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BILLS OF EXCHANGE ACT 1882 - SECT 59

59.(1) A bill is discharged by payment in due course by or on behalf of the
drawee or acceptor.

"Payment in due course" means payment made at or after the maturity of the
bill to the holder thereof in good faith and without notice that his title to
the bill is defective.

(2) Subject to the provisions herein-after contained, when a bill is paid by
the drawer or an indorser it is not discharged; but

(a)Where a bill payable to, or to the order of, a third party is paid by the
drawer, the drawer may enforce payment thereof against the acceptor, but may
not re-issue the bill.

(b)Where a bill is paid by an indorser, or where a bill payable to drawer's
order is paid by the drawer, the party paying it is remitted to his former
rights as regards the acceptor or antecedent parties, and he may, if he thinks
fit, strike out his own subsequent indorsements, and again negotiate the bill.

(3) Where an accommodation bill is paid in due course by the party
accommodated the bill is discharged.

© 1882 Crown Copyright

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