Report on the Just Concluded ‘Accessing International Scholarships’ Seminar

This seminar held from the 18th -20th of December 2020. There were three speakers who handled different days and different topics. Sunday Okafor, on the 18th spoke on ‘Accesing Commonwealth and other British Government sponsorships.’ Iseoluwa Akintunde, on the 19th spoke on ‘Accessing Canadian scholarships.’
Tuamuro Odii on the 20th spoke on ‘Accessing Nigerian based scholarships for international studies.’

The seminar was supported by Building Nations Initiative through the provison of her Zoom platform for our use.
The sessions on the 2nd and 3rd day were recorded. These recordings and presentation slides used by the facilitators were sent to participants to consult at their own time. The seminar achieved its purpose which was to educate a number of Nigerian students on different ways and avenues for accessing scholarship for international studies.

Given the feedback from the students, we hope to flag off a paid mentorship programme where students will be coached through the A-Z of graduate applications for international studies and scholarships in chosen schools. Details on this will be communicated shortly.

The PFF Back to School Projects (BTSPs) Report

The Ufodo Back to School Project is one of our Back to School Projects. This project spanned 2 days and included the age-specific numeracy and literacy lessons. It was a resounding success and we are grateful you trusted us!

Our first BTSP was PFF organising free barbing sessions for children in Awka Anambra state in an effort to get them groomed and ready to head back to school. You can check out the project by clicking on the link below:
https://preciousfountain.org/event/back-to-school-barbing/

Our second BTSP was PFF sending food and writing materials to children in Lagelu LGA Ibadan Oyo State. You can check out the project by clicking on the link below:
https://preciousfountain.org/event/gift-a-child-a-meal/

This Ufodo mission is the 3rd anniversary of the PFF Back To School Project. The idea for the BTSP is to empower select Nigerian children with the resources necessary to resume school effectively. Our target is children in primary school and students recently enrolled in secondary school.

Local Coordinator and Community Liaison

PFF partnered with Christ True Mission, a local denomination indigenous to the community. Adoni Levi, a local missionary served as the PFF Liaison to the community. At the end of the event, PFF received kind words from Levi and other leaders in the denomination and community.

Beneficiary Demographic

The BTSP 2020 provided school bags, books and writing materials to children in Nursery, Primary and Junior Secondary school in Ufodo Enugu State. PFF has for 3 years held projects targeted at improving literacy and numeracy among children in the community and this time decided to additionally empower the children with materials that will enable them start school in earnest.

Financial Breakdown

Bags: 320,000
Books: 87,000
Shipping: 13,000
Production of lesson materials: 30,000
Transportation of volunteers: 40,000
Total :490,000

Total amount raised both from GoFundMe and local contribution: 504,000

Bags and books were locally manufactured in Nigeria.

Feedback from the community:

The community was full of gratitude and kind words. A message from the Bishop of the local community denomination read

‘I want to thank you for your gifts of school bags and exercise books to the children, my God will you back in 1 million folds In Jesus Name. Thanks & God bless you.’
We were inundated with message which resembled this one.

How to support BTSPs

To support the next BTSP, kindly register to our mailing list  https://docs.google.com/forms/d/e/1FAIpQLScFjyc-hbERCornT6wFgg7582oJn9QvD3k3uj3fwc_Xp5NKJA/viewform?usp=sf_link

You’ll be the first to know when PFF announces the next BTSP.

Kindly click on the link below to see images from the Ufodo Mission Project.

https://bit.ly/ufodoimages

PFF BACK TO SCHOOL PROJECT, UFODO

THE NEED

Ufodo is a rural community in Enugu-Ezike in Nsukka Enugu State. Amidst the challenges of lack of access to clean drinking water, a dilapidated health center, hawking to assist their parents provide for the family, and other characteristic problems of rural Nigerian communities, Children in Ufodo have very limited acess to quality education, standard educational facilities and stationery.

Precious Fountain Foundation (PFF), as an NGO dedicated to providing educational intervention services in defective areas of Nigerian education, has decided to tackle some of these problems that undermine access to quality education in this community. This we intend to achieve with the Back To School Project.

DESCRIPTION OF PROJECT:

Precious Fountain Foundation(PFF) has over the past four years organised a Holiday Camp for children in Ufodo, Enugu-Ezike in partnership with Christ True Mission Church, an indigenous denomination popular among rural Igbo communities .
The nature of this Holiday Camp is such that PFF organises educational interventions in Arithmetic and Reading in an effort to improve the ability of this children to read and do simple calculations. There are over 150 children who attend these camps. At the end of each Holiday Camp, scholarships are awarded to deserving students who excel during the camp.
This year, PFF will be taking this initiative a step further. These students, most of whom come from very low income households will be resuming the new session amidst a lot of difficulties. COVID-19 and the attendant lockdown measures in Nigeria have disproportionately affected their parents who are the major, and most times, the only source of educational funding for these children.

