MERCANTILE LAW AMENDMENT ORDINANCE, 1864
Title
MERCANTILE LAW AMENDMENT ORDINANCE, 1864
Description
No.1 of 1864.
To amend the Laws of Trade and Commerce.
[13th Sept.,1864.]
1.The Mercantile Law Amendment Ordinance,1864.
2.No special promise made by any person to answer for the
debt,default,or miscarriage of another person,being in writing
and signed by the party charged therewith or some other person
by him thereunto lawfully authorized,shall be deemed invalid to
support an action,suit.or other proceeding to charge the person
by whom such promise has been made,by reason only that the
consideration for such promise does not appear in writing or by
necessary inference from a written document.
3. Every person who, being surety for the debt or duty of
another or being liable with another for any debt or duty, pays
such debt or performs such duty shall be entitled to have assigned
to him, or to a trustee for him, every judgment,specialty, or other
security which is held by the creditor in respect of such debt or
duty,whether such judgewnt,specialty,or other sceurity is or
is not deemed at law to have heen satisfied by the payment of the
debt or performance of the duty, and such person shall be
entitled to stand in the place of the creditor, and to use all the
remedies, and, if need be and upon a proper indemnity, to use
the name, of the creditor in any action or other proceeding, at
law or in equity, in order to obtain from the principal debtor or
any co-surety, co-contractor, or co-debtor, as the case may be,
indemnification for the advances made and loss sustained by the
person who has so paid such debt or performed such duty, and
such payment or performance so made by such surety shall not
be pleadable in bar of any such action or other proceeding by him:
Provided always that no co-surety,co-contractor, or co-debtor
shall be entitled to recover from any other co-surety, co-contractor,
or co-debtor, by the means aforesaid, more than the just proportion
to which, as between those parties themselves,such last-
mentioned person is justly liable.
4. All actions of account or for not accounting, and suits for
such accounts as comcern the trade of merchandise, between
merchant and merchant,their factors or servants,shall be
commenced and sued within 6 years after the cause of such actions
or suits ; and no claim in respect of a matter which arose more
than 6 years before the commencement of any such action or suit
shall be enforceable by action or suit by reason only of some other
matter of claim comprised in the same account having arisen
within 6 years next before the commencement of such action or
suit.
5. No person or persons who is or are entitled to any action or
suit with respect to which the period of limitation within which
the same shall be brought is fixed by section 3 of the Act 21
James I, chapter 16 (the limitation Act,1623), or by section 17
of the Act 4 & 5 Anne, chapter 3, or by section 5 of the Act .53
George III, chapter 127, or by seclons 40, 41, and 42 of the Act
3 & 4 William IV, chapter 27 (the Real Property Limitation Act,
1833),or by section 3 of the Act 3 & 4 Wiliam IV,chapter 42,
or by section 20 of the Act 16 & 17 Victoria,chapter 113, shall
be entitled to any time within which to commence and sue such
action or suit beyond the period so fixed for the same by the
enactments aforesaid,by reason only of such person or some one
or more of such persons being,at the time of such cause of action
or suit accrued, absent from the Colony, or, in the cases in which,
by virtue of any of the aforesaid enactments, imprisonment is now
a disability, by reason or such person or some one or more of such
persons being imprisoned at the time of such cause of action or
suit accrued.
6. Where such cause of action or suit with respect to which the
period of limitation is fixed by the enactments aforesaid or any
of them lies against two or more joint debtors, the person who is
entitled to the same shall not be entitled to any time within which
to commence and sue any such action or suit against any one or
more of such joint debtors who is or are not absent from the
Colony at the time such cause of action or suit accrued, by reason
only that some other one or more of such joint debtors was or
were at the time such cause of action accrued so absent; and such
person so entitled as aforesaid shall not be barred from com-
mencing and suing any action or suit against the joint debtor
or joint debtors who was or were so absent at the time the cause
of action or suit accrued after his or their return to the Colony,
by reason only that judgment was already recovered against any
one or more of such joint debtors who was not or were not absent
at the time aforesaid.
7. In reference to the provisions of sections 1 and 8 of the Act 9
George IV,chapter 14, (the Statute of Frauds Amendment Act,
1828),and section 24 of the said Act 16 & 17 Victoria, chapter 113,
an acknowledgment or promise made or contained by or in a
writing signed by an agent of the party chargeable thereby, duly
authorised to make such acknowledgment or promise, shall have
the same effect as if such writing had been signed by such party
himself.
