341 and 2342 relating to evidence.]
BILLS OF EXCHANGE.
Of the nature and requisites of bills of exchange.
ARTICLE 2279. A bill of exchange is a written order by one person to another for the payment of money absolutely and at all events.-Pothier, Change, n. 3; 2 Pardessus, n. 330-; Smith's Merc. Law, 207-9; Bayley on Bills, 1; Story, B. E. n. 52, 53; 3 Kent, Com. 74; Coté v. Lemieux, 9 L. C. R. 221.
2280. It is essential to a bill of exchange-That it be in writing and contain the signature or name of the drawer;— That it be for the payment of a specific sum of money only; -That it be payable at all events without any condition.Author. under a. 2279.
2281. The parties to a bill of exchange at the time of C. C. 2281. making it are the drawer of the bill and the payee.-The drawee becomes a party by acceptance and is then called the acceptor.-Indorsers, warrantors upon the face of the bill, the person requested to pay au besoin who accepts, acceptors supra protest and holders also become parties. '-Domat, 1. 1, c. 16, s. 4; Poth. Ch. n. 17-27; 1 Nouguier, L. C. 148, 9; Bay. B. c. 1, § 2-—; Sto. B. E. n. 35, 36, 254, 5.
2282. A bill of exchange may be made payable either to a certain person by name or other sufficient indication, or to such person or his order, or to the order of the drawer or to bearer. If the name of the payee be left in blank the legal holder of the bill may fill up the blank. Poth. Ch. n. 31, 223, 4; 1 Savary, P. N. 201; 1 Nou. L. C. 148; Roscoe, B. 2, 22; Sto. B. E. n. 54-57; C. S. L. C. c. 64, s. 3; 0. 1673, t. 5, a. 1; C. Co. 110.
2283. If no time be specified in the bill for its payment, it is held to be payable on demand; if no place be specified. it is payable generally.-C. S. L. C. c. 64, s. 9; C. S. C. c. 57, s. 4.
2284. Foreign bills of exchange are usually drawn in sets of several parts, all of which the drawer is bound to deliver to the payee.-Poth. Ch. n. 37, 130; 2 Par. n. 342; 1 Chit. & H. 3; Bay. B. 30; Sto. B. E. n. 66; C. Co. 110.
2285. When a bill contains the words "value received," value for the amount of it is presumed to have been received on the bill and upon the indorsements thereon. The omission of these words does not render the bill invalid.-Poth. Ch. n. 34; O. 1673, t. 5, a. 1; C. S. L. C. c. 57, s. 4; Duchesnay, vs. Evarts, 2 Rev. 31; Hart v. Macpherson, Gir. L. C. 66; 8 L. C. R. Larocque & al, v. Franklin Bank, 328; Bay. B. c. 1, § 14, p. 40; Sto. B. E. n. 63; C. 989; C. Co. 110, 137.
C. C. 2286.
Of the negotiation of bills of exchange.
2286. Bills of exchange payable to order are transferred by indorsement, which may be either in full or in blank. When indorsed in blank, they become transferable by delivery. Bills payable to bearer are transferable by delivery either with or without indorsement.C. S. L. C. c. 64, s. 3.
2287. The transfer of a bill by indorsement may be made either before or after it becomes due. In the former case the holder acquires a perfect title free from all liabilities and objections which any parties may have had against it in the hands of the indorser; in the latter case the bill is subject to such liabilities and objections, in the same manner as if it were in the hands of the previous holder.-Poth. Ch. n. 141; 2 Par. 352; Sto. B. E. n. 220; Bay. B. 162, 3; Wood, et al. vs. Shaw, 3 L. C. J. 175.
2288. An indorsement may be restrictive, qualified or conditional, and the rights of the holder under such indorsement are regulated accordingly. But no indorsement other than that by the payee can stop the negotiability of the bill.-Bay. B. 126; Sto. B. E. n. 217; 3 Kt. Com, 90; 2 Par. n. 348; Chit. & H. 17.
