Singapore legislation

Section 5

of Bills of Exchange Act 1949

Section 5

Effect where different parties to bill are the same person

(1)

A bill may be drawn payable to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee.

(2)

Where in a bill, drawer and drawee are the same person or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at his option, either as a bill of exchange or as a promissory note.

Read in full context — Bills of Exchange Act 1949 →