Bills of Exchange (Scotland) Act 1772 (c. 72)

Bills of Exchange (Scotland) Act 1772

1772 c. 72 12_Geo_3

An Act . . . F1 for extending the Privilege of Bills to Promissory Notes, and for limiting Actions upon Bills and Promissory Notes, in Scotland.

Annotations:
Amendments (Textual)
F1	Words repealed by Statute Law Revision Act 1887 (c. 59)
Modifications etc. (not altering text)
C1	Short title given by Short Titles Act 1896 (c. 14)
C2	Preamble repealed by Statute Law Revision Act 1871 (c. 116)

1—35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

Annotations:
Amendments (Textual)
F2	Ss. 1–35, 38, 44 repealed by Statute Law Revision Act 1871 (c. 116)

36.

After May 15, 1772, Promissory Notes to bear Interest as Bills.

And whereas it would be advantageous to trade in Scotland, that promissory notes were allowed the like summary execution and other privileges with bills: Be it therefore enacted by the authority aforesaid, that . . . F3 , the same diligence and execution shall be competent, and shall proceed upon promissory notes, whether holograph or not as is provided to pass upon bills of exchange and inland bills by the law of Scotland, and that promissory notes shall bear interest as bills, and shall pass by indorsation; and that indorsees of promissory notes shall have the same privileges as indorsees of bills in all points.

Annotations:
Amendments (Textual)
F3	Words repealed by Statute Law Revision Act 1948 (c. 62), s. 1, Sch. 1

37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Annotations:
Amendments (Textual)
F4	Ss. 37, 39, 40 repealed by Prescription and Limitation (Scotland) Act 1973 (c. 52), s. 16(2), Sch. 5 Pt. I

38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

Annotations:
Amendments (Textual)
F5	Ss. 1–35, 38, 44 repealed by Statute Law Revision Act 1871 (c. 116)

39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

Annotations:
Amendments (Textual)
F6	Ss. 37, 39, 40 repealed by Prescription and Limitation (Scotland) Act 1973 (c. 52), s. 16(2), Sch. 5 Pt. I

40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Annotations:
Amendments (Textual)
F7	Ss. 37, 39, 40 repealed by Prescription and Limitation (Scotland) Act 1973 (c. 52), s. 16(2), Sch. 5 Pt. I

41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

Annotations:
Amendments (Textual)
F8	S. 41 repealed by Statute Law Revision Act 1948 (c. 62), s. 1, Sch. 1

42.

After May 15, 1772, summary execution, by Horning, shall pass upon Bills, &c.

And summary execution, . . . F9 , shall pass upon bills, whether foreign or inland, and whether accepted or protested for non-acceptance, and upon all promissory notes duly negotiated, not only against the accepters of such bills or grantors of such notes but also against the drawers of such bills, and the whole indorsers of the said bills and notes jointly and severally, excepting where the indorsation is qualified to be without recourse, saving and reserving to the drawers or indorsers their respective claims of recourse against each other, and all defences against the same, according to law.

Annotations:
Amendments (Textual)
F9	Words repealed by Debtors (Scotland) Act 1987 (c. 18, SIF 45:2), s. 108(2)(3), Sch. 7 paras. 5, 9(1), Sch. 8

43.

After May 15, 1772, summary Execution by Horning, shall be competent to the Indorsee.

And summary execution, . . . F10 , shall be competent to the indorsee of a bill, although the protest is not in the name of the indorsee craving the diligence, and although the bill is not reconveyed to him by indorsation, if he produces a receipt for the value by act of honour, or a missive letter from the protesting indorsee mentioning the dishonour, agreeable to the practice of merchants in returned bills.

Annotations:
Amendments (Textual)
F10	Words repealed by Debtors (Scotland) Act 1987 (c. 18, SIF 45:2), s. 108(2)(3), Sch. 7 paras. 5, 9(1), Sch. 8

44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

Annotations:
Amendments (Textual)
F11	Ss. 1–35, 38, 44 repealed by Statute Law Revision Act 1871 (c. 116)

Version no	Start date	End date	Extent	Confers power	Blanket amendment
> 1	01/02/1991		E+W+S	N	N

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