8. In reference to the provisions of the said section 3 of the Act
21 Jame I, chapter 16, the said section 3 of the Act 3 & 4
William IV,chapter 42,and the said section 20 of the Act 16 &
17 Victoria, chapter 113, when there are two or more co-
contracrors or co-debtors ,whether bound or liable jointly only or
jointly and severally, or executors or administrators of any
contractor,no such co-contractor or co-debtor, or executor or
administrator,shall lose the benefit of the said enactments, or
any of them, so as to be chargeable in respect or by reason only
of payment of any principal,interest,or other money by any other
of such co-contractors or co-debtors or executors or administrators.
[s. 9, rep. No. 50 Of 1911.]
Short title.
Consideration for guarantee need not appear by writing. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' account. [ib. s. 9. ] Certain periods of limitation of actions and suits not to be extended by absence from the Colony or imprisonment of person entitled. [ib. s. 10.] Right of surety who discharges liability to assignment of all securities held by creditor. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' accounts. [ib. s. 9.] Certain period of limitation of actions and suits not to be extend by absence from the Colony or imprisonment of prison entitled. [ib. s. 10.] Period of limitation to run as to joint debtors in the Colony, though some absent. [19 & 20 Vict. C. 97 s. 11.] Extension of certain enactments to acknowledgment by agent. [ib. s. 13.] Saving of benefit of statute to contractor or debtor whose co-contractor or co-debtor makes payment. [19 & 20 Vict. C. 97 s. 14.]
To amend the Laws of Trade and Commerce.
[13th Sept.,1864.]
1.The Mercantile Law Amendment Ordinance,1864.
2.No special promise made by any person to answer for the
debt,default,or miscarriage of another person,being in writing
and signed by the party charged therewith or some other person
by him thereunto lawfully authorized,shall be deemed invalid to
support an action,suit.or other proceeding to charge the person
by whom such promise has been made,by reason only that the
consideration for such promise does not appear in writing or by
necessary inference from a written document.
3. Every person who, being surety for the debt or duty of
another or being liable with another for any debt or duty, pays
such debt or performs such duty shall be entitled to have assigned
to him, or to a trustee for him, every judgment,specialty, or other
security which is held by the creditor in respect of such debt or
duty,whether such judgewnt,specialty,or other sceurity is or
is not deemed at law to have heen satisfied by the payment of the
debt or performance of the duty, and such person shall be
entitled to stand in the place of the creditor, and to use all the
remedies, and, if need be and upon a proper indemnity, to use
the name, of the creditor in any action or other proceeding, at
law or in equity, in order to obtain from the principal debtor or
any co-surety, co-contractor, or co-debtor, as the case may be,
indemnification for the advances made and loss sustained by the
person who has so paid such debt or performed such duty, and
such payment or performance so made by such surety shall not
be pleadable in bar of any such action or other proceeding by him:
Provided always that no co-surety,co-contractor, or co-debtor
shall be entitled to recover from any other co-surety, co-contractor,
or co-debtor, by the means aforesaid, more than the just proportion
to which, as between those parties themselves,such last-
mentioned person is justly liable.
4. All actions of account or for not accounting, and suits for
such accounts as comcern the trade of merchandise, between
merchant and merchant,their factors or servants,shall be
commenced and sued within 6 years after the cause of such actions
or suits ; and no claim in respect of a matter which arose more
than 6 years before the commencement of any such action or suit
shall be enforceable by action or suit by reason only of some other
matter of claim comprised in the same account having arisen
within 6 years next before the commencement of such action or
suit.
5. No person or persons who is or are entitled to any action or
suit with respect to which the period of limitation within which
the same shall be brought is fixed by section 3 of the Act 21
James I, chapter 16 (the limitation Act,1623), or by section 17
of the Act 4 & 5 Anne, chapter 3, or by section 5 of the Act .53
George III, chapter 127, or by seclons 40, 41, and 42 of the Act
3 & 4 William IV, chapter 27 (the Real Property Limitation Act,
1833),or by section 3 of the Act 3 & 4 Wiliam IV,chapter 42,
or by section 20 of the Act 16 & 17 Victoria,chapter 113, shall
be entitled to any time within which to commence and sue such
action or suit beyond the period so fixed for the same by the
enactments aforesaid,by reason only of such person or some one
or more of such persons being,at the time of such cause of action
or suit accrued, absent from the Colony, or, in the cases in which,
by virtue of any of the aforesaid enactments, imprisonment is now
a disability, by reason or such person or some one or more of such
persons being imprisoned at the time of such cause of action or
suit accrued.
