506. Negotiable instruments.

The 'bankruptcy rules' relating to cheques, bills of exchange and promissory notes apply, notwithstanding anything in the Bills of Exchange Act 18821. Under those 'rules' a holder of a bill or note may proceed against the different parties liable until he has received 100 pence in the pound on it. Thus, if A discounts bills drawn by one firm on another, and both firms become bankrupt, A, holding the bill, is entitled to prove against both estates, and to receive all dividends he can until he receives 100 pence in the pound and interest, whether the drawer is surety