The Bills of Exchange Act
October 3, 2019
Cheque this out! ~ Lawyers advising on commercial transactions both big and small will want to take this session on the federal Bills of Exchange Act which governs bills of exchange, cheques and promissory notes.
The background and purpose of the Act is explained, key provisions are reviewed, practical issues and common misunderstandings relating to these negotiable instruments are shared, with a focus on promissory notes. A discussion follows about questions that arise in everyday practice, including:
- Can a promissory note be back dated?
- Can time of payment of a promissory note be made conditional on the occurrence of external events?
- Can the amount of a promissory note be determined by reference to fair market value of an asset at the time the note is issued?
- Are the answers to the preceding questions different if the note is marked non-negotiable?
- Is Canada Revenue Agency correct in taking the position that it must be determined if a promissory note is issued as evidence of a debt or as absolute payment?
- What are the rights of a third party to whom a cheque has been negotiated if a stop payment is put on the cheque?
Cy Fien, Fillmore Riley LLP
Professor Gerry Nemiroff, Robson Hall, University of Manitoba
CPD hours: 1.5 | EPPM hours: 0 | Price: $65.00 + GST = $68.25