This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 76.— Would you consider the following form of draft advisable: " Sixty days after arrival of goods at destination pay to the order of——"? If so, what evidence should the bank collecting the item be expected to get in order to fix the due date?
Answer.—A draft in the above form would not be a bill of exchange within the meaning of the Act; it is not payable at a determinable future time, since the goods might never arrive. The bank would therefore have no rights against the drawer or endorser arising out of the law respecting bills of exchange. It would be much better the bill should be drawn at sixty days sight, with an agreement that the collecting agents should hold it for such time as they might consider reasonable pending the arrival of the goods.