Transfer of Property Act Section 121 — Exchange of money

CHAPTER VI OF EXCHANGES

General

Summary

When people exchange money with each other, each person is guaranteeing that the money they give is genuine and not fake. This means both sides are responsible for the authenticity of the currency they hand over in the exchange.

Official Text

On an exchange of money, each party thereby warrants the genuineness of the money given by him. 1. The words “with the previous sanction of the Governor General in Council” omitted by Act 38 of 1920, s. 2 and I Schedule. 2. Ins. by Act 6 of 1904, s. 6. 3. Subs. by Act 20 of 1929, s. 59, for s. 119.