BILLS OF EXCHANGE ACT 1882 - SECT 57 Measure of damages against parties to dishonoured bill.

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BILLS OF EXCHANGE ACT 1882 - SECT 57

Measure of damages against parties to dishonoured bill.

57. Where a bill is dishonoured, the measure of damages, which shall be deemed
to be liquidated damages, shall be as follows:

(1)The holder may recover from any party liable on the bill, and the drawer
who has been compelled to pay the bill may recover from the acceptor, and an
indorser who has been compelled to pay the bill may recover from the acceptor
or from the drawer, or from a prior indorser

(a)The amount of the bill;

(b)Interest thereon from the time of presentment for payment if the bill is
payable on demand, and from the maturity of the bill in any other case;

(c)The expenses of noting, or, when protest is necessary, and the protest has
been extended, the expenses of protest.

Subs.(2) rep. by 1977 c.38 s.32(4) sch.5 Pt.I

(3)Where by this Act interest may be recovered as damages, such interest may,
if justice require it, be withheld wholly or in part, and where a bill is
expressed to be payable with interest at a given rate, interest as damages may
or may not be given at the same rate as interest proper.

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Northern Irish Legislation

BILLS OF EXCHANGE ACT 1882 - SECT 57