Section 11-16 Bill of Exchange Act 1990
Section 11,12,13,14,15,16 of the Bill of Exchange Act [Laws of the Federation of Nigeria 1990] is under Part II [Bills of Exchange – Form and Interpretation] of the Act, among other sections.
Section 11 Bill of Exchange Act 1990
(Bill payable at a future time)
(1) A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable–
(a) at a fixed period after date or sight;
(b) on or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.
(2) An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect.
Section 12 Bill of Exchange Act 1990
(Omission of date in bill payable after date)
Where a bill expressed to be payable at a fixed period after date is issued undated or where the acceptance of a bill payable at a fixed period after sight is undated any holder may insert therein a true date of issue or acceptance and the bill shall be payable accordingly:
Provided that –
(a) where the holder in good faith and by mistake inserts a wrong date; and
(b) in every case where a wrong date is inserted if the bill subsequently comes into the hands of a holder in due course, the bill shall not be avoided thereby but shall operate and be payable as if the date so inserted had been the true date.
Section 13 Bill of Exchange Act 1990
(Ante-dating and post-dating)
(1) Where a bill or an acceptance or any endorsement on a bill is dated the date shall unless the contrary be proved be deemed to be the true date of the drawing, acceptance or endorsement as the case may be.
(2) A bill is not invalid by reason only that it is ante-dated or post-dated or that it bears date on a Sunday.
Section 14 Bill of Exchange Act 1990
(Computation of time of payment)
Where a bill is not payable on demand, the day on which it fails due is determined as follows –
(a) three days called days of grace are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill and the bill is due and payable on the last day of grace:
Provided that –
(i) when the last day of grace falls on Sunday, Christmas Day or Good Friday, the bill is, except in the case hereinafter provided for, due and payable on the preceding business day,
(ii) when the last day of grace is a public holiday (other than Christmas Day or Good Friday), or when the last day of grace is a Sunday and the second day of grace is a public holiday, the bill is due and payable on the succeeding business day,
(b) where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event the time of payment is determined by excluding the day from which the time is to begin to run and by including the day of payment;
(c) where a bill is payable at a fixed period after sight the time begins to run from the date of the acceptance if the bill be accepted and from the date of noting or protest if the bill be noted or protested for non-acceptance or for non-delivery;
(d) the term “month” in a bill means calendar month.
Section 15 Bill of Exchange Act 1990
(Case of need)
(1) The drawer of a bill and any endorser may insert Case of therein the name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance or non-payment and such person is called the referee in case of need..
(2) It is in the option of the holder to resort to the referee in case of need or not as he may think fit.
Section 16 Bill of Exchange Act 1990
(Optional stipulations by drawer or endorser)
The drawer of a bill and any endorser may insert therein an express stipulation-
(a) negativing or limiting his own liability to the holder;
(b) waiving as regards himself some or all of the holder’s duties.