Provided that where an inland bill is indorsed in a foreign country the indorsement shall as regards the payer be interpreted according to the law of the United Kingdom. (3.) The duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured. (4.) Where a bill is drawn out of but payable in the United Kingdom and the sum payable is not expressed in the currency of the United Kingdom, the amount shall, in the absence of some express stipulation, be calculated according to the rate of exchange for sight drafts at the place of payment on the day the bill is payable. (5.) Where a bill is drawn in one country and is payable in another, the due date thereof is determined according to the law of the place where it is payable. PART III. CHEQUES ON A BANKER. Cheque defined. 73. A cheque is a bill of exchange drawn on a banker payable on demand. Except as otherwise provided in this Part, the provisions of this Act applicable to a bill of exchange payable on demand apply to a cheque. Presentment of Cheque for Payment. 74. Subject to the provisions of this Act (1.) Where a cheque is not presented for payment within a reasonable time of its issue, and the drawer or the person on whose account it is drawn had the right at the time of such presentment as between him and the banker to have the cheque paid and suffers actual damage through the delay, he is discharged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such banker to a larger amount than he would have been had such cheque been paid. (2.) In determining what is a reasonable time regard shall be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case. (3.) The holder of such cheque as to which such drawer or person is discharged shall be a creditor, in lieu of such drawer or person, of such banker to the extent of such discharge, and entitled to recover the amount from him. Revocation of Banker's Authority. 75. The duty and authority of a banker to pay a cheque drawn on him by his customer are determined by (1.) Countermand of payment: CROSSED CHEQUES. General and Special Crossings defined. 76. (1.) Where a cheque bears across its face an addition of— (a.) The words "and company" or any abbreviation thereof between two parallel transverse lines, either with or without the words "not negotiable"; or (b.) Two parallel transverse lines simply, either with or without the words "not negotiable"; that addition constitutes a crossing, and the cheque is crossed generally. (2.) Where a cheque bears across its face an addition of the name of a banker, either with or without the words "not negotiable," that addition constitutes a crossing, and the cheque is crossed specially and to that banker. Crossing by Drawer or after Issue. 77. (1.) A cheque may be crossed generally or specially by the drawer. (2.) Where a cheque is uncrossed, the holder may cross it generally or specially. (3.) Where a cheque is crossed generally the holder may cross it specially. (4.) Where a cheque is crossed generally or specially, the holder may add the words "not negotiable." (5.) Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker for collec tion. (6.) Where an uncrossed cheque, or a cheque crossed generally, is sent to a banker for collection, he may cross it specially to himself. Crossing a Material Part of Cheque. 78. A crossing authorised by this Act is a material part of the cheque; it shall not be lawful for any person to obliterate or, except as authorised by this Act, to add to or alter the crossing. Duties of Banker as to Crossed Cheques. 79. (1.) Where a cheque is crossed specially to more than one banker except when crossed to an agent for collection being a banker, the banker on whom it is drawn shall refuse payment thereof. (2.) Where the banker on whom a cheque is drawn which is so crossed nevertheless pays the same, or pays a cheque crossed generally otherwise than to a banker, or if crossed specially otherwise than to the banker to whom it is crossed, or his agent for collection being a banker, he is liable to the true owner of the cheque for any loss he may sustain owing to the cheque having been so paid. Provided that where a cheque is presented for payment which does not at the time of presentment appear to be crossed, or to have had a crossing which has been obliterated, or to have been added to or altered otherwise than as authorised by this Act, the banker paying the cheque in good faith and without negligence shall not be responsible or incur any liability, nor shall the payment be questioned by reason of the cheque having been crossed, or of the crossing having been obliterated or having been added to or altered otherwise than as authorised by this Act, and of payment having been made otherwise than to a banker or to the banker to whom the cheque is or was crossed, or to his agent for collection being a banker, as the case may be. Protection to Banker and Drawer where Cheque is Crossed. 80. Where the banker, on whom a crossed cheque is drawn, in good faith and without negligence pays it, if crossed generally, to a banker, and if crossed specially, to the banker to whom it is crossed, or his agent for collection being a banker, the bauker paying the cheque, and, if the cheque has come into the hands of the payee, the drawer, shall respectively be entitled to the same rights and be placed in the same position as if payment of the cheque had been made to the true owner thereof. Effect of Crossing on Holder. 81. Where a person takes a crossed cheque which bears on it the words "not negotiable," he shall not have and shall not be capable of giving a better title to the cheque than that which the person from whom he took it had. Protection to Collecting Banker. 82. Where a banker in good faith and without negligence receives payment for a customer of a cheque crossed generally or specially to himself, and the customer has no title or a defective title thereto, the banker shall not incur any liability to the true owner of the cheque by reason only of having received such payment. PART IV. PROMISSORY NOTES. Promissory Note defined. 83. (1.) A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging 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 in the form of a note payable to maker's order is not a note within the meaning of this section unless and until it is indorsed by the maker. (3.) A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof. (4.) A note which is, or on the face of it purports to be, both nade and payable within the British Islands is an inland note. Any other note is a foreign note. Delivery necessary. 84. A promissory note is inchoate and incomplete until delivery thereof to the payee or bearer. Joint and Several Notes. 85. (1.) A promissory note may be made by two or more makers, and they may be liable thereon jointly, or jointly and severally, according to its tenor. (2.) Where a note runs "I promise to pay " and is signed by two or more persons it is deemed to be their joint and several note.. Note payable on Demand. 86. (1.) Where a note payable on demand has been indorsed, it must be presented for payment within a reasonable time of the indorsement. If it be not so presented the indorser is discharged. (2.) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of the trade, and the facts of the particular case. (3.) Where a note payable on demand is negotiated, it is not deemed to be overdue, for the purpose of affecting the holder with defects of title of which he had no notice, by reason that it appears that a reasonable time for presenting it for payment has elapsed since its issue. Presentment of Note for Payment. 87. (1.) Where a promissory note is in the body of it made payable at a particular place, it must be presented for payment at that place in order to render the maker liable. In any other case presentment for payment is not necessary in order to render the maker liable. (2.) Presentment for payment is necessary in order to render the indorser of a note liable. (3.) Where a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser liable, but a presentment to the maker elsewhere, if sufficient in other respects, shall also suffice. Liability of Maker. 88. The maker of a promissory note by making it(1.) Engages that he will pay it according to its tenor; (2.) Is precluded from denying to a holder in due course the existence of the payee and his then capacity to indorse. Application of Part II. to Notes. 89. (1.) Subject to the provisions in this part and, except as by this section provided, the provisions of this Act relating to bills of exchange apply, with the necessary modifications, to promissory notes. (2.) In applying those provisions the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first indorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer's order. (3) The following provisions as to bills do not apply to notes; namely, provisions relating to-- (a.) Presentment for acceptance: (b.) Acceptance; (c.) Acceptance suprà protest; (d.) Bills in a set. (4.) Where a foreign note is dishonoured, protest thereof is unnecessary. PART V. SUPPLEMENTARY. Good Faith. 90. A thing is deemed to be done in good faith, within the |