Section 5Part 2 — Bills of Exchange
Effect where different parties to bill are the same person
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A bill may be drawn payable to or to the order of the drawer, or it may be drawn payable to or to the order of the drawee.
Where, in a bill, drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having capacity to contract, the holder may treat the instrument, at the holder’s option, either as a bill of exchange or as a promissory note.