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is excused and does not discharge the drawers and indorsers. (Acts 1907, Reg. Sess., c. 81.)
§ 148. Presentment for acceptance is excused and a bill may be treated as dishonored by non-acceptance, in either of the following cases: (1) Where the drawee is dead, or has absconded, or is a fictitious person or a person not having capacity to contract by bill; (2) where after the exercise of reasonable diligence, presentment can not be made; (3) where although presentment has been irregular, acceptance has been refused on some other ground. (Acts 1907, Reg. Sess.; c. 81.)
$ 149. Dishonor by non-acceptance. A bill is dishonored by non-acceptance (1) when it is duly presented for acceptance and such an acceptance as is prescribed by this act is refused or can not be obtained; or (2) when a presentment for acceptance is excused and the bill is not accepted. (Acts 1907, Reg. Sess., c. 81.)
$ 150. Where a bill is duly presented for acceptance and is not accepted within the prescribed time, the person presenting it must treat the bill as dishonored by non-acceptance, or he loses the right of recourse against the drawer and indorsers. (Acts 1907, Reg. Sess., c. 81.)
$ 151. Same: effect. When a bill is dishonored by non-acceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder, and no presentment for payment is necessary. (Acts 1907, Reg. Sess., c. 81.)
§ 152. When necessary.—Where a foreign bill appearing on its face to be such is dishonored by non-acceptance, it must be duly protested for non-acceptance, and where such a bill which has not previously been dishonored by non-acceptance is dishonored by non-payment, it must be duly protested for nonpayment. If it is not so protested, the drawer and indorsers are discharged; where a bill does not appear on its face to be a foreign bill, protest thereof, in case of dishonor, is unnecessary. (Acts 1907, Reg. Sess., c. 81.)
$ 153. Requisites.—The protest must be annexed to the bill, or must contain a copy thereof, and must be under the hand and seal of the notary making it and must specify (1) the time and place of presentment; (2) the fact that presentment was made and the manner thereof; (3) the cause or reason for protesting the bill; (4) the demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found. (Acts 1907, Reg. Sess., c. 81.)
§ 154. By whom made.--Protest may be made by (1) a notary public; or (2) by any respectable resident of the place where the bill is dishonored in the presence of two or more credible witnesses. (Acts 1907, Reg. Sess., c. 81.)
$ 155. Time and place.---When a bill is protested, such protest must be made on the day of its dishonor, unless delay is excused as herein provided; when a bill has been duly noted, the protest may be subsequently extended as of the date of the noting. (Acts 1907, Reg. Sess., c. 81.
$ 156. A bill must be protested at the place where it is dishonored, except that when a bill drawn payable at the place of business or residence of some person other than the drawee, has been dishonored by non-acceptance, it must be protested for non-payment at the place where it is expressed to be payable; and no further presentment for payment to, or demand on, the drawee is necessary. (Acts 1907, Reg. Sess., c. 81.)
§ 157. Protest for non-payment.—A bill which has been protested for non-acceptance may be subsequently protested for non-payment. (Acts 1907, Reg. Sess., c. 81.)
§ 158. Protest for better security.—Where the acceptor has been adjudged a bankrupt or an insolvent or has made an assignment for the benefit of creditors, before the bill matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. (Acts 1907, Reg. Sess., c. 81.)
$ 159. When protest dispensed with or excused.—Protest is dispensed with by any circumstances which would dispense with notice of dishonor; delay in noting or protesting is excused when delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconductor negligence; when the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence. (Acts 1907, Reg. Sess., c. 81.)
$ 160. Protest where bill lost or destroyed.- Where a bill is lost or destroyed, or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. (Acts 1907, Reg. Sess., c. 81.)
ARTICLE V.-ACCEPTANCE FOR HONOR.
$ 161. When allowed. Where a bill of exchange has been protested for dishonor by non-acceptance, or protested for better security, and is not overdue, any person not being a party already liable thereon, may, with the consent of the holder, inter-' vene and accept the bill supra protest for the honor of any party liable thereon or for the honor of the person for whose account the bill 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. (Acts 1907, Reg. Sess., c. 81.)
$ 162. Requisites.--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. (Acts 1907, Reg. Sess., c. 81.)
$ 163. When it does not state for whose honor made.- Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. (Acts 1907, Reg. Sess., c. 81.)
§ 164. Liability of acceptor for honor.—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. (Acts 1907, Reg. Sess., c. 81.)
§ 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. (Acts 1907, Reg. Sess., c. 81.)
§ 166. Maturity of sight bill accepted for honor.—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. (Acts 1907, Reg. Sess., c. 81.)
S 167. Protest for non-payment before acceptance for honor or reference in case of need.- Where a dishonored 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 reference in case of need. (Acts 1907, Reg. Sess., c. 81.)
$ 168. Presentment for payment to acceptor for honor.–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 one hundred and four. (Acts 1907, Reg. Sess., c. 81.)
§ 169. Same: when delay excused.—The provisions of section eighty-one apply where there is delay in making presentment to the acceptor for honor or referee in case of need. (Acts 1907, Reg. Sess., c. 81.)
$ 170. Protest of bill dishonored by acceptor for honor.—When the bill is dishonored by the acceptor for honor it must be protested for non-payment by him. (Acts 1907, Reg. Sess., c. 81.)
ARTICLE VI.-PAYMENT FOR HONOR.
§ 171. When permissible.—Where a bill has been protested 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. (Acts 1907, Reg. Sess., c. 81.)
$ 172. Attestation by notarial act.-The payment for honor supra protest in order to operate as such and not as a mere voluntary payment must be attested by a notarial act of honor which may be appended to the protest or form an extension to it. (Acts 1907, Reg. Sess., c. 81.)
§ 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.
(Acts 1907, Reg. Sess., c. 81.)
$ 174. Preference among persons offering to pay.-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. (Acts 1907, Reg. Sess., c. 81.)
§ 175. Effect of payment.—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. (Acts 1907, Reg. Sess., c. 81.)
§ 176. Refusal of holder to receive payment.When 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. (Acts 1907, Reg. Sess., c. 81.)
$ 177. Right of payer to receive bill and protest.—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 the bill itself and the protest. (Acts 1907, Reg. Sess., c. 81.)
ARTICLE VII.-BILLS IN A SET.
$ 178. Parts constitute one bill.—Where a bill'is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. (Acts 1907, Reg. Sess., c. 81.)
$ 179. Where parts of set negotiated to different holders.Where two or more parts of a set are negotiated to different