5. Bill of exchange.-
A bill of exchange is an instrument in writing containing
an unconditional order, signed by the maker, directing a certain
person to pay a certain sum of money only to, or to the order
of, a certain person or to the bearer of the instrument.
A promise or order to pay is not conditional within the meaning
of this section and section
4,
by reason of the time for payment of the amount or any instalment
thereof being expressed to be on the lapse of a certain period
after the occurrence of a specified event which, according
to the ordinary expectation of mankind, is certain to happen,
although the time of its happening may be uncertain.
The sum payable may be certain, within the meaning of this
section and section 4, although it includes future interest
or is payable at an indicated rate of exchange, or is according
to the course of exchange, and although the instrument provides
that, on default of payment of an instalment, the balance
unpaid shall become due.
The person to whom it is clear that the direction is given
or that payment is to be made may be certain person, within
the meaning of this section and section
4,
although he is misnamed or designated by description only.
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