Special Investigating Units and Special Tribunals Act, 1996
R 385
Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IDischarge of bill57. Discharge by payment in due course |
| (1) | A bill is discharged by payment in due course or is discharged proportionally by payment of part of the amount for which the bill is drawn, noted by indorsement on the bill, if such payment be made by or on behalf of the drawee or acceptor. |
| (2) | Subject to the provisions of subsections (3), (4) and (5), a bill is not discharged if it is paid by the drawer or an indorser. |
| (3) | If a bill is payable to a third party or the order of the latter, is paid by the drawer, the drawer may enforce payment thereof against the acceptor, but may not reissue the bill. |
| (4) | If a bill is paid by an indorser, or if a bill payable to drawer's order is paid by the drawer, the party paying it is remitted to his former rights as regards the acceptor and antecedent parties, and he may, if he thinks fit, strike out his own and subsequent indorsements, and again negotiate the bill. |
| (5) | If an accommodation bill is paid in due course by the party accommodated, the bill is discharged. |