PFF has decided to intervene this time with this project that aims to provide school bags and books for these children. The entire budget for providing 150 school bags and 150 dozens of books for these children is N900,000.

You can support PFF to achieve this through any of these means:
1) Donating N3000 or above. (300 people who donate N3000 will help us meet our target).
2) Sharing posts on this project on social media. Someone who may want to be a partner to this may find this information through you.
3) Donating school bags or books that you have. (We have volunteers all over Nigeria who can receive in-kind donations.) Kindly let us know if you intend to donate in kind by inboxing our social media channels, or sending us an email.

Once you make a donation, kindly inbox PFF through:
IG or Facebook @PreciousFountainfoundation;
Or send us a mail: preciousfountainfoundation@gmail.com.

You could also click on this Gofund me link to give:

https://www.gofundme.com/f/pff-back-to-school-project?utm_source=whatsapp&utm_medium=chat&utm_campaign=p_cf+share-flow-1

We’ll acknowledge your donation and update you on how your funds are being disbursed.
We believe it is possible to achieve this goal of providing these materials to the Ufodo children. We look forward to these children resuming school with the materials you helped in providing for them.

Practical ways to Cope with Depression and Depressive Symptoms

Health has been defined by the World Health Organization (WHO) as “a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity”.

Mental health has been defined by WHO as “a state of well being in which every individual (including you and I) realizes his or her potential, can cope with the normal stresses of life, is able to work productively and fruitfully and is able to make a contribution to her or his community.”

These difficulties in feelings may be experienced as excessive sadness, being overwhelmed or frustrated as a result of life’s difficulties and may progress to a state where someone begins to feel very sad, empty or hopeless (which may be expressed as irritability in children and adolescents).

Such person or persons may experience agitations, fatigue or reduced energy and motivations or inability to carry his or herself (that is, motor retardation). He or she may lose weight (when not dieting) or gain weight significantly; there may be loss of interest in what he or she enjoyed during before (which is referred to as Anhedonia).

He or she may experience inability to sleep or sleeps too much, weeps or cries uncontrollably, loses appetite or eats too much, begins to feel worthless and inappropriately guilty or hopeless and even considers that life is not worth living which may result in suicidal ideations, plans and even attempts.

When a person experiences at least 5 of these symptoms, many days for at least two weeks, these could be indicative of a mental health condition referred to as Major Depressive Disorder (commonly referred to as Depression), of which an assessment with mental health professionals would be required for a Diagnosis.

A lot of times, when people express that they are depressed, what they really mean is that they feel sad. Depression is beyond feeling sad.

It is important at this stage to establish the difference between acute and chronic health condition?

An acute health condition usually begins suddenly and with treatment, the symptoms clear off quickly. A chronic health condition on the other hand is different. It begins gradually, sometimes not noticed and persists or endures over a period of time.

Depression is a chronic condition, and it is usually treated or managed and not necessarily cured. A key principle regarding chronic conditions is SELF MANAGEMENT.

Having explained Depression, there are ways to cope with the experience or symptoms as the case may be.

The first point I will like to raise here is that it is essential that one admits what he or she is experiencing; denial does not do much good. Admittance empowers one to seek for help.

The second point is that it is also important to seek for help from the right people and places.

The third point is that holistic care is better for an improved outcome. Holistic care is better for an improved outcome because the causes of depression are diverse – it can be caused by biological factors (e.g., genetic predisposition, the reduction in a Neurotransmitter named Serotonin), or environmental factors (e.g., the loss of a job, the birth of a baby) or lifestyle (e.g., smoking Marijuana). However, some responses to loss may be considered normal in context of culture and may not necessarily be indicative of a depressive disorder or mood.

There are a number of coping measures available to deal with depression. These coping measures include but are not limited to:

  • Psychotherapy
  • Recreational therapy
  • Art Therapy
  • Lifestyle
  • Pharmacotherapy
  • Spirituality

Psychotherapy usually involves a client and a clinician whether in an individual or group setting. Cognitive Behavioural Therapy (CBT) for depression might be considered depending on the needs of the client(s). In CBT, the client and therapist discusses how thoughts, relationships and activities affects ones mood

On that note, it is healthy for a person to know what he or she is thinking by being mindful (aware) of his or her thoughts and the effects it is having on him or her. A lot of the time, our thoughts affects how happy or sad we feel.

Also note that our relationships impact us positively or negatively and it important to realize this earlier, are you in a relationship that is toxic (whether physically or virtually)? To cope with depressive symptoms, one has to be deliberate in the choices of relationships. If it is a relationship you have little control over, please spend as little time as possible with those people,

You may also consider sanitizing your social media contacts if you feel under undue pressure because of a person or persons.

In addition, it is healthy for a person to be mindful of his or her activities and the effects that they are having on him or her. Ask yourself: do you have too little or too much to do? Do you make out time for self-care? Some people do not respond very well in engaging in too much or too less activities. If one is taking on too much than he or she can achieve, he/she may eventually under-perform and this might affect his/her self-esteem negatively thereby affecting his or her mood. We all have a responsibility to learn assertive refusal skills

Exercising and gratitude journal-ling (that is writing out the things or happenings that one is happy about or grateful for) are also very helpful.

