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Bills of Exchange Act 1882

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Changes over time for: Section 35

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Point in time view as at 16/04/1991.

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There are currently no known outstanding effects for the Bills of Exchange Act 1882, Section 35. Help about Changes to Legislation

35 Restrictive indorsement.U.K.

(1)An indorsement is restrictive which prohibits the further negotiation of the bill or which expresses that it is a mere authority to deal with the bill as thereby directed and not a transfer of the ownership thereof, as, for example, if a bill be indorsed “Pay D. only,” or “Pay D. for the account of X.,” or “Pay D. or order for collection.”

(2)A restrictive indorsement gives the indorsee the right to receive payment of the bill and to sue any party thereto that his indorser could have sued, but gives him no power to transfer his rights as indorsee unless it expressly authorise him to do so.

(3)Where a restrictive indorsement authorises further transfer, all subsequent indorsees take the bill with the same rights and subject to the same liabilities as the first indorsee under the restrictive indorsement.

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