(1) An advance is the
provision or obtaining of funds by way of financial accommodation by —
(a) a
loan; or
(b) a
bill facility that is one or more agreements, understandings or arrangements
as a consequence of which a bill of exchange or promissory note —
(i)
is drawn, accepted, endorsed or made; or
(ii)
is held, negotiated or discounted.
(2) Subsection (1)(b)
applies whether or not the funds are obtained from —
(a) the
person who draws, accepts, endorses or makes the bill of exchange or
promissory note; or
(b) a
person who is a party to any of the agreements, understandings or
arrangements.
(3) An advance
includes a contingent liability under section 90.
[Section 83 inserted: No. 66 of 2003 s. 79.]