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

Chapter I

Liabilities of parties

51. Liability of drawee
Purchase cart Previous page Return to chapter overview Next page

 

A bill, of itself, does not operate as an assignment of funds in the hands of the drawee and available for the payment thereof, and the drawee of a bill who does not accept as required by this Act, is not liable on the instrument.