The law regarding gifts by cheque or bill of exchange differs from that of England, where the accepted authority is Re Owen (dec'd), Owen v IR Commrs (¶615-600) in which it was held that the gift takes place when the cheque is cleared.

At common law in Scotland a bill of exchange operates as an immediate assignation of funds when handed over by the drawer (see, e.g. Carter v McIntosh (1862) 24 D 925). Transfer of funds to the payee thereafter takes place when the bill is intimated to the drawee and the assignation completed.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.