From a recreational perspective, one can cope with depression by engaging in exercises or games, whether early in the day, later in the day or as it suits his or her schedule. Exercises include but are not limited to swimming, engaging in lawn tennis, table tennis, jogging, walks, among others. This can be done individually but better in a group of supportive people. A group of supportive people because one can tend towards isolation when he or she is experiencing depression, so the more one socializes in a healthy way, the better.

When we exercise, our body secretes a feel-good hormone which is regarded as a natural “high”. This hormone is called Endorphins.

From a lifestyle perspective, it’s important to have an attitude of gratitude. It is important that we recognize and acknowledge the little and seemingly-insignificant things that are working in our life. Keeping a gratitude journal enables one to keep track of things that are working or positively, like breathing effortlessly, blinking the eyes, the feel of the wind, eating rice, having a thumb, carried out a presentation, participated in a WhatsApp group on coping with depression, and the list goes on and on.

When you document things that are going on well and not fixate on the negatives, you can look back on your journal and be encouraged to keep trying. There are gratitude apps you might also use a note book and pen. There is a Gratitude app has helped me to focus on the positive, appreciate and notice even the small things that makes us happy. It is free and you can get it at https://gratefulness.page.link/app

In addition to the point on “lifestyle”, one might have been used to negative coping measures, e.g. drinking alcohol, smoking cigarettes, weed (marihuana/marijuana, igbo/skunk/loud/Arizona) to cope with stress. However, all of these substances have depressive potential. Instead of coping with stress by engaging in the above-mentioned options, it is helpful to engage in deep breathing exercises, take a walk, listen to music, have a cool bath, watch a hilarious movies, etc.

In addition, observe the colour of your room, is it dark or brightly painted? Bright colours lighten the mood. Furthermore, sleeping and feeding styles also matter. It is helpful to eat fruits and vegetables instead of processed and can foods. It is said that banana improves one’s mood.

On sleep, practicing sleep hygiene is helpful if you find it difficult to sleep. Go to bed at the same time every night. Use your bed only for sleeping (some people find that this is the most difficult one to deal with, but it is very necessary if sleep hygiene is to be effective)

Sleep in a quiet, dimly-lit room. It is essential to sleep in a comfortable and serene room with even temperature (neither too hot nor cold) and avoid eating heavy close to bedtime. Also avoid taking caffeinated drinks close to bed time (e.g. coffee – this stimulates the Central Nervous System and eventually keeps you awake). Some people find that they initiate sleep with these drinks but they also admit that they find it difficult to sustain sleep.

You could also keep a sleep diary. Document the time you went to bed, an estimated time of when you fell asleep, number of times you woke up at night, the kind of exercises you engaged in the day, medication taken, if any, time you awoke from sleep and time you eventually stood up from the bed. The sleep chart enables one to monitor progress.

Exercise during the day but not too close to bedtime. The rationale is that when you exercise, your body feels tired and seeks rest.

From a pharmacotherapy perspective, depending on the severity of the symptoms experienced, a physician may prescribe some medication after due assessment. It is usually recommended that one should not discontinue the medication on his or her own when he or she feels better, a medication review is usually helpful first of all.

However, medication is more effective when combined with other measures, e.g. psychotherapy and lifestyle.

From an art therapy perspective, Mandala colouring is very helpful (you can please find mandala worksheets that you can print online). With the aid of coloured pencils, one can engage in this colouring and derive relaxation, and mindfulness among others from it. You may also engage in painting, drawing, dance, etc.

From a spirituality perspective, it is very helpful that we connect with our higher power who to me is God through Jesus Christ. Spirituality (not just religiosity) enhances a sense of meaning in life and, enhances hope, faith and a sense of well being.

It is helpful for one to participate in a support group where one can meet with people of similar experiences and one is encouraged. Support groups can be physical or virtual and have proven to be very helpful. In addition, having a pet, planting (horticultural therapy) is also helpful.

Furthermore, if one considers that he or she may not be adequately exposed to sunlight due to usually being in an air-conditioned environment, it will be helpful to do so. Vitamin D Deficiency (due to poor exposure to sunlight) can expose one to depressive symptoms.

Conclusively, it is also worthy to note that sleep is implicated in a lot of mental health challenges, usually the lack of adequate sleep. When a person sleeps, it is a restorative opportunity for the body system, especially a refreshing sleep where someone wakes up feeling rested.

One of the symptoms of depression is poor sleep, and on the other hand, poor sleep can trigger feelings of irritability, fatigue, among others.  In order to cope well with depressive symptoms, sleep is essential and sleep hygiene are behavioural practices to achieve that.

Aside from sleep hygiene, medication can be helpful but it is safe to note that one can develop a dependence on sleep mediation in the long run.

Stay healthy!

