Bills of exchange in sets: numbered parts form one bill but acceptance or indorsement of parts creates separate liability. Bills of exchange may be drawn in numbered parts forming a set; the whole set constitutes a single bill and each part is payable only while the others remain unpaid. The set is extinguished when one part would be extinguished if treated as a separate bill. However, if different parts are accepted or indorsed in favour of different persons, the acceptor and subsequent indorsers of each part are liable on that part as if it were a separate bill.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bills of exchange in sets: numbered parts form one bill but acceptance or indorsement of parts creates separate liability.
Bills of exchange may be drawn in numbered parts forming a set; the whole set constitutes a single bill and each part is payable only while the others remain unpaid. The set is extinguished when one part would be extinguished if treated as a separate bill. However, if different parts are accepted or indorsed in favour of different persons, the acceptor and subsequent indorsers of each part are liable on that part as if it were a separate bill.
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