Tuesday Chat - Bills of Exchange Act 1882

2d (edited) • Legal

Great chat tonight.

This is the section from the Bills of Exchange Act 1882 I mentioned.

Could it really be this simple? A signature on blank piece of paper...

20 Inchoate instruments.

(1)Where a simple signature on a blank . . .paper is delivered by the signer in order that it may be converted into a bill, it operates as a prima facie authority to fill it up as a complete bill for any amount .

. . F4, using the signature for that of the drawer, or the acceptor, or an indorser; and, in like manner, when a bill is wanting in any material particular, the person in possession of it has a prima facie authority to fill up the omission in any way he thinks fit.

(2)In order that any such instrument when completed may be enforceable against any person who became a party thereto prior to its completion, it must be filled up within a reasonable time, and strictly in accordance with the authority given. Reasonable time for this purpose is a question of fact.

Provided that if any such instrument after completion is negotiated to a holder in due course it shall be valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up within a reasonable time and strictly in accordance with the authority given.

If anyone knows the BOE well, I'd love to hear what you think?

Gary

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Tuesday Chat - Bills of Exchange Act 1882