in the time and place for which | the risk extends, the money loaned cannot be recovered.

2608. Losses arising from defect in the thing, or caused by the act of the owners, mas ter or charterer, are not considered fortuitous events unless there is a special agreement to the contrary.

2609. In case of partial loss by shipwreck or other fortuitous event, the payment of the sum loaned is reduced to the value of the things held for it which are saved.

2610. Lenders upon bottomry or respondentia contribute to general average in discharge of the borrower.

They do not contribute to simple average or particular damages, unless there is an arrangement to that effect.

2611. If there be a loan and also an insurance upon the same ship and cargo, the lender is preferred to the insurer upon whatever is saved from the shipwreck, for the capital only of his loan.

2612. Bottomry and respon dentia bonds made payable to order may be negotiated by endorsement. Such negotiation of them has the same effect and produces the same rights as the transfer of other negotiable instruments.

2613. The laws in force at the time of the coming into force of this code are abrogated in all cases:

In which there is a provision herein having expressly or impliedly that effect;

In which such laws are contrary to or inconsistent with any provision herein contained; | In which express provision is herein made upon the particular matter to which such laws relate.

Except always that as regards transactions, matters and things anterior to the coming into force of this code, and to which its provisions could not apply without having a retroactive effect, the provisions of law which without this code would apply to such transactions, matters and things remain in force and apply to them, and this code applies to them only so far as it coincides with such provisions.

2614. The declaration that certain matters are regulated by the Code of Civil Procedure shall not have the effect of repelling any existing rule or of abolishing any mode of proceeding now in use until the said Code of Civil Procedure shall have become law.

2615. If in any article of this code founded on the laws existing at the time of its promulgation, there be a difference between the English and French texts, that version shall prevail which is most consistent with the provisions of the existing laws on which the article is founded; and if there be any such difference in an article changing the existing laws, that version shall prevail which is more consistent with the intention of the article, and the ordinary rules of legal interpretation shall apply in determining such intention.

[Assented to 16th May, 1890.]

follows:

means bill of exchange, and Note means promissory note;

"

(f.) The expression "Delivery means transfer of possession, actual or constructive, from one person to another:

(g.) The expression "Holder" means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;

(h.) The expression "Indorsement" means an indorsement completed by delivery;

(i.) The expression "Issue" means the first delivery of a bill or note, complete in form, to a person who takes it as a holder;

(j.) The expression "Value" means valuable consideration.

(k.) The expression "Defence" includes counter-claim.

PART II.

BILLS OF EXCHANGE.

Form and Interpretation.

3. A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer:

2. An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not, except as hereinafter provided, a bill of exchange:

3. An order to pay out of a particular fund is not unconditional within the meaning of this section; but an unqualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to re-imburse himself, or a particular account to be debited with the amount, or (b) a statement of the transaction which gives rise to the bill, is unconditional :

4. A bill is not invalid by

reason

(a.) That it is not dated; (b.) That it does not specify the value given, or that any value has been given therefor; (c). That it does not specify the place where it is drawn or the place where it is payable.

4. An inland bill is a bill which is, or on the face of it purports to be, (a) both drawn and payable within Canada, or (b) drawn within Canada upon

some person resident therein. Any other bill is a foreign bill:

2. Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill.

5. A bill may be drawn payable to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee:

2. Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.

6. The drawee must be named or otherwise indicated in a bill with reasonable certainty:

2. A bill may be addressed to two or more drawees, whether they are partners or not; but an order addressed to two drawees in the alternative, or to two or more drawees in succession is not a bill of exchange.

7. Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certainty:

2. Å bill may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being:

3. Where the payee is a fictitious or non-existing person, the bill may be treated as payable to bearer.

8. When ૧ bill contains words prohibiting transfer, or indicating an intention that it should not be transferable, it is valid as between the