Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IBill in a set69. Rules as to a bill in a set |
| (1) | If a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. |
| (2) | If a holder of a set indorses two or more parts to different persons, he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if the said parts were separate bills. |
| (3) | If two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is as between such holders deemed to be the true owner of the bill: Provided that nothing in this subsection contained shall affect the rights of a person who in due course accepts or pays the part first presented to him. |
| (4) |
| (a) | The acceptance of a bill drawn in a set may be written on any part thereof, and it must be written on one such part only. |
| (b) | If the drawee accepts more than one part, and such accepted parts get into the hands of different holders in due course, he is liable on every such part as if it were a separate bill. |
| (5) | If the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding and in the hands of a holder in due course, he is liable to the holder thereof. |
| (6) | Subject to the provisions of subsections (2), (3), (4) and (5), if any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged. |