(1)The words “valuable security” denote a document or an electronic record which is, or purports to be, a document or an electronic record whereby any legal right is created, extended, transferred, restricted, extinguished, or released, or whereby any person acknowledges that he lies under legal liability, or has not a certain legal right.
Section history
Section 30 — “Valuable security”
As in force on 28 July 2023.
Timeline 6 versions
(2)Notwithstanding the generality of subsection (1), “valuable security” includes credit cards, charge cards, stored value cards, automated teller machine cards and such other cards which have money or money’s worth or other financial rights attached.
Illustrations
(a) A writes his name on the back of a bill of exchange. As the effect of this endorsement is to transfer the right to the bill to any person who may become the lawful holder of it, the endorsement is a “valuable security”.
(b) An electronic bill of lading in the form of an electronic record in a secure electronic trading system is a “valuable security”.