Section 1-2 Nigerian Bill of Exchange Act LFN 1990

Section 1-2 Bill of Exchange Act LFN 1990

Section 1, 2 of the Bill of Exchange Act [Laws of the Federation of Nigeria 1990] is under Part I [Preliminary – General] of the Act.

Section 1 Bill of Exchange Act 1990

(Short title)

This Act may be cited as the Bills of Exchange Act.

Section 2 Bill of Exchange Act 1990

(Interpretation)

(1)            In this Act –

                        “acceptance” means an acceptance completed by delivery or notification;

                        “action” includes a counter-claim and set-off;

                        “banker” includes a body of persons whether incorporated or not who carry on the business of banking;

                        “bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy;

                        “bearer” means the person in possession of a bill or note which is payable to bearer;

                        “bill” means bill of exchange;

                        “delivery” means transfer of possession, actual or constructive from one person to another;

                        “endorsement” means an endorsement completed by delivery;

                        “holder” means the payee or endorsee of a bill or note who is in possession of it, or the bearer thereof;

                        “issue” means the first delivery of a bill or note, complete in form to a person who takes it as a holder;

                        “note” means promissory note;

                        “prescribed instrument” means any of the following instruments-

(a)           a cheque;

(b)           a document issued by a customer of a bank which is not a bill but is intended to enable a person to obtain payment from the banker of the sum mentioned in the document;

(c)           a draft drawn by a banker upon himself and payable on demand at an office of his bank;

                “value” means valuable consideration.

Credit: CommonLII