 

 

ABOUT THE AUTHOR

Uyama Uyoata, is a trained female clinical psychologist who is passionate about mental and psychological well being.

She has gathered experience in providing counselling and psychological support within the boundaries of professional ethics for chronic conditions spanning depressive disorders, anxiety disorders and addiction. She is interested in mental health education, advocacy and interventions.

The Holder And Its Legal Variants

Introduction

Negotiable instruments are documents used in commercial and financial transactions to secure the payment of money. They entitle the holder to payment of the sum stated in the face of the document. A negotiable instrument is a proof of a right that is not tangible. It entitles the transferee to have a title superior to that of the transferor, provided he takes the instrument complete and regular on the face of it, before it is overdue, in good faith and for value. Types of negotiable instruments includes: Bills of exchange, cheques and promissory notes. The primary parties to a negotiable instrument include the drawer, drawee and the payee. The first transfer of an instrument from the drawer or maker to the first holder is not a negotiation but an issue.[1] This essay focuses and points to the different legal directions surrounding a holder. 

Who is a Holder?

A holder has been generally defined as ‘the payee or endorsee of a bill or note, which is in possession of it, or the bearer thereof.’[2]From this definition, it does not mean that a holder of bill payable to bearer cannot be called a holder. A bill payable to bearer is negotiated by mere delivery.

It is a necessary requirement that a holder must be in possession of an instrument. However, not everyone who is in possession of an instrument can constitute a holder. For example, a person who takes an order bill bearing a false endorsement cannot be a holder. This is because an act of forgery cannot confer good title.[3]

In Bank of the North ltd v. Alhaji Balayau[4]. it was held that whether or not a bank is a holder is not a matter of assumption. The fact must be averred and proved.  Where a thief negotiates an instrument which was originally genuinely made payable to bearer, he will confer a good title on a holder for value who took bonafide. To acquire the power to sue in his own name, the possessor of an instrument must be a holder.

Holder For Value

A holder for value is one who gives valuable consideration for a bill (which may be an antecedent debt), or who has lien thereon, or who claims through a holder for value. Section 27(2) of the Bills Exchange Act provides that ‘where value has at any time been given for a bill, the holder is deemed to be a holder for value as regards the acceptor and all parties to the Bill who are parties prior to such time’. This contradicts the principle that consideration must flow from the promisee.

In Diamond v. Graham[5], the court of appeal decided in favour of a party who held an instrument supported by value given by someone else. It was held that he could enforce payment against the drawer. A person who becomes a holder for value by virtue of a lien becomes a pledgee, who as a general rule may not sell or negotiate the instrument, the property in which still resides in the pledgor.

A pledge may be contrasted with a discounter. While a pledgee becomes a holder for value only to the extent of the debt, a discounter is a holder for value, to the extent of the full value of the bill.

Holder In Due Course

A holder in due course is someone who accepts a negotiable instrument in a value for value exchange without reason to doubt its legitimacy. A holder in due course acquires the right to make a claim for the instrument’s value against its originator and intermediate holders. Even if one of these parties passed the instrument in bad faith or fraudulent transaction, a holder in due course may retain the right to enforce it.[6]

According to Section 29(1) of the Bills of Exchange Acta holder in due course is a holder who has taken a bill, complete and regular on the face of it, under the following conditions;

  • That he becomes the holder of it before it was overdue, and without notice that it has been previously dishonoured.
  • That he took the bill in good faith and for value, and that as at the time that the bill was negotiated to him, he had no notice of any defect in the title of the person who negotiated it.[7]

Fora holder to be called a holder in due course, there are some requirements that must be fulfilled. The first of which is the instrument in question must be a bill, which must be complete and regular on the face of it.

Negotiation of such bill must take place and such negotiation will be effective if it was done before it becomes overdue. The holder must take it in good faith, without any notice of dishonour. The holder in due course must have himself given a consideration and not be aware or have notice of defect in title to the bill in question.[8]

A holder, whether for value or not, who derives his title to a bill through a holder in due course, and who is not himself a party to any fraud or illegality affecting it, has all the rights of that holder in due course, as regards the acceptor, and all parties to the bill, prior to the holder. A holder, who derives his title from a holder in due course, is precluded from enforcing an instrument affected by fraud or illegality, only if he was himself a party to it.[9]

However, a person need not necessarily fulfil all the requirement of section 29(1) to get a good title to an instrument. Where there has not been a prior irregularity, defect in title or equity, the holder of an instrument will invariably be the true owner of it. It is only where lack of title, defect in title or equities have existed that section 29 becomes important. Only by complying with it, will a holder be free from defects in title of prior parties and be, in fact the true owner.[10]

Having considered this, it is worthy of note to consider the rights and duties of a holder.

Rights and Duties of Holder

Basically, a holder whether for value or in due course, has some entitlements or benefits even though this may be limited in some cases.  The source of these empowerments could be linked to Section 38 of the Bills of Exchange Act.[11] These rights entitled to a holder are activated upon the fulfilment of some obligations stipulated in the Act. These rights (with their interpretations) as stated in Section 38 of the Act are enthused as follows:  

(a)   He may sue on the bill in his own name (whether as for value or in due course).

