Subject to the provisions of this Act—(1)Where a cheque is not presented for payment within a reasonable time of its issue, and the drawer or the person on whose account it is drawn had the right at the time of such presentment as between him and the banker to have the cheque paid and suffers actual damage through the delay, he is discharged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such banker to a larger amount than he would have been had such cheque been paid.(2)In determining what is a reasonable time regard shall be had to the nature of the instrument, the usage of trade and of bankers, and the facts of the particular case.(3)The holder of such cheque as to which such drawer or person is discharged shall be a creditor, in lieu of such drawer or person, of such banker to the extent of such discharge, and entitled to recover the amount from him.F18[F1874A Presentment of cheque for payment: alternative place of presentment.Where the banker on whom a cheque is drawn—(a)has by notice published in the London, Edinburgh and Belfast Gazettes specified an address at which cheques drawn on him may be presented, and(b)has not by notice so published cancelled the specification of that address,the cheque is also presented at the proper place if it is presented there.]Textual AmendmentsF18S. 74A inserted (28.11.96) by S.I. 1996/2993 art. 3.F1974B Presentment of cheque for payment: alternative means of presentment by banker. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Textual AmendmentsF19Ss. 74B, 74C omitted (26.3.2015, 31.7.2016 in so far as not already in force) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 13(4), 164(4)F19 74C Cheques presented for payment under section 74B: disapplication of section 52(4).. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Textual AmendmentsF19Ss. 74B, 74C omitted (26.3.2015, 31.7.2016 in so far as not already in force) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 13(4), 164(4)
