Bills of Exchange Act 1882: Difference between revisions
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The '''Bills of Exchange Act 1882''' is a [[United Kingdom]] [[Act of Parliament]] concerning [[bills of exchange]]. |
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{{More citations needed|date=July 2022}} |
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{{Infobox UK legislation |
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|short_title=Bills of Exchange Act 1882 |
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|parliament=Parliament of the United Kingdom |
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|long_title=An Act to codify the law relating to Bills of Exchange, Cheques, and Promissory Notes. |
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|statute_book_chapter=[[45 & 46 Vict.]] c. 61 |
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|introduced_by= [[Mackenzie Dalzell Chalmers|Sir Mackenzie Chalmers]] |
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|territorial_extent= |
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|royal_assent= |
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|commencement=18 August 1882 |
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|repeal_date= |
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|amendments= |
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|related_legislation= |
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|repealing_legislation= |
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|status= |
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|original_text=http://www.legislation.gov.uk/ukpga/Vict/45-46/61/contents/enacted |
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|use_new_UK-LEG=yes |
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|legislation_history= |
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}} |
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The '''Bills of Exchange Act 1882''' ([[45 & 46 Vict.]] c. 61) is a [[United Kingdom]] [[Act of Parliament]] concerning [[bills of exchange]]. The Act was drafted by [[Mackenzie Dalzell Chalmers|Sir Mackenzie Chalmers]], who later drafted the [[Sale of Goods Act 1893]] and the [[Marine Insurance Act 1906]]. |
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Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit. |
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The formal legal definition of a bill of exchange is as follows: |
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<blockquote>An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer.<ref>[https://www.legislation.gov.uk/ukpga/Vict/45-46/61/section/3 Bills of Exchange Act 1882, s. 3]</ref></blockquote> |
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Expressing this in less formal language, it is a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer. |
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==Contents== |
==Contents== |
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Section 3 requires that bills of exchange be written and signed in order to be enforceable. |
Section 3 requires that bills of exchange be written and signed in order to be enforceable. |
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==Judicial consideration== |
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Cases which have considered the application of the Bills of Exchange Act 1882 include: |
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* ''[[Smith v Lloyds TSB Group plc]]'' [2001] QB 541 |
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==See also== |
==See also== |
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==Notes== |
==Notes== |
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{{UK legislation}} |
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[[Category:English contract law]] |
[[Category:English contract law]] |
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[[Category:1882 in Wales]] |
[[Category:1882 in Wales]] |
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[[Category:Acts of the Parliament of the United Kingdom concerning England and Wales]] |
[[Category:Acts of the Parliament of the United Kingdom concerning England and Wales]] |
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{{England-law-stub}} |
{{England-law-stub}} |
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Latest revision as of 13:29, 26 March 2024
 | This article needs additional citations for verification. (July 2022) |
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| Long title | An Act to codify the law relating to Bills of Exchange, Cheques, and Promissory Notes. |
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| Citation | 45 & 46 Vict. c. 61 |
| Introduced by | Sir Mackenzie Chalmers |
| Dates | |
| Commencement | 18 August 1882 |
| Text of statute as originally enacted | |
| Text of the Bills of Exchange Act 1882 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is a United Kingdom Act of Parliament concerning bills of exchange. The Act was drafted by Sir Mackenzie Chalmers, who later drafted the Sale of Goods Act 1893 and the Marine Insurance Act 1906.
Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.
The formal legal definition of a bill of exchange is as follows:
An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer.[1]
Expressing this in less formal language, it is a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer.
Contents[edit]
Section 3 requires that bills of exchange be written and signed in order to be enforceable.
Judicial consideration[edit]
Cases which have considered the application of the Bills of Exchange Act 1882 include:
- Smith v Lloyds TSB Group plc [2001] QB 541
See also[edit]
Notes[edit]
 | This article related to English law is a stub. You can help Wikipedia by expanding it. |