Possession of the bill is of the essence here. This subsection is not concerned to give a holder any right of action on the bill but merely entitling him to sue in his own name. In Stock Motor Ploughs Limited v. Forsyth[12], Harvey J. quipped thus: ‘whether the holder can sue or not in the sense of can he recover or not, depends on his title to the note and the facts known to him when he became the holder and this sub-section is not addressed to any question as that’.

(b)   Where he is a holder in due course, he holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill.

This subsection accords a prima facie ‘undefeated title’ and a ‘true owner look’ to a holder in due course. From the basis of this, he has a perfect rejoinder to all persons liable on the bill. The holder of the bill has a cause of action against the drawer and not the drawee, unless in cases where the law expressly rules out the drawer of any liability.

(c)   Where his title is defective- (i) If he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill, and (ii)  if he obtains payment of the bill the person who pays him in due course gets a valid discharge for the bill.

The first aspect of this subsection comes as a result of negotiability. In relation to a holder in due course it means that the bill has been transferred to him free from equities as a purchaser for value and without notice of any defect in title of which a holder in due course already has. The second aspect is crystal clear as it simply points out to a kind of ‘give me-give you’ principle. That is, something in exchange for another.

Having stated the rights provided, the duties by these rights are activated are provided for in the Bills of Exchange Act. The holder is to present the bill for acceptance or to negotiate it within a reasonable time (determined based on the nature of the bill, the usage of trade, and the facts of the particular case), in the absence of which the drawer and all endorsers are thereby discharged.[13]

The holder of a bill or anyone authorised to receive payment, has the duty to present it for payment, the absence of which the drawer and the endorsers are thereby discharged. To complement, the holder will be left hanging as he cannot make claim against anyone.[14]

In the case of a dishonoured bill whether by non-acceptance or by non-payment, the holder must give notice of the dishonour to the drawer and each endorser. Any drawer or endorser to whom such notice is not given is discharged[15].

The holder has the responsibility of noting it, if it is an inland bill or protesting if it is a foreign bill where it has been dishonoured for any reason[16].  

For a holder of a bill to relinquish or abandon his right under the bill, it must be done in writing. An oral agreement is not sufficient, let alone a waiver by conduct. The evidence must manifest that of the holder[17].

Conclusion 

This paper has discussed the idea hovering holder and its legal variants. The major light shown in this area is undoubtedly settled in the Bills of Exchange Act[18]. This paper tackles the nook and cranny by which a person can be a holder, most especially for value and in due course. The paper crowns it all by discussing the rights and duties entitled to a holder and points out where each rights and duties is applicable.

Basically, as given credence to in the said act[19], a holder is ‘the payee or endorsee of a bill or note, which is in possession of it, or the bearer thereof.’[20] This definition clearly indicates that a holder must be in possession of the instrument. However, not everyone who is in possession of an instrument can constitute a holder. A holder is essentially of two types. One can be a holder for value or a holder in due course.

A holder for value is one who gives valuable consideration for a bill (which may be an antecedent debt), or who has lien thereon, or who claims through a holder for value[21]. This explanation is clearly evident when linked to Section 27(2) of the Bills Exchange Act provides that ‘where value has at any time been given for a bill, the holder is deemed to be a holder for value as regards the acceptor and all parties to the Bill who are become parties prior to such time.’This obviously goes against the principle that ‘consideration must flow from the promisee.

A holder in due course is someone who accepts a negotiable instrument in a value for value exchange without reason to doubt its legitimacy. A holder in due course acquires the right to make a claim for the instrument’s value against its originator and intermediate holders. The Bills of Exchange Act provides conditions in which a person can be a holder in due course.[22] They are: (a) that he becomes the holder of it before it was overdue, and without notice that it has been previously dishonoured.(b) that he took the bill in good faith and for value and that as at the time that the bill was negotiated to him; he had no notice of any defect in the title of the person who negotiated it”.

However, being a holder in due course does not stop at that lane as the Act stipulated some requirement to be fulfilled which this paper stipulates.

The Bills of Exchange Act also provides for some rights (although may be limited) of a holder which is linked to Section 38 of the Act. However, these rights provided for are activated upon the fulfilment of some duties which is expected of a holder. (a) He may sue on the bill in his own name (whether as for value or in due course).(b) Where he is a holder in due course, he holds the bill free from any defect of title of prior parties, as well as from mere personal defences available to prior parties among themselves, and may enforce payment against all parties liable on the bill.(c) Where his title is defective- (i) If he negotiates the bill to a holder in due course, that holder obtains a good and complete title to the bill, and (ii)       if he obtains payment of the bill the person who pays him in due course gets a valid discharge for the bill.The duties expected from the holder pertain to presentment of bill for acceptance[23]; Notice of the dishonour to the drawer[24]; Responsibility of noting it, if it is an inland bill or protesting if it is a foreign bill where it has been dishonoured for any reason[25]

 

 

 

REFERENCES


[1]Section 2 Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004; Jones Ltd v. Waring & Gillow Ltd(1926) A.C 670.

