URL:http://www.canlii.org/ca/sta/b-4/sec52.html
[< Previous] [Table of Contents] [Noteup] [Next >]

         Bills of Exchange Act
            PART II: BILLS OF EXCHANGE
               Consideration

Valuable consideration

52. (1) Valuable consideration for a bill may be constituted by

(a) any consideration sufficient to support a simple contract; or

(b) an antecedent debt or liability.

Form of bill

(2) An antecedent debt or liability is deemed valuable consideration, whether the bill is payable on demand or at a future time.

R.S., c. B-5, s. 53.