Revised Laws of Saint Lucia (2021)

CHAPTER 7
DISCHARGE OF BILL

382.   Payment in due course

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    (1)   A bill is discharged by payment in due course by or on behalf of the drawee or acceptor.

Payment in due course” means payment made, at or after the maturity of the bill, to the holder in good faith and without notice that his or her title is defective.

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    (2)   Subject to the provisions hereinafter contained, with a bill is paid by the drawer or an indorser, it is not discharge; but—

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      (a)      where a bill, payable to, or to the order of, a third party, is paid by the drawer, the drawer may enforce payment against the acceptor but may not reissue the bill;

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      (b)      where a bill is paid by an indorser, or where a bill payable to drawer's order is paid by the drawer, the party paying it is remitted to his or her former rights as regards the acceptor or antecedent parties, and he or she may, if he or she thinks fit, strike out his or her own subsequent indorsements, and again negotiate the bill.

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    (3)   Where a n accommodation bill is paid in due course by the party accommodated, the bill is discharged.