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Delivery.
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21. (1.) Every contract on a bill, whether it be the drawer’s, the acceptor’s, or an indorser’s, is incomplete and revocable, until delivery of the instrument in order to give effect thereto.
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Provided that where an acceptance is written on a bill, and the drawee gives notice to or according to the directions of the person entitled to the bill that he has accepted it, the acceptance then becomes complete and irrevocable.
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(2.) As between immediate parties, and as regards a remote party other than a holder in due course, the delivery—
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(a.) in order to be effectual must be made either by or under the authority of the party drawing, accepting, or indorsing, as the case may be:
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(b.) may be shown to have been conditional or for a special purpose only, and not for the purpose of transferring the property in the bill.
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But if the bill be in the hands of a holder in due course a valid delivery of the bill by all parties prior to him so as to make them liable to him is conclusively presumed.
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(3.) Where a bill is no longer in the possession of a party who has signed it as drawer, acceptor, or indorser, a valid and unconditional delivery by him is presumed until the contrary is proved.
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Capacity and Authority of Parties.
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