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In like manner, contracts on bills, by which a citizen of this country becomes liable abroad to a fellow-citizen, are valid if they only comply with the legal requirements of this country.

Art. 86. The law of the forum regulates the form of proceedings in a foreign place for asserting or maintaining the holder's rights on the bill.

XVI. PROTEST.

Art. 87. Every protest must be made by a notary or magistrate.

There is no necessity for the presence of witnesses or of any one to make an official record.

Art. 88. The protest must contain:

(1) A literal transcript of the bill or copy, and of all indorsements and memoranda found thereon.

(2) The names or the firm name of the persons for whom and against whom the protest is made.

(3) The demand made of the persons against whom the bill is protested, their answer, or memorandum of the fact that they gave none, or could not be found.

(4) A statement of the place where, and of the day, month and year when, the demand [No. 3] was made or unsuccessfully attempted.

(5) In case of an acceptance or payment for honor, a statement by whom, for whom, and how it was offered and made.

(6) The signature of the notary or magistrate who took the protest, with the addition of his official seal.

Art. 89. If performance of anything required by the law merchant is to be demanded of several persons, the several demands require but one instrument of protest.

Art. 90. Notaries and magistrates are required to make entry day by day and in order of dates of the entire contents of the protests made by them in a special register having its pages numbered seriatim.

XVII. PLACE AND TIME FOR PRESENTMENT AND OTHER PROCEED

INGS RELATING TO BILLS.

Art. 91. Presentment for acceptance or payment, making protest, demand of a duplicate bill, and all other acts to be done in relation to a given party, must be done at his place of business, and in de. fault of such place at his residence.

This can be done at any other place, e. g. the exchange, only by mutual agreement.

It is not to be assumed that the place of business or residence cannot be discovered until inquiry made by the notary or other officer of the local police has proved without result, and this fact must be noted in the protest.

Art. 92. If the bill falls due on a Sunday or public holiday, the next business day is the day of payment. The delivery also of a duplicate bill, the declaration as to acceptance, and every other act can only be required on a business day. If the time for requiring performance of any of the above

mentioned acts falls upon a Sunday or public holiday, such act must be required on the next business day.

The same provision applies to the making of protest.

Art. 93. If at any place on which a bill is drawn general paymentdays exist, a bill falling due between such days must be paid on the next succeeding payment-day, unless the bill is drawn at sight.

But the time limited in Art. 41 for making protest for non-payment cannot be exceeded.

XVIII. DEFECTIVE SIGNATURES.

Art. 94. Contracts on bills executed with a cross or other mark instead of a name are only valid if such marks have a judicial or notarial authentication.

Art. 95. Whoever signs a contract on a bill as the agent of another, without authority for that purpose, is personally liable in the same manner that the alleged principal would have been liable if he had conferred the authority. The same is true of guardians and other representatives, who enter into contracts of exchange in excess of their authority,

CHAPTER WI.

PROMISSORY NOTES.

Art. 96. The essential requisites of a promissory pote are:

(1) The designation of it as an instrument of exchange contained in the note itself, or, if the note is drawn in a foreign language, an expression in the foreign language corresponding to such designation.

(2) The statement of the amount of money to be paid.

(3) The name of the person or the firm to whom or to whose order the maker will make payment.

(4) A specification of the time at which it will be paid [Art. 4, No. 4]. (5) The signature of the maker with his name or firm. (6) A statement of the place, day of the month, and year of issue.

Art. 97. If a particular place of payment is not given, the place of making is considered as the place of payment and also as the maker's place of residence.

Art. 98. The following regulations, already provided in his act for bills of exchange, apply also to promissory notes:

(1) Articles 5 and 7, concerning the form of the bill. (2) Articles 9-17, concerning indorsement.

(3) Articles 19 and 20, concerning presentment at a given time after sight; with the modification that presentment must be made to the maker.

(4) Article 29, concerning demand for security, with the modification that it is applicable in case of the bad credit of the maker.

(5) Articles 30-40, concerning payment and the privilege of deposit. ing the amount of a matured bill, with the modification that the de posit may be made by the maker.

(6) Articles 41 and 42, as well as articles 45–55, concerning recourse to indorsers in default of payment.

(7) Articles 62–65, concerning payment for honor. (8) Articles 70-72, concerning copies.

(9) Articles 73–76, concerning lost and forged bills, with the modi. fication that in the case mentioned in Art. 73 payment must be sought from the maker.

(10) Articles 78–96, concerning the general principles of limitation upon bills, the limitation of actions in recourse against the indorsers, the right of action of the holder, foreign exchange laws, protest, place and time for presentment and other proceedings relat. ing to bills, as well as concerning defective signatures.

Art. 99. Promissory notes drawn payable at a particular place, are to be presented for payment to the person referred to for pay. ment at that place, or, if no such person is named, to the maker himself at the place where payment is promised, and if payment is not made, are to be there protested. If due protest against the designated payer at the place where the note is payable is omitted, the right of action upon the bill against the maker and indorsers is lost thereby. [Sup. No. 8], Upon promissory notes not payable at a particular place, neither presentment upon the day of maturity nor protest is necessary for the maintenance of the holder's right of action against the maker.

Art. 100. The right of action by the law merchant against the maker of a promissory note is barred in three years from the day of the maturity of the note.

III. SPANISH STATUTES.

The Spanish Commercial Code of 1829.

BOOK II.

Commercial Contracts in General, Their Form

and Effect.

TITLE IX.

CONTRACT AND BILLS OF EXCHANGE.

Section 1. FORM OF BILLS OF EXCHANGE.

Art. 426. Bills of exchange, in order to have the full effect given them by mercantile law, must contain all the following particulars:

1. Designation of place, day, month and year of giving the bill. 2. Time when it is to be paid. 3. Full name of the person to whose order it is to be paid.

4. Amount which the drawer orders to be paid, specified in actual money or in nominal currency recognized by commerce for exchange.

5. The consideration of the bill or the manner in which the drawer declares himself to have received it, specifying whether he received it in money or goods or whether it is value agreed on, or in account, with the payee.

6. The full name of the person from whom the consideration of the bill is received or to whose account it is to be charged.

7. The name and residence of the person on whom it is drawn.

8. The signature of the drawer with his own hand or that of some person duly authorized to sign in his name.

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