Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter ILiabilities of parties55. Damages recoverable from parties to dishonoured bill |
| (1) | If a bill is dishonoured, the holder may recover from any party liable on the bill, and the drawer, if he has been compelled to pay the bill, may recover from the acceptor, and an indorser who has been compelled to pay the bill, may recover from the acceptor, the drawer or a prior indorser as damages, which shall be deemed to be liquidated— |
| (i) | the amount of the bill; |
| (ii) | interest thereon from the time of presentment for payment if the bill is payable on demand, or from the maturity of the bill in any other case. |
[Sub-section (1) substituted by section 18 (a) of Act 56 of 2000.]
| (2) | [Sub-section (2) deleted by section 18 (b) of Act 56 of 2000.] |
| (3) | [Sub-section (3) deleted by section 18 (b) of Act 56 of 2000.] |