Rules of the Conflict of Laws Applicable to Bills and Notes (Part 4)

Abstract

2. RELATIONSHIP OF THE DIFFERENT CONTRACTS. a. Theory of the Independence of the Different Contracts. Whichever rule is adopted as the governing law the question will be whether the obligation of the maker's, acceptor's, drawer's and indorser's contracts entered into in different jurisdictions shall be subjected to different laws, or whether all of the parties must be presumed to have contracted with reference to a single law. (1) English Law: Section 72, Bills of Exchange Act provides: "(2) Subject to the provisions of this Act, the interpretation of the drawing, indorsement, acceptance, or acceptance supra protest of a bill, is determined by the law of the place where such contract is made." . . . "(3) The duties of the holder with respect to presentment for acceptance or payment and the necessity for or sufficiency of a protest or notice of dishonour, or otherwise, are determined by the law of the place where the act is done or the bill is dishonoured."