Full legislation
s.71
Rules as to bill in set
(1)
Where a bill is drawn in a set, each part of the set being numbered and
containing a reference to the other parts, the whole of the parts constitute one
bill.
(2)
Where the holder of a set indorses two or more parts to different persons, he
is liable on every such part, and every indorser subsequent to him is liable on the
part he has himself indorsed as if the said parts were separate bills.
(3)
Where two or more parts of a set are negotiated to different holders in due
course, the holder whose title first accrues is, as between such holders, deemed the
true owner of the bill; but nothing in this subsection shall affect the rights of a
person who in due course accepts or pays the part first presented to him.
(4)
The acceptance may be written on any part, and it must be written on one part
only. If the drawee accepts more than one part and such accepted parts get into the
hands of different holders in due course, he is liable on every such part as if it
were a separate bill.
(5)
When the acceptor of a bill drawn in a set pays it without requiring the part
bearing his acceptance to be delivered up to him, and that part at maturity is
outstanding in the hands of a holder in due course, he is liable to the holder
thereof.
(6)
Subject to the preceding rules, where any one part of a bill drawn in a set is
discharged by payment or otherwise, the whole bill is discharged.
[cf. 1882 c. 61 s. 71 U.K.]