BILLS OF EXCHANGE ACT - 1961 (ACT 55)

Section - 97 - Interpretation

In this Act, unless the context otherwise requires-

"acceptance" means an acceptance completed by delivery or notification;

"action" includes counter-claim and set off;

"banker" includes a body of persons, whether incorporated or not, who carry on the business of banking;

"bearer" means the person in possession of a bill or note which is payable to bearer;

"bill" means bill of exchange;

"delivery" means transfer of possession, actual or constructive, from one person to another;

"endorsement" means an endorsement completed by delivery;

"holder" means the payee or endorsee of a bill or note who is in possession of it, or the bearer thereof;

"insolvent" includes any person whose estate is vested in a trustee under the law for the time being in force relating to insolvency;

"issue" means the first delivery of a bill or note, complete in form to a person who takes it as a holder;

"note" means promissory note;

"value" means valuable consideration.