ABSTRACT
Note the Deregulation (Bills of Exchange) Order 1996 SI 1996/2993, which amends the Bills of Exchange Act 1882, and concerns, inter alia, the presentation of cheques and duties of holders of bills.
Orbit Mining v Westminster Bank (1962) CA A cheque form was made out to ‘pay cash or order’. The issue arose whether that was a cheque within the Bills of Exchange Act. Section 73 states: ‘A cheque is a bill of exchange drawn on a banker payable on demand.’ Section 3(1) provides that under a bill of exchange a sum must be payable ‘to the order of a specified person, or the bearer’. Finally, s 7(3) provides that: ‘Where the payee is a fictitious or non-existing person the bill may be treated as payable to the bearer.’
