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When 104 A. For the purposes of this Act, where a bill or note noting is equivalent

is required to be protested within a specified time or before to protest. some further proceeding is taken, it is sufficient that the bill

has been noted for protest before the expiration of the specified time or the taking of the proceeding; and the formal protest may be extended at any time thereafter as of the date of the noting?

Act II of 1885, sec. 6.

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CHAPTER X.

OF REASONABLE TIME.

time of

105. In determining what is a reasonable time for present- Reasonment for acceptance or payment?, for giving notice of dis- able time. honour and for noting, regard shall be had to the nature of the instrument and the usual course of dealing with respect to similar instruments ? ; and, in calculating such time, public holidays 3 shall be excluded 4.

106. If the holder and the party to whom notice of dis- Reasonable honour is given carry on business or live (as the case may be)

giving in different places, such notice is given within a reasonable notice of

dishonour. time if it is despatched by the next post or on the day next after the day of dishonour 5.

If the said parties carry on business or live in the same place, such notice is given within a reasonable time if it is despatched in time to reach its destination on the day next after the day of dishonour.

107. A party receiving notice of dishonour, who seeks to Reasonenforce his right against a prior party, transmits the notice for a rame within a reasonable time if he transmits it within the same mitting time after its receipt as he would have had to give notice if he notice. had been the holder.

time trans

a

such

England after the dishonour of the
bill, 3 N. W. P. 99.

or for sight, sec. 62.
* See 7 Ben. 431. Notice of dis-
honour of a bill drawn in India
and payable in England should be
posted by the first mail which leaves

3 Sec. 25
* See sec. 98.

• See sec. 98, cl. (d).

CHAPTER XI.

OF ACCEPTANCE AND PAYMENT FOR HONOUR AND REFERENCE

IN CASE OF NEED.

a

Accept- 108. When a bill of exchange has been noted or protested ance for honour.

for non-acceptance or for better security, any person not being a party already liable thereon may, with the consent of the

1 holder, by writing on the bill, accept the same for the honour

of any party thereto ?. How ac

109. A person desiring to accept for honour must, by for honour writing on the bill under his hand, declare that he accepts

under protest the protested bill for the honour of the drawer or of a particular indorser whom he names, or generally for honour 3.

must be made.

3

Accept- 110. Where the acceptance does not express for whose ance not specifying

honour it is made, it shall be deemed to be made for the for whose honour of the drawer. honour it is made,

111. An acceptor for honour binds himself to all parties Liability of acceptor subsequent to the party for whose honour he accepts to pay the for honour. amount of the bill if the drawee do not; and such party and

all prior parties are liable in their respective capacities to compensate the acceptor for honour for all loss or damage sustained by him in consequence of such acceptance.

But an acceptor for honour is not liable to the holder of the bill unless it is presented, or (in case the address given by such 'acoeptor on the bill is a place other than the place where the

a

i Secs. 7 and 33.

7. The rest of this section was re. pealed by Act II of 1885, sec. 7.

s As amended by Act II of 1883, sec. 8. .

bill is made payable) forwarded for presentment, not later than the day next after the day of its maturity.

112. An acceptor for honour cannot be charged unless the When bill has at its maturity been presented to the drawee for pay- for honour ment, and has been dishonoured by him, and noted or protested may be for such dishonour 1.

charged.

2

payer for

113. When a bill of exchange has been noted or protested Payment for non-payment, any person may pay the same for the honour for honour. of any party liable to pay the same?, provided that the person so paying or his agent in that behalf3 has previously declared before a notary public the party for whose honour he pays, and that such declaration has been recorded by such notary public.

114. Any person so paying is entitled to all the rights, in Right of respect of the bill, of the holder at the time of such payment, honour. and may recover from the party for whose honour he pays all sums so paid, with interest thereon and with all expenses properly incurred in making such payment. 115. Where a drawee in case of need 4 is named in a bill of Drawee

in case exchange, or in any indorsement thereon, the bill is not dis

of need. honoured until it has been dishonoured by such drawee 5. 116. A drawee in case of need * may accept and pay the bill AcceptA

ance and of exchange without previous protest.

payment

without Hoare v. Cazenore, 16 East, 391.

protest. and the holder must receive the 5 The bill must therefore be, with payment.

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4 Sec. 7.

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reasonable diligence, presented to, or * The words ‘or his agent in that forwarded for presentment to, the behalf' were inserted by Act II of drawee in case of need,

1885, sec. 9.

CHAPTER XII.

OF COMPENSATION.

Rules as to 117. The compensation payable in case of dishonour of a compensa tion.

promissory note, bill of exchange or cheque, by any party liable to the holder or any indorsee, shall (except in cases provided for by the Code of Civil Procedure, section 532) be determined by the following rules :

(a) the holder is entitled to the amount due upon the instrument, together with the expenses properly incurred in presenting, noting and protesting it;

(6) when the person charged resides at a place different from that at which the instrument was payable, the holder is entitled to receive such sum at the current rate of exchange between the two places ;

(c) an indorser who, being liable, has paid the amount due on the same is entitled to the amount so paid with interest at six per centum per annum from the date of payment until tender or realization thereof, together with all expenses caused by the dishonour and payment;

(d) when the person charged and such indorser reside at different places, the indorser is entitled to receive such sum at the current rate of exchange between the two places;

(e) the party entitled to compensation may draw a bill upon the party liable to compensate him, payable at sight or on demand, for the amount due to him, together with all expenses properly incurred by him 2. Such bill must be accompanied by the instrument dishonoured and the protest thereof (if any). If such bill is dishonoured, the party dishonouring the same is liable to make compensation thereof in the same manner as in the case of the original bill.

1 including interest as provided by secs. 79, 80.

2 These are (besides the expenses of protest) postage, customary commis

sion and brokerage, and, when a redraft is drawn, the price of the stamp, Chalmers, 108.

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