Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IIIUnindorsed or irregularly indorsed instruments90. Time of presentment for payment of note payable on demand and indorsed |
(1)
| (a) | If a note payable on demand has been indorsed, it must be presented for payment within the reasonable time of the indorsement within the meaning of subsection (2). |
| (b) | If it is not so presented, the indorser is discharged. |
| (2) | In determining what is a reasonable time for the purpose of subsection (1), regard shall be had to the nature of the instrument, the usage of trade, and the facts of the particular case. |
| (3) | If a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue. |