[2]Section 2 Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[3]Section 24 Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004 provides that

“subject to the provisions of this Act, where a signature on a bill is forged or placed thereon without the authority of the person whose signature it purports to be, the forged or unauthorised signature is wholly inoperative, and no right to retain the bill or to give a discharge therefore or to enforce payment thereof against any party thereto can be acquired through or under that signature, unless the party against whom it is sought to retain or enforce payment of the bill is precluded from setting up the forgery or want of authority:

Provided that nothing in this section shall affect the ratification of an authorised signature not amounting to a forgery.”

[4](2001) 6 SCM 10.

[5](1968) 1 WLR 1061

[6]<https://en.wikipedia.org/wiki/Holder_in_due_course> (Last Accessed 8:09PM, 13/02/20).

[7]Section29(1) of Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[8]Section 92 of Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[9]Section 27(1) (a) (b) of Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[10]Oliver v. Davis (1949)2 K.B 727; Section 29(2) of Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[11] Chapter B8, Laws of the Federation of Nigeria 2004.

[12] (1932) 32 S.R.

[13] Section 40 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[14] Section 45 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[15] Section 48 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[16] Section 51 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004

[17] Auto Import Export v. J.A.A. Adebayo &Ors (2005) 12 SCM 110.

[18] Chapter B8, Laws of the Federation of Nigeria 2004

[19]Section 2 Bill of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[20]Section 2 Bill of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[22]Section 29(1) of the Bills of Exchange Ac tChapter B8, Laws of the Federation of Nigeria 2004.

[23] Section 40 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[24] Section 48 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

[25] Section 51 of the Bills of Exchange Act Chapter B8, Laws of the Federation of Nigeria 2004.

 

 

 

What Is Negotiability And Assignability?

 

Negotiability refers to a document`s (checks, drafts or bill of exchange) characteristics or attribute that allows the property in it to be freely transferrable to a third party, who acquires such document void of equities; if the document was taken in good faith, without knowledge of any defect in title and for value. It allows for the passing of ownership from the transferor to the transferee by endorsement or delivery.

Negotiability as a concept developed as a result of the growing need for a substitute for money that was suitable for trade transactions. Negotiability demands that the transferee accepting an instrument for payment is assured of its payment and is protected from the defects of the transferor. Hence, the mere fact that an instrument is negotiable shields the accepting party from the original promisor`s attempt to assert any legal defense against the transferee.[1]

This endowment or capacity of an instrument to effect a transfer free of any legal defense, provided the transferee takes bonafide, for value and without any notice of such defect, is the very essence of negotiability. Little wonder Kennedy, J. quipped, in Webb, Hale & Co. V Alexandra Wate & Co. Ltd.that if a document is to be treated in its fullest sense as negotiable,the holder is entitled to say; [2]

I have my right to this document. Although someone in the chain of deliveries before the document reached my hands, there was some larceny or other fraud affecting the obtaining … (it)…I, being an honest bonafide holder, am entitled to treat this as in the fullest sense a negotiable instrument, and therefore one which gives me a perfect right as if those through whom I derived title had also held a perfect and unassailable right in the transaction which enabled me to get (it).

Assignability, on the other hand, is a quality that allows the owner or transferee to pass on his right in the property to a third party, but the latter takes it subject to any defects such rights owned at the time of the assignment. In other words, it is a circumstance by which property rights emanating from a contract in choses in action (intangible property rights evidenced in a document, cognizable under law) may be transferred to a third party.[3]

It is pertinent to note that an assignee cannot sue the original promisor in his own name but must impel the assignor to ‘lend’ his name to the action. This is in direct contrast to a transferee in a negotiation who acquires the right to sue in his own name. An assignee may also need to give notice of assignment to the person liable to ensure his priority over a subsequent assignment.

FORMS OF NEGOTIABILITY

According to Section 31(2) of the Bill of Exchange Act [4], a negotiable instrument (particularly bill of exchange) may be payable to bearer, thus, transferred by mere delivery. Section 31(3) of the Act further states that it may also be payable to order, thus, transferred by endorsement coupled with delivery.  The foregoing means of transfer can be said to constitute forms of negotiability in Banking Law and shall be explained as thus:

ENDORSEMENT

 As already mentioned, an instrument may be payable to bearer or payable to order. An order instrument must be endorsed and then completed by delivery for a valid transfer to the transferee. Endorsement consists of a signature on the back of the instrument and it may include: Endorsement in blank, Special endorsement, Restrictive endorsement, Conditional endorsement, and qualified endorsement.

In accordance with section 55(2), the endorser becomes liable to pay a subsequent holder in due course on the instrument if it is dishonored by the maker, drawer, or drawee who presented for payment. The endorser then has the right to turn to the drawer for compensation since he would have been compelled to pay. This is because as stated in Metalimpex v. A.G. Leventis [5], the endorser by endorsing the instrument undertakes that on due presentment, it will be paid.

