§ 83. What dishonor by non-payment.-The instrument is dishonored by non-payment when (1) it is duly presented for payment and payment is refused or can not be obtained; or (2) presentment is excused and the instrument is overdue and unpaid. (Acts 1907, Res. Sess., c. 81.)

§ 84. Recourse on dishonor.-Subject to the provisions of this act, when the instrument is dishonored by non-payment, an immediate right of recourse to all parties secondarily liable thereon, accrues to the holder. (Acts 1907, Reg. Sess., c. 81.)

§ 85. Day for payment.-Every negotiable instrument is payable at the time fixed therein without grace. When the day of maturity falls upon Sunday, or a holiday, the instrument is payable on the next succeeding business day; instruments falling due on Saturday are to be presented for payment on the next succeeding business day, except that instruments payable on demand may, at the option of the holder, be presented for payment before twelve o'clock noon on Saturday when that entire day is not a holiday. (Acts 1907, Reg. Sess., c. 81.)

§ 86. Calculation of period for payment.-Where the instrument payable at a fixed period after date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time is to begin to run, and by including the date of payment. (Acts 1907, Reg. Sess., c. 81.)

§ 87. Instrument payable at bank. Where the instrument is made payable at a bank it is equivalent to an order to the bank to pay the same for the account of the principal debtor thereon. (Acts 1907, Reg. Sess., c. 81.)

§ 88. What is payment in due course.-Payment is made in due course when it is made at or after maturity of the instrument to the holder thereof in good faith and without notice that his title is defective. (Acts 1907, Reg. Sess., c. 81.)

370032A

ARTICLE VII.-NOTICE OF DISHONOR.

§ 89. To whom given.-Except as herein otherwise provided, when a negotiable instrument has been dishonored by non-acceptance or non-payment, notice of dishonor must be given to the drawer and to each indorser, and any drawer or indorser to whom such notice is not given is discharged. (Acts 1907, Reg. Sess., c. 81.)

§ 90. By whom given.-The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who upon taking it up, would have a right to reimbursement from the party to whom the notice is given. (Acts 1907, Reg. Sess., c. 81.)

§ 91. Notice by agent.-Notice of dishonor may be given by an agent either in his own name or in the name of any party to to give notice whether that party be his principal or not. (Acts 1907, Reg. Sess., c. 81.)

§ 92. For whose benefit notice enures.-Where notice is given by or on behalf of the holder, it enures for the benefit of all subsequent holders and all prior parties who have a right of recourse against the party to whom it is given. (Acts 1907, Reg. Sess., c. 81.)

§ 93. Same; notice by person other than holder.—Where notice is given by or on behalf of a party entitled to give notice, it enures for the benefit of the holder and all parties subsequent to the party to whom notice is given. (Acts 1907, Reg. Sess., c. 81.)

§ 94. Instrument dishonored in hands of agent.—Where the instrument has been dishonored in the hands of an agent, he may either himself give notice to the parties liable thereon, or he may give notice to his principal; if he gives notice to his principal, he must do so within the same time as if he were the holder, and the principal, upon the receipt of such notice, has himself the same time for giving notice as if the agent had been an independent holder. (Acts 1907, Reg. Sess., c. 81.)

§ 95. Sufficiency of notice.-A written notice need not be signed, and an insufficient written notice may be supplemented and validated by verbal communication; a mis-description of the nstrument does not vitiate the notice unless the party to whom the notice is given is in fact misled thereby. (Acts 1907, Reg. Sess., c. 81.)

§ 96. Modes of giving notice.—The notice may be in writing or merely oral and may be given in any terms which sufficiently identify the instrument and indicate that it has been dishonored by non-acceptance or non-payment; it may in all cases be given by delivering it personally or through the mails. (Acts 1907, Reg. Sess., c. 81.)

§ 97. Notice to agent.-Notice of dishonor may be given either to the party himself or to his agent in that behalf. (Acts 1907, Reg. Sess., c. 81.)

§ 98. When party is dead.-When any party is dead, and his death is known to the party giving the notice, the notice must be given to a personal representative, if there be one, and if with reasonable diligence, he can be found; if there be no personal representative, notice may be sent to the last residence or last place of business of the deceased. (Acts 1907, Reg. Sess., c. 81.)

