28th, it did not become the property of the banker until the latter $ 40 date, the indorsement and delivery being conditional upon the subsequent discounting: Dawson v. Isle, [1906] 1 Ch. 633. 7. In an action by the payee of a promissory note against the maker, evidence is admissible to show a parol agreement at the time of the making of the note, that it should not become operative as a note until the maker could examine the property for which it was given, and determine whether he would purchase it: Burke v. Dulaney, 153 U. S. 228 (1894). 2. If the bill is in the hands of a holder in due Presumpcourse, a valid delivery of the bill by all parties tions. prior to him, so as to make them liable to him, is conclusively presumed. 53 V., c. 33, s. 21. Imp. Act, ibid. tions.. This sub-section and section 41 afford examples of the Presumptwo kinds of presumptions of law, namely, conclusive and disputable as they are designated in the language of English law; or presumptions juris et de jure and legal presumptions as they are called in the language of the civil law. "Conclusive presumptions of law are rules determining the quantity of evidence requisite for the support of any particular averment which is not permitted to be overcome by any proof that the fact is otherwise. They have been adopted by common consent, from motives of public policy, for the sake of greater certainty, and the promotion of peace and quiet in the community; and therefore it is, that all corroborating evidence is dispensed with, and all opposing evidence is forbidden" 1 Taylor, § 71. In disputable presumptions, the "law defines the nature and amount of the evidence which is sufficient to establish a prima facie case, and to throw the burden of proof on the other party; and if no opposing evidence is offered, the jury are bound to find in favor of the presumption. A contrary verdict may be set aside as being against evidence": 1 Taylor, § 109. "Legal presumptions are those which are specially attached by law to certain facts. They exempt from making other proof those in whose favor they exist; certain of them may be contradicted by other proof; others are presumptions juris et de jure and cannot be contradicted": C. C. Art. 1239. "A holder in due course " is defined in section 56 as a holder who has taken a bill, complete and regular on its face $ 40 Holder in due course. Parting with before it was overdue, in good faith and value, and who had no notice at the time it was negotiated to him of any defect of title of the person who negotiated it, or of its having been dishonored if such was the fact. The presumption would not apply to an instrument never issued as a bill: Smith v. Prosser, [1907] 2 K. B. 735. The presumption applies only to those persons who may have become parties to the instrument as a bill. 41. Where a bill is no longer in the possession possession. of a party who has signed it as drawer, acceptor or endorser, a valid and unconditional delivery by him is presumed until the contrary is proved. V., c. 33, s. 21. Imp. Act, ibid. Computation of 53 The previous sub-section gave an example of a presumption that is conclusive or juris et de jure; the present section of a presumption that is disputable, or legal, to use the language of the civil law. The presumption is created in the interest of negotiable paper, in order to give it greater currency; the provision for the admission of evidence to prove the real facts is for the prevention of fraud. Computation of Time, non-juridical days and days of grace. 42. Where a bill is not payable on demand, time. three days, called days of grace, are, in every case, where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace: Provided that whenever the last day of grace falls on a legal holiday or non-juridical day Last day in the province where any such bill is payable, then the day next following, not being a legal holiday or non-juridical day in such province, shall be the last day of grace. 