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

Chapter I

Liabilities of parties

56. Liability of transferor by delivery

 

(1) If the holder of a bill payable to bearer negotiates such bill by delivery without indorsing it, he is called a transferor by delivery.

 

(2) A transferor by delivery is not liable on the instrument in question.

 

(3) A transferor by delivery who negotiates a bill thereby warrants to his immediate transferee, if the latter is a holder for value, that the bill is what it purports to be, that he has a right to transfer it, and that, at the time of transfer, he is not aware of any fact which renders it valueless.

 

 


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