What is the test for discounting a bill?
Alberta, Canada
The following excerpt is from Bank of Nova Scotia v. Royal Bank of Canada, 1974 CanLII 287 (AB QB):
In Dawson v. Isle, [1906] 1 Ch. 633, the issue was whether a bill had been discounted. It was held that once the bill had been discounted, it became cash in the bank and was no longer a book debt.
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