53 V., c. 33, s. 14 (1). Imp. Act, ibid. of grace. $42 Days of The first part of this section was taken verbatim from the Imperial Act; its effect, however, is different. There, bills payable at sight are by section 10, payable on demand, grace. so that they are not entitled to days of grace. In Canada, they fall under the rule in the first part of this section. The proviso was taken from R. S. C. (1886) c. 123, s. 2, and differs materially from the corresponding rule in England. There when the last day of grace falls on Sunday, Christmas Day, Good Friday, or a public fast or thanksgiving day, it is payable on the preceding business day, except that when the last day of grace is a bank holiday other than Christmas or Good Friday, or when the last day of grace is a Sunday, and the second day of grace is a bank holiday, the bill is payable on the succeeding business day. This sub-section applies only to bills payable in Canada. Those payable elsewhere are governed as to their due date by the law of the place where they are payable: sec. 164. In the United States, as a general rule, if a bill payable without grace falls due on a Sunday or legal holiday it is not payable until the next regular business day; but if payable with grace and the last day of grace falls on a Sunday or holiday, it is payable on the day preceding: 1 Daniel, § 627. In France a note maturing on a holiday is payable the day before: Code de Com. Art. 134. "Days of Grace."-What was at first a real grace or indulgence granted for the payment of foreign bills subsequently passed into a right. Later it was extended to inland bills, and finally by the Statute of Anne (1704) promissory notes were placed on the same footing. It was held in Wiffen v. Roberts, 1 Esp. 262 (1795), that presentment on the second day was invalid. In England, the United States and Canada, the authorities agreed that days of grace did not apply to bills payable on demand, or those without specification of time, or those expressly payable without grace. The only difference has been with respect to bills payable at sight. For the law as to these, see the notes on section 24. In France, days of grace were abolished by the Code de Commerce, Art. 135. Other European countries have done likewise, and they have been abolished in those states of the American Union which have enacted the Negotiable Instruments Law (§ 145); also in California, and Vermont. § 42 Days of grace. Non-juri A similar proposal was made in the English Parliament in 1882, but was not adopted. The perpetuation of this practice after the necessity for it has long since disappeared, seems to be at variance with the precision and punctuality that characterize modern commercial transactions. Where a bill is payable by instalments days of grace are allowed on each instalment: Oridge v. Sherborne, 11 M. & W. 374 (1843). The allowance of grace in the United States is usually limited to three days as in England, except that in some states it has been varied by statute, and in some localities modified by a well-established usage. A note or bill dated January 31st, payable "without grace" one month after date, falls due February 28th: Roehner v. Knickerbocker Life Ass. Co., 63 N. Y. 160 (1875). The following expressions in bills have been held to be a sufficient indication that days of grace are not to be allowed:-" without grace," 99.66 no grace," and "fixed." But a memorandum of the due date in the margin is not sufficient. Non-negotiable notes not payable on demand are entitled to days of grace: Smith v. Kendall, 6 T. R. 123 (1794). A note, payable "on demand, at sight," was held to be a sight bill and entitled to days of grace: Dixon v. Nuttall, 1 C. M. & R. 307 (1834). 43. In all matters relating to bills of exchange, dical days. the following and no other days shall be observed as legal holidays or non-juridical days :- General. (a) In all the provinces of Canada, Sundays, New Year's Day, Good Friday, Easter Monday, Victoria Day (May 24th), Dominion Day (July 1st), Labour Day (1st Monday in Sept.), Christmas Day, The birthday (or the day fixed by proclama- Any day appointed by proclamation for a pub- The day next following New Year's Day, $43 (b) In the province of Quebec in addition to Quebec. the said days, The Epiphany (Jan. 6th), proclama (c) In any one of the provinces of Canada, any Provincial day appointed by proclamation of the Lieu-Pon tenant-Governor of such province for a public holiday, or for a fast or thanksgiving within the same, and any non-juridical day by virtue of a statute of such province. 53 V., c. 33, s. 15; 56 V., c. 30, s. 1; 57-58 V., c. 55, s. 2; 1 E. VII., c. 12, ss. 2 and 4. "Province" includes the Northwest Territories, the district of Keewatin, and the Yukon Territory; and lieutenant-governor" includes administrator: R. S. C. c. 1 s. 34 (22) and (13). The Act of 1890 increased the number of holidays in two particulars:-1st, in making Monday a holiday when the Queen's birthday fell on Sunday; and 2nd, in making every provincial non-juridical day a holiday for bills in that province. The Annunciation, March 25th, Corpus Christi, a movable festival, and St. Peter's and St. Paul's Day, June 24th, were holidays for Quebec under the Act of 1890; but |