In addition, for an endorsement to be valid, some requirements provided by section 32 of the Bill of Exchange Act must be fulfilled. First, it must be written on the bill with the signature of the endorser. Second, it must be of the entire bill and not a partial one. Third, for two or more endorsees who are not partners, all must endorse, unless the one endorsing has authority to endorse for the others. Fourth, if the payee or endorsee is wrongly designated, he may endorse the bill adding his proper signature. Fifth, where there are two or more endorsements on a bill, each endorsement is deemed to have been made in the order in which it appears on the bill until the contrary is proved.

DELIVERY

 Section 2 of the act defines delivery as the transfer of possession, actual or constructive from one person to another. A physical transfer is an actual delivery; and for constructive delivery, it is done through a prior action indicating the intention of the transfer. The importance of delivery cannot be overstated as even if the instrument has been drawn up, it does not qualify as a negotiable instrument until it has been physically transferred to the payee. Thus, in accordance with section 21(1), every contract on a bill is incomplete without delivery. Delivery is a requirement for both the bearer instrument and order instrument. The first transfer to the payee is called the issue of the instrument, and all subsequent transfers are called deliveries. If delivery has been induced by fraud or if the instrument was stolen before it was issued, the debtor is not obligated to honor it. However, if the instrument gets into the hands of an innocent third party who qualifies as a holder in due course, such delivery will be conclusively presumed.

It is also material to note that in furtherance to the case of Smith v. Mundy [6] partial delivery is ineffectual and can cause a transaction to be incomplete and revocable. Further, in order for delivery to be effectual in the case of immediate parties and with regards to a remote party other than a holder in due course, it must be made either by or under the authority of the party drawing, accepting or endorsing. Conclusively, it must be stated that a valid delivery of the negotiable instrument by the holder in due course, is presumed.

OVERVIEW OF ASSIGNABILITY

The most important feature of the negotiable instrument is that it can be freely transferred; either by negotiation and assignment. Negotiation implies the transfer of a negotiable instrument, which takes place in order to make the transferee, the holder of the instrument. On the other hand, assignment alludes to the transfer of ownership of the negotiable instrument, in which the assignee gets the right to receive the amount due on the instrument from the prior parties. In assignability, the one who assigns is the assignor, while the one to whom the assignment is made is called the assignee.

First, while the notice is important in an ordinary assignment, notice is not important in negotiation and does not affect the transfer of the negotiable instrument. As well, while an assignor may be unable to sue a promisor; the promisor may be sued by a subsequent holder of the negotiable instrument who has given consideration for the instrument to the promisor. This is can be done even if the promisor himself could not have enforced the instrument.

Some of the key features of an assignment, in contrast to negotiability, include the fact that where negotiability refers to the transfer of the negotiable instrument, by a person to another to make that person the holder of it, assignability implies the transfer of rights, by a person to another, for the purpose of receiving the debt payment.

Negotiation is effected by mere delivery in case of bearer instrument and, endorsement and delivery in case of order instrument while the assignment is effected by a written document duly signed by the transferor. In negotiation, consideration is presumed; however, it must be proven in the case of an assignment.

Unlike in negotiation where the transferee gets the right of the holder in due course, the assignee’s title is subject to the title of Assignor. A transfer notice is not required in a negotiation, but in the case of an assignment, it must be served by the assignee on his debtor.

In an assignment, the right to sue is not conferred upon the assignee as he has no right to sue the third party in his/her own name. This is not the case in a negotiation where the transferee has the right to sue the third party, in his/her own name. At this point, it is important to emphasize that in negotiation, the transfer of a negotiable instrument entitles the transferor, the right of a holder in due course. On the other extreme, in the assignment, the title of the assignee is a bit defective one, as it is subject to the title of the assignor of the right.

CONCLUSION

In conclusion, it is important to reiterate that a negotiable instrument is capable of being transferred. It can be transferred by negotiation, or it could be assigned. Negotiability is the characteristics or attribute that allows the property or instrument to be freely transferrable to a third party. A bill of exchange could be negotiated by delivery when payable to bearer or by endorsement completed by delivery when payable to order.[7]

However, assignability is the quality that allows the owner or transferee to pass on his right in the property to a third party. In an assignment, the third party takes the instrument subject to any defects such rights owned at the time of the assignment.


[1] Merriam Webster’s Dictionary

[2] (1905) 93 L.T. 339

[3] Kerridge, E. (1988). Trade and banking in early modern England. Manchester: Manchester Univ. Press.

[4] The Bill of Exchange Act, Cap. B8, Laws of the Federation of Nigeria 2004.

