J accepted a bill of exchange and gave it to K for the purpose of getting it discounted and handing over the proceeds to J. K having failed to discount it, returned the bill to J. J tore the bill in two pieces with the intention of cancelling it and threw the pieces in the street. K picked up the pieces and pasted the two pieces together, in such manner that the bill seemed to have been folded for safe custody, rather than cancelled, K put it into circulation and if ultimately reached L, who took it in good faith and for value. Is J liable to pay the bill under the
provisions of the Negotiable Instruments Act. 1881? (5 Marks)
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