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Bills of Exchange Act, 1964 (Act No. 34 of 1964)

Chapter I

The consideration for a bill

28. Presumption as to value and good faith


(1) Every party whose signature appears on a bill is prima facie deemed to have become a party thereto for value.


(2) Every holder of a bill is prima facie deemed to be a holder in due course: Provided that if in an action on a bill it is admitted or proved that the acceptance, issue or subsequent negotiation of the bill is affected with fraud or illegality, the burden of proof is shifted, unless and until the holder proves that subsequent to the alleged fraud or illegality value has in good faith been given for the bill.