BILL PAYABLE AT A FUTURE DATE.-By Section 11 : " A bill is payable at a determinable future time within the meaning of this Act which is expressed to be payable " (I) At a fixed period after date or sight.
" (2) On or at a fixed period after the occurrence of a specified event which is certain to happen, though the time of happening may be uncertain.
" An instrument expressed to be payable on a contingency is not a bill, and the happening of th? event does not cure the defect." As to the computation of time of payment of a bill payable after date, the Act provides as follows : " 14. Where a bill is not payable on demand the day on which it falls due is determined as follows : " (1) Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and pay able on the last day of grace ; Pro vided that " (a) When the last day of grace falls on Sunday, Christmas Day, Good Friday, or a day appointed by Royal Pro clamation as a public fast or thanksgiving day, the bill is, except in the case herein after provided for, due and payable on the preceding business day , " (b) When the last day of grace is a bank holiday (other than Christmas Day or Good Friday) under the Bank Holidays Act, 1871, and Acts amending or extending it, or when the last day of grace is a Sunday and the second day of grace is a bank holiday, the bill is due and payable on the succeeding business day.
" (2) Where a bill is payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is deter mined by excluding the day from which the time is to begin to run and by including the day of pa ment.
" (3) Where a bill is payable at a fixed period after sight, the time begins to run from the date of the accept ance if the bill be accepted, and from the date of noting or protest if the bill he noted or protested for non-acceptance, or for non-delivery.
" (4) The term month ' In a bill means a calendar month." " 92. Where, by this Act, the time limited for doing any act or thing is less than three days, in reckoning time, non business days are excluded.
" Non-business days ' for the purposes of this Act mean : " (a) Sunday, Good Friday, Christmas Day : " (b) A bank holiday under the Bank Holidays Act, 1871, or Acts amend ing it : " (c) A day appointed by Royal proclama tion as a public fast or thanksgiving day.
" Any other day is a business day." The due date of a bill—that is, the date when it becomes payable—is calculated, in the case of a bill drawn payable three months after date, by counting three calendar months, plus three days of grace, from the date of the bill. When drawn payable at so many days or months after sight, the date is calculated in the same way, but from the date when the bill was sighted. If the acceptor writes on the bill "sighted 1st Febru ary, accepted 2nd February," the currency is calculated from the date when it was sighted, February 1.
The following are a few examples of the calculation of the time of payment. In each case if the last day of grace is a Sunday or holiday, the bill will be due and payable either on the preceding business day or suc ceeding business day in accordance with the provisions of Section 14, s.s. 1 (a) and (b) (see above).
The time of payment of bills payable in foreign countries is regulated by the laws and customs of those countries.
In France, for example, a bill which is due on a Sunday is payable on the .11onday, and does not take any days of grace, and the same custom is observed in most of the other continental countries. See BANN I IOLIDAYS, BILL OF Exc RANGE, DAN'S OF GRACE.)