6. Where such cause of action or suit with respect to which the
period of limitation is fixed by the enactments aforesaid or any
of them lies against two or more joint debtors, the person who is
entitled to the same shall not be entitled to any time within which
to commence and sue any such action or suit against any one or
more of such joint debtors who is or are not absent from the
Colony at the time such cause of action or suit accrued, by reason
only that some other one or more of such joint debtors was or
were at the time such cause of action accrued so absent; and such
person so entitled as aforesaid shall not be barred from com-
mencing and suing any action or suit against the joint debtor
or joint debtors who was or were so absent at the time the cause
of action or suit accrued after his or their return to the Colony,
by reason only that judgment was already recovered against any
one or more of such joint debtors who was not or were not absent
at the time aforesaid.
7. In reference to the provisions of sections 1 and 8 of the Act 9
George IV,chapter 14, (the Statute of Frauds Amendment Act,
1828),and section 24 of the said Act 16 & 17 Victoria, chapter 113,
an acknowledgment or promise made or contained by or in a
writing signed by an agent of the party chargeable thereby, duly
authorised to make such acknowledgment or promise, shall have
the same effect as if such writing had been signed by such party
himself.
8. In reference to the provisions of the said section 3 of the Act
21 Jame I, chapter 16, the said section 3 of the Act 3 & 4
William IV,chapter 42,and the said section 20 of the Act 16 &
17 Victoria, chapter 113, when there are two or more co-
contracrors or co-debtors ,whether bound or liable jointly only or
jointly and severally, or executors or administrators of any
contractor,no such co-contractor or co-debtor, or executor or
administrator,shall lose the benefit of the said enactments, or
any of them, so as to be chargeable in respect or by reason only
of payment of any principal,interest,or other money by any other
of such co-contractors or co-debtors or executors or administrators.
[s. 9, rep. No. 50 Of 1911.]
Short title.
Consideration for guarantee need not appear by writing. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' account. [ib. s. 9. ] Certain periods of limitation of actions and suits not to be extended by absence from the Colony or imprisonment of person entitled. [ib. s. 10.] Right of surety who discharges liability to assignment of all securities held by creditor. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' accounts. [ib. s. 9.] Certain period of limitation of actions and suits not to be extend by absence from the Colony or imprisonment of prison entitled. [ib. s. 10.] Period of limitation to run as to joint debtors in the Colony, though some absent. [19 & 20 Vict. C. 97 s. 11.] Extension of certain enactments to acknowledgment by agent. [ib. s. 13.] Saving of benefit of statute to contractor or debtor whose co-contractor or co-debtor makes payment. [19 & 20 Vict. C. 97 s. 14.]
Abstract
Short title.
Consideration for guarantee need not appear by writing. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' account. [ib. s. 9. ] Certain periods of limitation of actions and suits not to be extended by absence from the Colony or imprisonment of person entitled. [ib. s. 10.] Right of surety who discharges liability to assignment of all securities held by creditor. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' accounts. [ib. s. 9.] Certain period of limitation of actions and suits not to be extend by absence from the Colony or imprisonment of prison entitled. [ib. s. 10.] Period of limitation to run as to joint debtors in the Colony, though some absent. [19 & 20 Vict. C. 97 s. 11.] Extension of certain enactments to acknowledgment by agent. [ib. s. 13.] Saving of benefit of statute to contractor or debtor whose co-contractor or co-debtor makes payment. [19 & 20 Vict. C. 97 s. 14.]
Consideration for guarantee need not appear by writing. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' account. [ib. s. 9. ] Certain periods of limitation of actions and suits not to be extended by absence from the Colony or imprisonment of person entitled. [ib. s. 10.] Right of surety who discharges liability to assignment of all securities held by creditor. [19 & 20 Vict. C. 97 s. 5.] Limitation of actions for merchants' accounts. [ib. s. 9.] Certain period of limitation of actions and suits not to be extend by absence from the Colony or imprisonment of prison entitled. [ib. s. 10.] Period of limitation to run as to joint debtors in the Colony, though some absent. [19 & 20 Vict. C. 97 s. 11.] Extension of certain enactments to acknowledgment by agent. [ib. s. 13.] Saving of benefit of statute to contractor or debtor whose co-contractor or co-debtor makes payment. [19 & 20 Vict. C. 97 s. 14.]
Identifier
https://oelawhk.lib.hku.hk/items/show/773
Edition
1912
Volume
v1
Subsequent Cap No.
23
Cap / Ordinance No.
No. 1 of 1864
Number of Pages
4
Files
Collection
Historical Laws of Hong Kong Online
Citation
“MERCANTILE LAW AMENDMENT ORDINANCE, 1864,” Historical Laws of Hong Kong Online, accessed November 15, 2024, https://oelawhk.lib.hku.hk/items/show/773.