[5] [1976] 1 All N.L.R 84

[6] 588 F.2d 832 (7th Cir. 1978)

[7] S, S. (2017, June 20). Difference Between Negotiation and Assignment (with Comparison Chart). Retrieved October 27, 2019, from https://keydifferences.com/difference-between-negotiation-and-assignment.html

Attitude wins every race

One singular force of life that eternally echoes possibility or impossibility to our dreams is our attitude. I started with a stream of wrong attitude in the university. The weakness of my academic background became so obvious. The university assumed my foundation (I came from a rural area) to be as strong as others from King’s College and was merely poised to build on it.

When a preliminary Chemistry course wanted to expose my weakness, I thought I would be defeated by it. It was not only the course that proved difficult but some other courses like Calculus in Mathematics which I had never done prior to the time.

There is something that the University of Ibadan community refers to as tsunami – not a natural disaster but a situation when the university advises students to withdraw from their academic pursuit due to low academic performance. “The fear of tsunami is thebeginning of wisdom” was our favourite quote on campus. I became a ferocious reader. Even with this, I felt so inadequate and incapable of passing those courses. Discouragement set in for me. I began to embrace a negative attitude. My background was so weak to build on. I was not excited about the whole thing again. The more I fed my negative attitude, the more incompetent I felt, and the more I lost hope of winning the race.

One day I involved a friend in the matter (he was in 200 level). I told him all I was passing through. He looked at me intently, not uttering a word. He pretended to be serious. When I finished all my complaints I was surprised at what my friend did next: he laughed! “Is that all you are sweating about? Fear of tsunami?” He had to correct the attitude. “Guy, this Chemistry you are obsessively panicking about was defeated by you both at SSCE and UTME levels. You had an A in Chemistry, B in Physics, and B in Mathematics…. What then is your problem? Your attitude towards a perceived risk is very important. If you think you will fail, no one can avert that. But my brother, you are not a tsunami candidate,” he said frankly.

Wow! This really got into me. “I am not a tsunami candidate?” I had never seen it that way- no wonder I began losing hope. That single statement reinvigorated me. I gained my confidence back by changing my attitude to a perceived threat. I repeated that statement to myself every day on my way to lecture rooms – I am not a tsunami candidate. This really bolstered my innate power to work. I was boiling within me to see Chemistry defeated. I told myself I could do it. Then I saw improvement in the way I approached lectures and everything. For that session, my result was an A! Attitude, not power, won the race.

Perhaps if I had employed the “I-would-be –tsunamized attitude” it would have spelt failure on the result. But thank God my attitude was corrected earlier before things got awry. No one can be better off than his/her attitude. Attitude informs how we live our lives and until we change our attitude, we cannot change our lives.

ABOUT THE AUTHOR

Adekunle (B. Pharm., MSc, MPSN) wrote this article and he is also the author of“Pushing the Limits: From Riding Okada to Graduating with a Distinction in Pharmacy”

He can be reached via: www.yemiadekunle.com.ng; or joeladeokola10@gmail.com

Hopeless Situation

Do you already doubt God and your ability? Are you already thinking it is over or you can’t make it again? It is high time you woke up from your dream of hopelessness. Many times, issues of life make us lose hope, but life is worth more than giving up. This is why you should live your life optimally.

That condition you are seeing as a hopeless situation can still turn around and be your best ever. I will be showing you some ways by which you can actually turn a hopeless situation around for your own good.

Imagine the worse-case scenario in that situation you have found yourself. This will help you realise your situation is not the worst there is. Your situation may be terribly tragic but believe me it could be worse.

People in tragic problems can hardly imagine something worse. For example, a woman who lost her husband in a motor accident cannot imagine anything worse, a student that has results in Ds and Cs cannot imagine the situation being any worse, but you know what? It actually could have been worse! The woman that lost her husband in a motor accident could have been in the car with the husband together with their children; the student that had Ds and Cs could have had Fs! As you see, even the most tragic situation could be worse.

By imagining worse case scenarios of your circumstances, you will find that you still have every reason to be thankful and hopeful for a better story. The woman in our story can find love again, the student with Ds and Cs can still have As and Bs and graduate with a distinction.

Lastly, look for lessons in each situation because there is no situation in life that does not have lessons to teach us. Your ability to learn from your own mistakes and make amendments will determine to a great extent how far you will move in life. Always be positive about the future!

ABOUT THE AUTHOR

Oluwasola Abiola Elisha, also known as ABSOL is a graduate of the Department of International Relations Obafemi Awolowo University Ile-Ife Nigeria. He is a charismatic writer, public speaker, a drummer and a teacher.

He can be reached at oluwasolaelisha@gmail.com or +2347032277508.

Souls and Tolls

When time comes running like a fast racer,

And thoughts rush in threes after twos.

Never fret, be still,

There’ll be a way, they say, when there’s a will.

When your mind walks ahead of your body,

And your heart gets buried beneath those towers,

Stay strong, don’t go too high,

That bright morning will surely come after the dark nights.

Paths come and disappear,

Learn to live and lead your fears.

Find your way and never stray,

In your little realm, think to always stay.

Drink in the rivers of your world’s happiness,

Eat from its sweet fruits.

Love to live and live to love,

Life is brighter when we see what truly matters.