Rick Hiltz
A judgement by the late Lord Denning can be quoted, based on this. It says a Bill of Exchange, once tendered, has to be treated as cash . . . The principle is that a bill, cheque or note is given and taken in payment as so much cash, and not as merely given a right of action for the creditor to litigate a counterclaim (see Jackson v Murphy [1887] 4 T.L.R. 92). "We have repeatedly said in this court that a Bill of Exchange or a Promissory Note is to be treated as cash. It is to be honoured unless there is some good reason to the contrary" (see per Lord Denning M.R. in Fielding & Platt Ltd v Selim Najjar [1969] 1 W.L.R. 357 at 361; [1969] 2 All E.R. 150 at 152, CA)