Bills of Exchange Act 1908

Reprint as at 1 March 2017

Coat of Arms of New Zealand

Bills of Exchange Act 1908

Public Act
1908 No 15
Date of assent
4 August 1908
4 August 1908

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


1Short Title
3Bill of exchange defined
4Inland and foreign bills
5How bills may be drawn
6Address to drawee
7Certainty required as to payee
8What bills are negotiable
9Sum payable
10Bill payable on demand
11Bill payable at a future time
12Omission of date in bill payable after date
13Antedating and post-dating
14Computation of time of payment
15Referee in case of need
16Optional stipulations by drawer or indorser
17Definition and requisites of acceptance
18Time for acceptance
19General and qualified acceptances
20Inchoate instruments
22Capacity of parties
23Signature essential to liability
24Forged or unauthorised signature
25Signature by procuration
26Person signing as agent or representative
27Value, and holder for value
28Accommodation party
29Holder in due course
30Presumption of value and good faith
31Negotiation of bill
32Requisition of a valid indorsement
33Conditional indorsement
34Indorsement in blank, and special indorsement
35Restrictive indorsement
36Negotiation of overdue or dishonoured bill
37Negotiation of bill to party already liable thereon
38Rights of the holder
39When presentment for acceptance is necessary
40Time for presenting bill payable after sight
41Rules as to presentment for acceptance, and excuses for non-presentment
43Dishonour by non-acceptance, and its consequences
44Qualified acceptance
45Rules as to presentment for payment
46Excuses for delay or non-presentment for payment
47Dishonour by non-payment
48Notice of dishonour
49Rules as to notice of dishonour
50Excuses for want of notice and delay
51Noting or protest of bill
52Duties of holder as regards drawee or acceptor
53Funds in hands of drawee
54Liability of acceptor
55Liability of drawer or indorser
56Stranger signing bill liable as indorser
57Measure of damages against parties to dishonoured bill
58Transferor and transferee by delivery
59Payment in due course
60Banker paying on demand draft bearing forged indorsement
61Where acceptor the holder at maturity
62Holder may waive his or her rights
64Alteration of bill
65Acceptance for honour supra protest
66Liability of acceptor for honour
67Presentation to acceptor for honour
68Payment for honour supra protest
69Holder’s right to duplicate of lost bill
70Action on lost bill
71Rules as to sets
72Law governing contracts contained in a bill
73Cheque defined
74Presentment of cheques for payment
75Revocation of banker’s authority
76General and special crossings defined
77Crossing by drawer or after issue
78Crossing to be deemed a material part of cheque
79Duties of banker as to crossed cheques
80Protection to banker and drawer where cheque is crossed
81Effect of the words “Not negotiable”
82Protection to collecting banker [Repealed]
83Branch banks deemed independent banks for certain purposes
84Promissory note defined
85Delivery necessary
86Joint and several notes
87Note payable on demand
88Presentment of note for payment
89Liability of maker
90Application of Part 1 to notes
91Good faith
93Computation of time
94When noting equivalent to protest
95Protest when notary not accessible
96Bill drawn at sight to be deemed a bill payable on demand
96AActions on other lost negotiable instruments
97Special provision in case of Maori [Repealed]
Reprint notes

An Act to consolidate certain enactments of the Parliament of New Zealand relating to bills of exchange

Title: amended, on 1 January 1987, pursuant to section 29(2) of the Constitution Act 1986 (1986 No 114).