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Bills of Exchange Act (R.S.C., 1985, c. B-4)

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Act current to 2022-08-08 and last amended on 2021-08-03. Previous Versions

PART VConsumer Bills and Notes (continued)

Marginal note:Rights of holder of consumer bill or note

 Notwithstanding any agreement to the contrary, the right of a holder of a consumer bill or consumer note that is marked as required by section 190 to have the whole or any part thereof paid by the purchaser or any party signing to accommodate the purchaser is subject to any defence or right of set-off, other than counter-claim, that the purchaser would have had in an action by the seller on the consumer bill or consumer note.

  • R.S., c. 4(1st Supp.), s. 1

Marginal note:Obtaining signature to unmarked instrument

  •  (1) Every person who, knowing that an instrument, other than an instrument described in paragraph 189(1)(a) or (b), has been, is being or is to be issued in respect of a consumer purchase, obtains the signature of the purchaser or of any person signing to accommodate the purchaser to that instrument without its being or having been marked as required by section 190 is guilty of

    • (a) an offence and liable on summary conviction to a fine not exceeding one thousand dollars; or

    • (b) an indictable offence and liable to a fine not exceeding five thousand dollars.

  • Marginal note:Transfer of unmarked consumer bill or note

    (2) Every person who, knowing that a consumer bill or consumer note not marked as required by section 190 is a consumer bill or consumer note, transfers it is, unless he is the purchaser or any person signing to accommodate the purchaser, guilty of

    • (a) an offence and liable on summary conviction to a fine not exceeding one thousand dollars; or

    • (b) an indictable offence and liable to a fine not exceeding five thousand dollars.

  • R.S., c. 4(1st Supp.), s. 1
 
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