Section 70C: Control and possession of electronic bill of exchange
This section is inserted by The Finance Act 2025, section 4.
consolidated text (as at 2011, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
70C. Control and possession of electronic bill of exchange
(1) Where an enactment requires or permits the possession of a bill
of exchange, that requirement shall be met with respect to an electronic bill of
exchange, if a reliable method is used to establish –
(a) exclusive control of the electronic bill of exchange by a
person; and
(b) the identity of the person in control of the electronic bill
of exchange.
(2) Where an enactment requires or permits transfer of possession
of a bill of exchange, that requirement shall be met with respect to an electronic
bill of exchange, through the transfer of control over the electronic bill of
exchange.
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Questions this section answers
- How is control of an electronic bill of exchange established instead of physical possession?