Bills of Exchange Act (R.S.C., 1985, c. B-4)

Act current to 2012-05-02 and last amended on 2007-04-20. Previous Versions

Marginal note:Excuses

  • 78. (1) Presentment in accordance with the rules set out in section 77 is excused, and a bill may be treated as dishonoured by non-acceptance where

    • (a) the drawee is dead, or is a fictitious person or a person not having capacity to contract by bill;

    • (b) after the exercise of reasonable diligence, the presentment cannot be effected; or

    • (c) although the presentment has been irregular, acceptance has been refused on some other ground.

  • Marginal note:No excuse

    (2) The fact that the holder has reason to believe that the bill, on presentment, will be dishonoured does not excuse presentment.

  • R.S., c. B-5, s. 79.
Marginal note:Time for acceptance

  • 79. (1) The drawee may accept a bill on the day of its due presentment to him for acceptance or at any time within two days thereafter.

  • Marginal note:Dishonour

    (2) When a bill is duly presented for acceptance and is not accepted within the time mentioned in subsection (1), the person presenting it must treat it as dishonoured by non-acceptance.

  • Marginal note:Loss of rights

    (3) If the person does not treat the bill as dishonoured, the holder loses his right of recourse against the drawer and endorsers.

  • Marginal note:Date of acceptance

    (4) In the case of a bill payable at sight or after sight, the acceptor may date his acceptance thereon as of any of the days mentioned in subsection (1) but not later than the day of his actual acceptance of the bill.

  • Marginal note:Refusing acceptance

    (5) If the acceptance is not dated as described in subsection (4), the holder may refuse to take the acceptance and may treat the bill as dishonoured by non-acceptance.

  • R.S., c. B-5, s. 80.
Marginal note:Dishonour by non-acceptance

80. A bill is dishonoured by non-acceptance when

  • (a) it is duly presented for acceptance and such an acceptance as is prescribed by this Act is refused or cannot be obtained; or

  • (b) presentment for acceptance is excused and the bill is not accepted.

  • R.S., c. B-5, s. 81.
Marginal note:Recourse

81. Subject to this Act, when a bill is dishonoured by non-acceptance, an immediate right of recourse against the drawer and endorsers accrues to the holder, and no presentment for payment is necessary.

  • R.S., c. B-5, s. 82.
Marginal note:Qualified acceptance

  • 82. (1) The holder of a bill may refuse to take a qualified acceptance and, if he does not obtain an unqualified acceptance, may treat the bill as dishonoured by non-acceptance.

  • Marginal note:Presumption of assent

    (2) When the drawer or endorser of a bill receives notice of a qualified acceptance and does not within a reasonable time express his dissent to the holder, he shall be deemed to have assented thereto.

  • R.S., c. B-5, s. 83.