Section 40
Time for presenting bill payable after sight
ActIn forceProvision 40 of 107
Section 40
(1)
Subject to this Act, when a bill payable after sight is negotiated, the holder must either present it for acceptance or negotiate it within a reasonable time.
Bills of Exchange 27
(2)
If he does not do so, the drawer and all indorsers prior to that holder are discharged.
(3)
In determining what is reasonable time within the meaning of this section, regard shall be had to the nature of the bill, the usage of trade with respect to similar bills, and the facts of the particular case.