Bills of Exchange Act 1949 · 2020 Revised Edition · Part 2 · Bills of Exchange
30. Presumption of value and good faith
Feedback & supportEvery party whose signature appears on a bill is prima facie deemed to have become a party thereto for value.
Every holder of a bill is prima facie deemed to be a holder in due course.
holder
“holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof;
If in an action on a bill it is admitted or proved that the acceptance, issue, or subsequent negotiation of the bill is affected with fraud, duress, or force and fear, or illegality, the burden of proof is shifted, unless the holder proves that, subsequent to the alleged fraud or illegality, value has in good faith been given for the bill.
acceptance
“acceptance” means an acceptance completed by delivery or notification;