House of Lords
Other Bills before Parliament
|Cheques (Scotland) Bill [H.L.]
This is the Cheques (Scotland) Bill [H.L.], as introduced in the House of Lords on 1st February 2000.
Explanatory Notes to the Bill, prepared by the Treasury with the consent of Viscount Younger of Leckie, are published separately as HL Bill 27- EN.
Cheques (Scotland) Bill [H.L.]
B I L L
Amend the law of Scotland in relation to the effect of presentation of cheques for payment.
BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-
|Abolition of funds attached rule for cheques.|| 1. - (1) The funds attached rule, so far as relating to cheques, is abolished.|
| (2) The funds attached rule is the rule of law by virtue of which a bill of exchange, when presented to the drawee for payment, operates as an assignation of the sum for which it is drawn (or, if the drawee holds insufficient funds, of those funds) in favour of the holder of the bill.|
| (3) In section 53 (funds in hands of drawee) of the Bills of Exchange Act 1882 ("the 1882 Act"), after subsection (2) there is inserted- |
|Supplementary.|| 2. - (1) This Act has effect only in relation to cheques presented for payment after it comes into force.|
| (2) Expressions used in this Act and in the 1882 Act have the same meanings as they have in that Act.|
| (3) The following are repealed- |
|Short title, commencement and extent.|| 3. - (1) This Act may be cited as the Cheques (Scotland) Act 2000.|
| (2) This Act shall come into force at the end of the period of two months beginning with the day on which it is passed.|
| (3) This Act extends only to Scotland.|
|© Parliamentary copyright 2000||Prepared 2 February 2000|