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OF

DRAWER WHEN NOT

is drawn. The acceptance for honor may be for part only of the sum for which the bill is drawn, and where there has been an acceptance for honor for one party there may be a further acceptance by a different person for the honor of another party.

[ACCEPTANCE FOR HONOR MUST BE IN WRITING.) $ 162. An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor.

[DEEMED FOR HONOR EXPRESSED.] § 163. Where an acceptance for honor does not expressly state for whose honor it was made, it is deemed to be an acceptance for the honor of the drawer.

[TO WHOM ACCEPTOR FOR HONOR LIABLE.] 164. The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted.

[ENGAGEMENTS OF ACCEPTOR FOR HONOR.] 8 165. The acceptor for honor by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance, provided it shall not have been paid by the drawee, and provided also that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given to him. [ACCEPTANCE FOR

FOR HONOR ACCEPTANCE.] § 166. When a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for non-acceptance and not from the date of the acceptance for honor.

[BILL ACCEPTED FOR HONOR MUST BE PROTESTED FOR NON-PAYMENT, ETC.] 167. Where a dis

DATES

FROM

NON

honored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need.

[PRESENTMENT FOR PAYMENT TO ACCEPTOR FOR HONOR, HOW MADE.] § 168. Presentment for payment to the acceptor for honor must be made as follows:

1. If it is to be presented in the place where the protest for non-payment was made, it must be presented not later than the day following its maturity.

2. If it is to be presented in some other place than the place where it was protested, then it must be forwarded within the time specified in section 103.

[DELAY IN MAKING PRESENTMENT TO ACCEPTOR FOR HONOR.] § 169. The provisions of section 81 apply where there is delay in making presentment to the acceptor for honor or referee in case of need.

[PROTEST FOR NON-PAYMENT BY ACCEPTOR FOR HONOR.] $ 170. When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him.

ARTICLE VI.-PAYMENT FOR HONOR.

PAY

[ANY PERSON MAY SUPRA PROTEST FOR HONOR.] $ 171. Where a bill has been accepted for non-payment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the person for whose account it was drawn. [MUST BE ATTESTED

NOTARIAL ACT HONOR.) 8 172. The payment for honor supra protest in order to operate as such and not as a mere

BY

OF AND

FOR

voluntary payment must be attested by a notarial act of honor which may be appended to the protest or form an extension to it.

[PAYER MUST DECLARE INTENTION, WHOSE HONOR.] § 173. The notarial act of honor must be founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill for honor and for whose honor

he pays.

[PREFERENCE AMONG PERSONS OFFERING TO PAY FOR HONOR.] $ 174. Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference.

[DISCHARGE OF PARTIES SUBSEQUENT TO PARTY FOR WHOSE HONOR PAID.] $ 175. Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid are discharged, but the payer for honor is subrogated for, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter.

[EFFECT OF HOLDER REFUSING PAYMENT SUPRA PROTEST.] $ 176. Where the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such payment.

[PAYER FOR HONOR ENTITLED TO RECEIVE BILL AND PROTEST.] $ 177. The payer for honor, on paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest.

TO

RECEIVE

ARTICLE VII.-BILLS IN A SET. [THE WHOLE OF THE PARTS OF A BILL DRAWN

SET

NEGOTIATED

TO

DIFFERENT

MORE

THAN

PART

IN A SET CONSTITUTE ONE BILL.] g 178. Where a bill is drawn in a set, each part of the set being numbered and containing a reference to other parts, the whole of the parts constitute one bill.

[PARTS OF HOLDERS-TRUE OWNER.] $ 179. Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, the true owner of the bill. But nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him. [HOLDER INDORSING

ONE LIABLE ON ALL SUCH.] § 180. Where the holder of a set indorses two or more parts to different persons he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills.

[ACCEPTANCE ON MORE THAN ONE PART.] $ 181. The acceptance may be written on any part and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill

[ACCEPTOR LIABLE ON OUTSTANDING PART ACCEPTED BY HIM.] $ 182. When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon.

[PAYMENT OF ONE PART DISCHARGES ALL.] § 183. Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged.

TITLE III.—PROMISSORY NOTES AND CHECKS.

ARTICLE I. [WHAT IS A NEGOTIABLE PROMISSORY NOTE. § 184. A negotiable promissory note within the meaning of this act is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him.

(WHAT IS A CHECK.] § 185. A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this act are applicable to a bill of exchange payable on demand apply to a check.*

[REQUISITE ACTION ON CHECKS, PRESENTMENT, NOTICE, ETC.] § 186.

A check must be presented for payment within a reasonable time after its issue, and notice of dishonor given to the drawer as provided for in the case of bills of exchange, or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.

(CERTIFICATION EQUIVALENT TO ACCEPTANCE.] § 187. Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance.

[CERTIFICATION DISCHARGES ALL DRAWERS AND INDORSERS.] § 188. Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon.

[CHECK DOES NOT OPERATE AS ASSIGNMENT OF

UNTIL ACCEPTANCE.) $189. A check of *Noto.-As per copy.

FUND

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