Law Governing Liability of Parties to Foreign Instrument

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Law Governing Liability of Parties to Foreign Instrument

Unread postby Admin » Thu Sep 27, 2012 11:05 am

Law Governing Liability of Parties to Foreign Instrument
In the absence of a contract to the contrary and subject to the provision of section 136 in the case of a foreign promissory note, bill of exchange or cheque:-
(a) The law of the place where the instrument as made or drawn or accepted or negotiated shall determine
(1) The capacity of the parties
(2) The validity of the instrument or as the case may be of its acceptance or negotiation.
Provided that such instrument shall not be invalid or inadmissible in evidence by reason only that it was not stamped or not sufficiently stamps according to the law of the place where it was made or drawn.
(b) The law of the place where such instrument is payable shall determine:-
(1) The liability of all parties thereto
(2) The duties of the holder with respect to presentment of acceptance or payment
(3) The date of maturity of the instrument
(4) What constitutes dishnour
(5) The necessity for and sufficiency of a protest or notice of dishonor
(6) All questions relating to payment and satisfaction including the currency in which and the rate of exchange at which the instruments is to be paid.
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