Bills of Exchange Act 1949

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3 Bill of exchange defined

4 Inland and foreign bills

5 Effect where different parties to bill are the same person

7 Certainty required as to payee

8 What bills are negotiable

10 Bill payable on demand

11 Bill payable at future time

12 Omission of date in bill payable after date or acceptance after sight

13 Antedating and post-dating

14 Computation of time of payment

16 Optional stipulations by drawer or indorser

17 Definition and requisites of acceptance

18 Time for acceptance

19 General and qualified acceptances

20 Inchoate instruments

22 Capacity of parties

23 Signature essential to liability

24 Forged or unauthorised signature

25 Procuration signatures

26 Person signing as agent or in representative capacity

27 Value and holder for value

28 Accommodation party to bill

29 Holder in due course

30 Presumption of value and good faith

31 Negotiation of bill

32 Requisites of a valid indorsement

33 Conditional indorsement

34 Indorsement in blank and special indorsement

35 Restrictive indorsement

36 Negotiation of overdue or dishonoured bill

37 Negotiation of bill to party already liable thereon

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

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 delay in giving notice of dishonour

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 or renunciation

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 Suit on lost bill

72 Rules where laws conflict

74 Presentment of cheque for payment

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 crossed cheques

80 Protection to banker and drawer where cheque is crossed

81 Effect of "not negotiable" crossing on holder

82 Non-transferable cheques

83 Protection of bankers paying unindorsed or irregularly indorsed cheques, etc.

84 Rights of bankers collecting cheques not indorsed by holders

85 Unindorsed cheques as evidence of payment

86 Protection of bankers collecting payment of cheques, or certain other instruments

87 Application of certain provisions to instruments not being bills of exchange

89 Alternative means of presentment

90 Image return document

92 Promissory note defined

93 Delivery necessary

94 Joint and several notes

95 Note payable on demand

96 Presentment of note for payment

97 Liability of maker

98 Application of Part 2 to notes

101 Computation of time

102 Obligation to do acts relating to bills and notes on Sundays or public holidays

103 When noting equivalent to protest

104 Protest when notary not accessible

105 Dividend warrants and banker’s draft may be crossed

Bills of Exchange Act 1949

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act relating to bills of exchange, cheques and promissory notes.

[1 July 1965]

PART 1

PRELIMINARY

Short title

1. This Act is the Bills of Exchange Act 1949.

Interpretation

2. In this Act, unless the context otherwise requires —

“acceptance” means an acceptance completed by delivery or notification;

“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

“bank holiday” and “public holiday” respectively include any day declared to be such under any written law for the time being in force and includes any day (other than a Sunday) observed as a weekly holiday;

“banker” includes a body of persons, whether incorporated 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 constructive, 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, complete in form, to a person who takes it as a holder;

“note” means promissory note;

“Singapore bill” means a bill drawn payable in Singapore currency;

“suit” includes action, counterclaim and set-off;

“value” means valuable consideration.

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