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BILLS OF EXCHANGE ACT 1882 - SECT 40 

Time for presenting bill payable after sight.

40.(1) Subject to the provisions of this Act, when a bill payable after sight
is negotiated, the holder must either present it for acceptance or negotiate
it within a reasonable time.

(2) If he do not do so, the drawer and all indorsers prior to that holder are
discharged.

(3) In determining what is a reasonable time within the meaning of this
section, regard shall be had to the nature of the bill, the usage of trade
with respect to similar bills, and the facts of the particular case.

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© 1882 Crown Copyright

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