Law:

Section:

(a) Negotiable Instruments Act (XXVI of 1881)---------S. 5---"Bill of exchange"---Nature---Bill of exchange is a negotiable instrument as defined under S. 5 of the Act. (b) Negotiable Instruments Act (XXVI of 1881)--- ----S. 58---Defective title---When, a Bill of Exchange has been lost or has been obtained from any maker, drawer, acceptor or holder thereof by means of an offence or fraud or for an unlawful consideration, neither the person who finds or so obtains the instrument nor any possessor or endorsee who claims through such person is entitled to receive the amount due thereon from such maker, drawer, acceptor or holder unless such possessor or endorsee is or some person through whom he claims, was, a holder thereof in due course. (c) Negotiable Instruments Act (XXVI of 1881)--- ----S.30---Liability of the drawer---If the drawer of a Bill of Exchange drawing it, engages that on a due presentment, the same shall be accepted and paid according to its tenor and if it is dishonoured he will compensate the holder or endorser who is compelled to pay the same ---Drawee shall' not be liable till such time the same are accepted ---Drawee, on acceptance of 'the Bill of Exchange becomes liable discharging the drawer---Drawer shall and can only be made liable when it is shown as to which of the Bill of Exchange are dishonoured by non-payment---Dishonour could be by refusal to pay. (d) Negotiable Instruments Act (XXVI of 1881)----- ----Ss. 30, 103 & 104---Liability of the drawer---If the drawee had not accepted the Bills, it ivas mandatory upon the holder to give a notice of dishonour to the drawer after protesting/noting---Notice to the drawer was of great importance and was mandatory in terms of S. 30 of the Act---Principles. (e) Negotiable Instruments Act (XXVI of 1881)--- ----Ss. 48 & 58---Negotiation by endorsement---Defective title---Subject to S. 58 of the Act where tree title is defective, a Promissory Note, Bill of Exchange or Cheque payable to order is negotiable by the holder by endorsement and delivery thereof---General effect of taking an instrument as additional payment is to suspend the right of action of the original debt during the currency of…

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