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Free Books / Finance / Canadian Banking Practice / |  |
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Bill Of Exchange Payable "With Bank Charges" Negotiability |
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This section is from the book "Canadian Banking Practice", by John T. P. Knight.
This section is from the "" book, by .
Question 38. - Do you consider a draft drawn payable "with bank charges" negotiable?
Answer. - We would not consider this to be a bill of exchange. Section 28 (d) of the Bills of Exchange Act declares the sum payable by a bill to be "a sum certain" if it is paya'ble according to a rate of exchange to be ascertained as directed by the bill. This is the only provision in the Act which could be looked to to support the proposition that a bill payable "with bank charges" is for a sum certain, and we do not think that it would come within this section.
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