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BILLS OF EXCHANGE ACT 1882 - SECT 74

Presentment of cheque for payment.

74. Subject to the provisions of this Act

(1)Where a cheque is not presented for payment within a reasonable time of its
issue, and the drawer or the person on whose account it is drawn had the right
at the time of such presentment as between him and the banker to have the
cheque paid and suffers actual damage through the delay, he is discharged to
the extent of such damage, that is to say, to the extent to which such drawer
or person is a creditor of such banker to a larger amount than he would have
been had such cheque been paid.

(2)In determining what is a reasonable time regard shall be had to the nature
of the instrument, the usage of trade and of bankers, and the facts of the
particular case.

(3)The holder of such cheque as to which such drawer or person is discharged
shall be a creditor, in lieu of such drawer or person, of such banker to the
extent of such discharge, and entitled to recover the amount from him.

© 1882 Crown Copyright

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