§ 99. Notice to partners.-Where the parties to be notified are partners, notice to any one partner is notice to the firm, even though there has been a dissolution. (Acts 1907, Reg. Sess., c. 81.)

§ 100. Notice to other joint parties.-Notice to joint parties who are not partners must be given to each of them, unless one of them has authority to receive such notice for the others. (Acts 1907, Reg. Sess., c. 81.)

§ 101. Notice to bankrupt or insolvent.-Where a party has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, notice may be given either to the party himself or to his trustee or assignee. (Acts 1907, Reg. Sess., c. 81.)

§ 102. Time for notice.-Notice may be given as soon as the instrument is dishonored, and unless delay is excused as hereinafter provided, must be given within the time fixed by this act. (Acts 1907, Reg. Sess., c. 81.)

§ 103. Same; residents at same place. Where the person giving and the person to receive notice reside in same place, notice must be given within the following times: (1) If given at the place of business of the person to receive notice, it must be given before the close of business hours on the day following; (2) if given at his residence it must be given before the usual hours of rest on the following day; (3) if sent by mail, it must be deposited in the post office in time to reach him in the usual course of the day following. (Acts 1907, Reg. Sess., c. 81.)

§ 104. Same; residents at different places. Where the person giving and the person to and the person to receive reside in different places, the notice must be given within the following times: (1) If sent by mail, it must be deposited in the post office in time to go by mail the day following the day of dishonor or if there be no mail at a convenient hour on that day, by the next mail thereafter. (2) If given otherwise than through the post office, then within the time that notice would have been received in due course of mail, if it had been deposited in the post office within the time specified in the last subdivision. (Acts) 1907, Reg. Sess., c .81.)

§ 105. Notice by mail; sufficiency.-Where notice of dishonor is duly addressed and deposited in the post office, the sender is deemed to have given due notice, notwithstanding any miscarriage in the mails. (Acts 1907, Reg. Sess., c. 81.)

§ 106. Same; receipt by post office.-Notice is deemed to have been deposited in the post office when deposited in any branch post office or in any letter box under the control of the post office department. (Acts 1917, Reg. Sess., c. 81.)

§ 107. Time for notice by party receiving notice of dishonor.— Where a party receives notice of dishonor, he has, after the re

ceipt of such notice, the same time for giving notice to antecedent parties that the holder has after the dishonor. (Acts 1907, Reg. Sess., c. 81.)

§ 108. Address to which notice is sent.-Where a party has added an address to his signature, notice of dishonor must be sent to that address; but if he has not given such address, then the notic must be sent as follows: (1) either to the post office nearest to his place of residence or to the post office where he is accustomed to receive his letters; or (2) if he lives in one place, and have his place of business in another, notice may be sent to either place; or (3) if he is sojourning in another place, notice may be sent to the place where he is sojourning; but where the notice is actually received by the party within the time specified in this act, it will be sufficient, though not sent in accordance with the requirements of this section. (Acts 1907, Reg. Sess., c. 81.)

§ 109. Waiver of notice.-Notice of dishonor may be waived, either before the time of giving notice has arrived, or after the ommission to give due notice, and the waiver may be express or implied. (Acts 1907, Reg. Sess., c. 81.)

§ 110. Waiver in instrument. Where the waiver is embodied in the instrument itself, it is binding upon all parties; but where it is written above the signature of an indorser it binds him only. (Acts 1907, Reg. Sess., c. 81.)

§ 111. Scope of waiver.-A waiver of protest whether in the case of a foreign bill of exchange or other negotiable instrument, is deemed to be waiver not only of the formal protest, but also of a presentment and notice of dishonor. (Acts 1907, Reg. Sess., c. 81.)

§ 112. When notice dispensed with.-Notice of dishonor is dispensed with when, after the exercise of reasonable diligence it can not be given to or does not reach the parties sought to be charged. (Acts 1907, Reg. Sess., c. 81.)

§ 113. When delay in giving notice excused.-Delay in giving notice of dishonor is excused when the delay is caused by circum