Bills of Exchange Act 1909

The Bills of Exchange Act 1909 is an Australian law that governs the creation, negotiation, and enforcement of bills of exchange, cheques, and promissory notes. The Act defines these financial instruments and sets out their forms, interpretation, and requirements.

The Act applies to bills of exchange that are drawn, accepted, or indorsed after its commencement. It regulates the capacity, authority, and consideration for a bill, as well as the negotiation, presentment, and enforcement of bills. The Act also deals with cheques on a banker and promissory notes.

The Bill of Exchange Act 1909 contains various provisions to ensure that the rights of holders are protected. These include rules regarding presentment for acceptance, non-acceptance, and non-payment; duties as regards drawee or acceptor; liability of parties; and discharge of bill.

The Act aims to provide a clear framework for the creation and enforcement of bills of exchange, cheques, and promissory notes, ensuring that these financial instruments are used efficiently and fairly.