BILLS OF EXCHANGE ACT 1882 - SECT 36 Negotiation of overdue or dishonoured bill.

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BILLS OF EXCHANGE ACT 1882 - SECT 36

Negotiation of overdue or dishonoured bill.

36.(1) Where a bill is negotiable in its origin it continues to be negotiable
until it has been (a) restrictively indorsed or (b) 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 prima8 facie deemed to have been effected before the bill
was overdue.

(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 sub-section
shall affect the rights of a holder in due course.

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Northern Irish Legislation

BILLS OF EXCHANGE ACT 1882 - SECT 36