Section 2 Interpretation of terms.C1

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.

• “Bankrupt” includes any person whose estate is vested in a trustee or assignee under the law for the time being in force relating to bankruptcy.

• “Bearer” means the person in possession of a bill or note which is payable to bearer.

• “Bill” means bill of exchange, and “note” means promissory note.

• “Delivery” means transfer of possession, actual or constructive, from one person to another.

• “Holder” means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof.

• “Indorsement” means an indorsement completed by delivery.

• “Issue” means the first delivery of a bill or note, complete in form to a person who takes it as a holder.

• “Person” includes a body of persons whether incorporated or not.