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son presenting it must treat the bill as dishonored by non-acceptance, or he loses the right of recourse against the drawer and indorsers.

Presentment Not Necessary After Non-acceptance.

590. [Sec. 151.] 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.

ARTICLE IV.

PROTEST.

Foreign Bills Require Protest.

591. [Sec. 152.] When 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 non-payment. If it is not so protested, the drawer and indorsers are discharged. When a bill does not appear on its face to be a foreign bill, protest thereof, in case of dishonor, is unnecessary.

Requisites of Protest.

592.

[Sec. 153.]

[Sec. 153.] 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 of 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.

Who May Make Protest.

593.

[Sec. 154.] 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.

When Protest Must be Made.

594. [Sec. 155.] 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. Where Protest Must be Made.

595. [Sec. 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 drawer is necessary.

Protest for Non-payment.

596. [Sec. 157.] A bill which has been protested for nonacceptance may be subsequently protested for non-payment. Protest Against Bankrupt.

597. [Sec. 158.] 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.

Protest Dispensed With When.

598. [Sec. 159.] 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 fault, misconduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence.

Protest of Lost Bill.

599. [Sec. 160.] 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.

ARTICLE V.

ACCEPTANCE FOR HONOR.

Effect of Acceptance for Honor.

600. [Sec. 161.] 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, intervene 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 when 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.

Must be in Writing.

601. [Sec. 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.

Presumed for Honor of Drawer.

602. [Sec. 163.] 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.

Liability of Acceptor for Honor.

603. [Sec. 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.

604. [Sec. 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 drawer; and provided also, that it shall have been duly presented for payment and protested for non-payment and notice of dishonor given to him.

Maturity of Paper Accepted for Honor.

605. [Sec. 166.] Where 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.

Protest Before Presentment to Acceptor for Honor.

606. [Sec. 167.] 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 referee in case of need.

Presentment to Acceptor for Honor.

607. [Sec. 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;

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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.

Delay in Presentment.

608. [Sec. 169.] 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.

Protest Against Acceptor for Honor.

609. [Sec. 170.] When the bill is dishonored by the acceptor for honor, it must be protested for non-payment by him.

ARTICLE VI.

PAYMENT FOR HONOR.

Any One May Pay for Honor.

610. [Sec. 171.] Where a bill has been protested for nonpayment, 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 by Notarial Act.

611. [Sec. 172.] 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.

Recitals of Act.

612. [Sec. 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 Parties Offering to Pay for Honor.

613. [Sec. 174.] Where two or more persons offer to pay a bill for the honor of different parties, the person whose pay

ment will discharge most parties to the bill is to be given the preference.

Effect of Payment for Honor.

614. [Sec. 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 Refusal of Payment for Honor.

615. [Sec. 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.

Rights of Payer for Honor.

616. [Sec. 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.

ARTICLE VII.

BILLS IN A SET.

Bills in a Set.

617. [Sec. 178.]

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.

Rights of Holders.

618. [Sec. 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.

Liability of Parties.

619. [Sec. 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.

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