Section 92-98 Bill of Exchange Act LFN 1990

Section 92-98 Bill of Exchange Act 1990

Section 92, 93, 94, 95, 96, 97, 98 of the Bill of Exchange Act [Laws of the Federation of Nigeria 1990] is under Part V [Supplementary] of the Act.

Section 92 Bill of Exchange Act 1990

(Good faith)

  A thing is deemed to be done in good faith, within the meaning of this Act, where it is in fact done honestly, whether it is done negligently or not.

Section 93 Bill of Exchange Act 1990

(Signature)

 Where, by this Act any instrument or writing is required to be signed by any person, it is not necessary that he should sign it with his own hand, but it is sufficient if his signature is written thereon by some other person by or under his authority.

(2)            In the case of a corporation, where, by this Act, any instrument or writing is required to be signed, it is sufficient if the instrument or writing be sealed with the corporate seal.

(3)            Nothing in this section shall be construed as requiring the bill or note of a corporation to be under seal.

Section 94 Bill of Exchange Act 1990

(Computation of time)

(1) Where, by this Act, the time limited for doing any act or thing is less than three days, in reckoning time non-business days are excluded.

SEE ALSO  Section 11-16 Bill of Exchange Act LFN 1990

(2) “Non-business days” for the purposes of this Act means-

(a) Sunday, Good Friday, Christmas Day;

(b) a public holiday.

(3) Any other day is a business day.

Section 95 Bill of Exchange Act 1990

(When noting equivalent to protest)

For the purposes of this Act, where a bill or note is required to be protested within a specified time or before some further proceeding is taken, it is sufficient that the bill has been noted for protest before the expiration of the specified time or the taking of the proceeding; and the formal protest may be extended at any time thereafter as of the date of the noting.

Section 96 Bill of Exchange Act 1990

(Protest when notary not accessible)

 (1)            When a dishonoured bill or note is authorised or required to be protested, and the services of a notary cannot be obtained at the place where the bill is dishonoured, any householder or substantial resident of the place may, in the presence of two witnesses, give a certificate, signed by them, attesting the dishonour of the bill, and the certificate shall in all respects operate as if it were a formal protest of the bill.

(2)            The form given in the Schedule to this Act may be used with necessary modifications, and if used shall be sufficient.

Section 97 Bill of Exchange Act 1990

(Dividend warrants may be crossed)

 The provisions of this Act as to crossed cheques shall apply to a warrant for payment of dividend.

Section 98 Bill of Exchange Act 1990

(Savings)

(1) The rules of common law, including the law merchant, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to bills of exchange, promissory notes, and cheques.

SEE ALSO  Section 22-26 Bill of Exchange Act LFN 1990

(2) Nothing in this Act shall affect-

(a) the provisions of the Stamp Duties Act, or of any enactment, or orders amending it, or any enactment for the time being in force relating to the revenue;

(b) the validity of any usage relating to dividend warrants, or the endorsements thereof.


Credit: CommonLII

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Inioluwa Olaposi

Hi, there. I'm Inioluwa, founder of LawHub NG. I study Law at Obafemi Awolowo University, Nigeria. And I am interested in entrepreneurship and human development. Contact me at Inioluwa@lawhub.com.ng.

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