Overdue - Definition - Law Dictionary Home Dictionary Definition overdue

Definition :

Overdue, past the time of payment.

By s. 36 (2), (3), and (4) of the (English) Bills of Exchange Act, 1882:-

(2) where an overdue bill is negotiated, it can only be negotiated subject to any defect of title affecting it its maturity, and thenceforward no person who takes it can acquire or give a better title than that which the person from whom he took it had.

(3) A bill payable on demand is deemed to be overdue within the meaning and for the purposes of this section, when it appears on the face of it have been in circulation for an unreasonable length of time. what is an unreasonable length of time for this purpose is a question of fact.

(4) Except where an indorsement bears date after the maturity of the bill, every negotiation is prima facie deemed to have been effected before the bill was overdue.