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BILLS OF EXCHANGE ACT 1882 - SECT 55

Liability of drawer or indorser.

55.(1) The drawer of a bill by drawing it

(a)Engages that on due presentment it shall be accepted and paid according to
its tenor, and that if it be dishonoured he will compensate the holder or any
indorser who is compelled to pay it, provided that the requisite proceedings
on dishonour be duly taken;

(b)Is precluded from denying to a holder in due course the existence of the
payee and his then capacity to indorse.

(2) The indorser of a bill by indorsing it

(a)Engages that on due presentment it shall be accepted and paid according to
its tenor, and that if it be dishonoured he will compensate the holder or a
subsequent indorser who is compelled to pay it, provided that the requisite
proceedings on dishonour be duly taken;

(b)Is precluded from denying to a holder in due course the genuineness and
regularity in all respects of the drawer's signature and all previous
indorsements;

(c)Is precluded from denying to his immediate or a subsequent indorsee that
the bill was at the time of his indorsement a valid and subsisting bill, and
that he had then a good title thereto.

© 1882 Crown Copyright

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