Special Investigating Units and Special Tribunals Act, 1996
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IBills of exchange - form and interpretation19. Delivery as requirement for contract on a bill |
| (1) | No contract on a bill, whether it be the drawer's, the acceptor's, an indorser's, or that of the signer of an aval, shall be complete and irrevocable, until delivery of the instrument in question in order to conclude such a contract: Provided that if an acceptance or an aval is written on a bill and the drawee or the signer of the aval, as the case may be, gives notice to, or according to the directions of, the person entitled to the bill that he has accepted or signed it, the acceptance or aval then becomes complete and irrevocable. |
[Sub-section (1) substituted by section 6 of Act 56 of 2000.]
| (2) | As between immediate parties, and as regards a remote party other than a holder in due course the delivery of a bill— |
| (a) | in order to be effectual must be made either by or under the authority of the party drawing, accepting, or indorsing the bill, as the case may be; |
| (b) | may be shown to have been conditional or for a special purpose only, and not for the purpose of transferring the ownership in the bill. |
| (3) | If a bill is in the hands of a holder in due course a valid delivery of such bill by all parties prior to him, so as to make them liable to him, is conclusively presumed. |
| (4) | If a bill is no longer in the possession of a party who has signed it as drawer, acceptor or indorser, a valid and unconditional delivery by him is presumed until the contrary is proved. |