2289. The holder may, at his option, strike out the last indorsement, although it be in full, and any prior indorsement in blank subsequent to that of the payee.--Ros. B. 285; 3 Kt. Com. 89; Sto. B. E. n. 208.
2290. Bills of exchange payable at sight, or at a certain period of time after sight or after demand, must be presented for acceptance.-The presentment is made by the
holder, or in his behalf, to the drawee or his representa- C. C. 2290. tive, at his domicile or place of business, or if the drawee be dead or cannot be found, and is not represented, presentment is made at his last known domicile or place. of business.--If there be also a drawee au besoin, presentment is made to him in like manner.-Poth. Ch. n. 137, 146; 1 Nou. 220, n. 3; 2 Par. n. 358, 362, 381; Bay. B. 244, 5; Sto. B. E. n. 228, 229, 235, 254; Chit. B. 301 (8 Ed.); C. S. L. C. c. 64, s. 15, § 2; C. Co. 173; C. 2308.
2291. Presentment for acceptance when necessary must be made within a reasonable time from the making of the bill according to the usage of trade and the discretion of the courts.-Poth. Ch. n. 143; Sto. B. E. n. 231.
2292. The acceptance must be in writing upon the bill or upon one of the parts of the bill.-C. S. L. C. c. 64, s. 5.
2293. The acceptance must be absolute and unconditional, but if the holder consent to a conditional or qualified acceptance the acceptor is bound by it.-Poth. Ch. n. 47-49; 0. 1673, t. 5, a. 2; 2 Par. n. 370, 372; Bay. B. 201, 202; Sto. B. E. n. 240.
2294. The effect of acceptance is to oblige the acceptor to pay the bill to the holder according to its tenor. -The signature of the drawer is admitted by the acceptance and cannot afterwards be denied by the acceptor against a holder in good faith.-Poth. Ch. n. 44, 115117; Hein. de camb. c. $ 26-; c. 6, § 5; 2 Par. n. 376; Sto. B. E. n. 113, 261, 262; Bay. B. 318, 319.
2295. When a bill has been accepted and delivered to the holder the acceptance cannot be cancelled otherwise than by the consent of all the parties to the bill.—Poth, Ch. n. 44; 1 Sav. P. N. 840; 2 Par. n. 377; Bay. B. 2083 Kt. Com. 85.
C. C. 2296.
2296. When a bill has been protested for non-acceptance or for non-payment it may with the consent of the holder be accepted by a third person for the honor of the parties to it or of any of them. Such acceptance benefits the parties only who are subsequent to the one for whose honor it is made.-Poth. Ch. 113, 114, 170, 171; Jou. O. 1673, t. 5, a. 3, 75; 2 Par. n. 383, 388; Bay. B. 176-180; Sto. B. E. n. 121, 122, 123, 125; 3 Kt. Com. 87; C. Co. 126.
2297. An acceptor supra protest is bound to give notice of his acceptance without delay to the party for whose honor he accepts and to other parties who may be liable to him on the bill.-Poth. Ch. n. 113, 114; Jou. O. 1673, t. 5, a. 3, 75, 76; 2 Par. n. 386; Bay. B. 179, 180; Sto. B. E. n. 124, 256; C. Co. 127.
Of noting and protest for non-acceptance.
2298. Whenever acceptance of a bill of exchange is refused by the drawee the bill may be forthwith protested for non-acceptance, and after due notice of such protest to the parties liable upon it, the holder may demand immediate payment of it from such parties in the same manner as if the bill had become due and had been protested for non-payment.-The holder is not bound afterwards to present the bill for payment, or, if it be so presented, to give notice of the dishonor.-C. S. L. C. c. 64, s. 10.
2299. The holder of any bill of exchange, instead of protesting upon the refusal to accept, may at his option cause it to be noted for non-acceptance, by a duly quali fied notary; such noting to be made underneath or to be indorsed upon a copy of the bill and kept upon record by the officiating notary.-Ib. c. 64, s. 12.