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BILLS OF EXCHANGE ACT 1882 - SECT 38

Rights of the holder.

38. The rights and powers of the holder of a bill are as follows:

(1)He may sue on the bill in his own name:

(2)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:

(3)Where his title is defective (a) if he negotiates the bill to a holder in
due course, that holder obtains a good and complete title to the bill, and (b)
if he obtains payment of the bill the person who pays him in due course gets a
valid discharge for the bill.

When presentment for acceptance is necessary.

© 1882 Crown Copyright

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