(1)A bill, of itself, does not operate as an assignment of funds in the hands of the drawee available for the payment thereof, and the drawee of a bill who does not accept as required by this Act is not liable on the instrument. This sub-section shall not extend to Scotland.
(2)[F1[F2Subject to section 75A of this Act,]]in Scotland, where the drawee of a bill [F3other than a cheque] has in his hands funds available for the payment thereof, the bill operates as an assignment of the sum for which it is drawn in favour of the holder, from the time when the bill is presented to the drawee.
Textual Amendments
F1Words in s. 53(2) cease to have effect (12.4.2009) by Banking Act 2009 (c. 1), ss. 254(4)(a)(i), 263(2) (with s. 247)
F2Words inserted (S.) by Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c. 73, SIF 30), s. 11(a)
F3Words in s. 53(2) inserted (12.4.2009) by Banking Act 2009 (c. 1), ss. 254(4)(a)(ii), 263(2) (with s. 247)