S. 9. 9. (1.) The sum payable by a bill is a sum certain Sum payable. Within the meaning of this Act, although it is re (c.) By stated instalments, with a provision that upon default in payment of any the whole shall become due.d instalment (d.) According to an indicated rate of exchange or according to a rate of exchange to be ascertained as directed by the bill. (2.) Where the sum payable is expressed in words and also in figures, and there is a discrepancy between the two, the sum denoted by the words is the amount payable. (3.) Where a bill is expressed to be payable with interest, unless the instrument otherwise provides, interest runs from the date of the bill, and if the bill is undated from the issue thereof.g a See ss. 3 (1) and 83 (1). It is implied in this provision that "the interest must either be ascertained in gross on the face of the document, or it must be capable of being ascertained by numerical calculation from materials contained in the document."1 For example, a sum with interest at 4 per cent. is definite; 2 but a sum with any interest that may accrue thereon," 3 or with "interest at the rate which shall be paid on money lent upon first heritable security," or "with bank interest," is indefinite.5 4 When interest is due ex lege, or is stipulated without any rate being specified, five per centum per annum is the rate held to be implied in the case of inland bills.1 But this rule rests upon custom, and may be subject to modification.2 Interest will be allowed on bills payable abroad, according to the legal or customary rate at the place of payment.3 The laws against usury were repealed by the Act 17 and 18 Vict. c. 90, s. 1 (partly repealed by 38 and 39 Vict. c. 66). But by the Money Lenders Act, 1900, the Courts are empowered in actions or claims in bankruptcy on loans at the instance of " money lenders," if it appears that excessive interest has been charged, or excessive charges have been made in connection with the loan, or that the transaction is “harsh and unconscionable," to reopen the transaction and find only such sums due as may be adjudged to be reasonable, or to revise the contract at the instance of the borrower.4 c That is, by instalments of certain amount payable at stated times.5 a See, e.g., Bartsch v. Poole & Co., 1895, 23 R. 328-separate memorandum; Gordon v. Kerr, 1898, 25 R. 570. • Where no rate is indicated, the amount payable is calculated according to the rate of exchange for sight drafts at the place of payment on the day on which the bill is payable. In either case the stamp duty is calculated according to the current rate of exchange on the day of the date of the instrument.7 The sum payable is usually expressed in words in the body of a bill with a note of the amount in figures in the margin. This marginal note is not an essential or operative part of a bill.9 A bill which bears such a note, but in the 8 1 Smith v. Barlas, 1857, 19 D. 267. 2 See Thomson, 438; Bell's Prin. 32 (e); Ross v. Ross, 1896, 23 R. 802 per Lord M'Laren. 3 See Fyffe v. Fergusson, 1838, 16 S. 1038; affd. 1841, 2 Rob. App. 267; Bell's Prin. 32. 4 63 and 64 Vict. c. 51; see as to the powers of the Court at common law, Young v. Gordon, 1896, 23 R. 419; Gordon v. Stephen, 1902, 9 S.L.T., No. 337. S. 9. S. 9. S. 10. Bill payable on demand. S. 11. Bill payable at a future time. body of which the sum is not filled up, is a blank bill.1 A bill in which the sum was expressed as "twenty-two six shillings and eightpence," and on the margin of which was noted, "£22:6:8," was held to be a good bill, and to warrant summary diligence. But a bill in that form with no marginal note would be equally effectual.2 g As to interest due ex mora see s. 57 (1b). As to "issue see s. 2. 10. (1.) A bill is payable on demand.a— (a.) Which is expressed to be payable on demand, or at sight, or on presentation; or (b.) In which no time for payment is expressed. (2.) Where a bill is accepted or indorsed when it is overdue, it shall, as regards the acceptor who so accepts, or any indorser who so indorses it, be deemed a bill payable on demand.a a No days of grace are allowed,3 but presentment for payment can be made only on a business day. A post-dated bill payable on demand is payable at the date which it bears.5 b At common law it was not decided whether days of grace should be allowed on bills or notes payable at sight or not, but by the Bills of Exchange Act, 1871 (repealed by the present Act), it was provided that such bills or notes were for all purposes to be deemed to be payable on demand.8 c See s. 14. d As to the rights of an indorsee after the maturity of a bill against parties liable thereon before maturity, see ss. 36 (2) and 45. time within the meaning of this Acta which is ex- S. 11. pressed to be payable с (1.) At a fixed period after date or sight." An instrument expressed to be payable on a contingency is not a bill, and the happening of the event does not cure the defect. e a Ss. 3 (1) and 83 (1). The period may be measured by any ordinary division of time or by usance. It is determined in accordance with s. 14 (2) (3), and in case of acceptance for honour with s. 65 (5). Usance is the time for which a bill is customarily drawn between one place and another.1 c A bill payable at a fixed period after date is payable at a determinable time, though the date is left blank, for the date may be supplied.2 In the case of Speirs and Knox v. Semple 3 Lord Kincairney expressed the view that if day and month were expressed, the official date of the stamp might be considered in determining the year. d Or after notice. A promissory note apparently may be made payable after sight, in accordance with the view of the Lord Ordinary in Jones v. Farquharson5. The date of presentment for sight should be marked on the note to fix its maturity. • See s. 3, n.b, No. 2. 12. Where a bill expressed to be payable at a fixed period after date is issued undated, or where the 1 Stair, i. 11, 7; 1 Bell's Com. 434; Bell's Prin. 326; Thomson, 250, 652; Pothier, Contrat de Change, p. 1, cap. 1, s. 15. 2 S. 12; Speirs and Knox v. Semple, 1901, 9 S.L.T., No. 133. 3 (Cit.). 4 Broddelius v. Grischotti, 1887, 14 R. 536. 5 1834, 13 S. 117; Sturdy v. Henderson, 1821, 4 B. & Ald. 592; Sutton v. Toomer, 1827, 7 B. & C. 416. 6 See s. 14 (3). S. 12. Omission of date in bill date. payable after S. 12. acceptance of a bill payable at a fixed period after sight is undated, any holder a may insert therein the true date of issue or acceptance, and the bill shall be payable accordingly. S. 13. Ante-dating and post dating. a C Provided that (1) where the holder in good faith and by mistake inserts a wrong date, and (2) 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.f e a See s. 2. b See ss. 21 (1) and 18 (3). c See s. 2. d See s. 90. e See s. 29. 1 f This section supplements s. 20. If the holder has authority to fill in a certain date, or one of several dates, he may complete the bill accordingly. But though he has no authority, he may, under this section, fill in the true date to the best of his knowledge. If he knowingly fills in a wrong date the bill may be held to be avoided as under s. 64. This has practically the same effect as if the bill were held to have been filled up in contravention of authority given under s. 20. S. 10 of the Mercantile Law Amendment Act,2 under which the true date of issue of any bill issued without a date might be proved by parole evidence, is repealed by this Act.3 13. (1.) Where a bill or an acceptance or any indorsement on a bill is dated, the date shall, unless the contrary be proved,a be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be." |