Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter I

General duties of the holder

38. Time for presenting for acceptance bill payable after sight
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(1)

(a)Subject to the provisions of this Act, if a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time within the meaning of subsection (2).
(b)If the holder does not do so, the drawer and all indorsers prior to that holder are discharged.

 

(2)In determining what is a reasonable time for the purposes of paragraph (a) of subsection (1), regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.