The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is an act of the Parliament of the United Kingdom that codified the law relating to bills of exchange. Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.
The committee was given the power to extend the bill to Scotland on 23 March 1882, and reported on 21 June 1882, with amendments.[2] The amended bill was re-committed to a committee of the whole house, which met on 27 June 1882 and 3 July 1882 and reported on 5 July 1882, with amendments.[2] The amended bill had its third reading in the House of Commons on 6 July 1882 and passed, without amendments.[2]
The committee reported on 10 August 1882, with amendments.[3] The amended bill was re-committed to a committee of the whole house, which met and reported on 11 August 1882, with amendments.[3] The amended bill had its third reading in the House of Lords on 11 August 1882 and passed, without amendments.[3]
The amended bill was considered and agreed to by the House of Commons on 14 August 1882.[2]
Section 3 of the act provided a formal definition of a bill of exchange:[4]
An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer.
Expressing this in less formal language, it is a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer.
Section 3 of the act also required that bills of exchange be written and signed in order to be enforceable.
Repealed enactments
Section 96 of the act repealed 17 enactments, listed in the second schedule to the act.[5] Section 96 of the act also provided that the repeals would not affect anything done or suffered, any rights, titles or interests acquired or accrued, and any legal proceedings or remedies under the repealed acts.[5]
An Act for further restraining the negotiation of Promissory Notes and Inland Bills of Exchange under a limited sum within that part of Great Britain called England.
An Act for regulating the protesting for nonpayment of Bills of Exchange drawn by the banker of a place upon the place of the residence of the drawee or drawees of the same.
An Act to declare the law as to what day it requires to be present for payment to Acceptor, or Acceptors supra protest for honour, or to the Referee or Referees, in case of need, Bills of Exchange which have been dishonoured.
An Act to regulate the issue of Bank Notes in Ireland, and to regulate the repayment of certain sums advanced by the Governor and Company of the Bank of Ireland for the public service.
^ abcdefLords, Great Britain Parliament House of (1882). The Journals of the House of Lords. Vol. 114. H.M. Stationery Office. pp. 299, 305, 320, 33, 350–351, 360, 397–398, 408–409, 420, 432, 472, 488.
