payment is excused and does not discharge the drawers and endorsers."

§ 148. Where Presentment Is Excused. -"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 ground."

The bill which is the foundation of this Act was prepared by a committee appointed at the National Conference of the Board of Commissioners for Promoting Uniformity of Legislation, and was entitled "The Negotiable Instruments Law." This draft has been adopted by many States and Territories. The original draft and that of the statutes as adopted elsewhere contain the word other before the word ground in Subsection 3. It is our opinion that the word other was omitted from this Act by inadvertence.

§ 149. Where a Bill Is Dishonored 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 (Secs. 137, 150); or

(2) "When a presentment for acceptance is excused and the bill is not accepted."

§ 150. Where Bill Is Treated As Dishonored by Non-acceptance.-"Where a bill is duly presented for acceptance and is not accepted within the prescribed time (Sec. 136), 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."

§ 151. Rights of Holder Where Bill Not Accepted. "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.

Section 152. When protest necessary. 153. Protest, how made.

154. Protest, by whom made.

155. Protest, time of, noting.

156. Protest, where made.

157. Protest for non-payment after protest for non-acceptance.

158.

Protest before maturity where ac

159.

ceptor bankrupt or insolvent.

When protest dispensed with.

160. Protest where bill is lost, etc.

§ 152. When Protest Necessary."Where a foreign bill (Sec. 129) appearing on its face to be such is dishonored by nonacceptance, it must be duly protested for nonacceptance, 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. Where a bill does not appear on its face (Sec. 129) to be a foreign bill, protest thereof, in case of dishonor, is unnecessary.'

See note to Section 129 on foreign and inland bills.

The old rule that a foreign bill must be protested, else the drawer and indorsers were discharged (Read v. Bank of Kentucky, 1 T. B. Mon. 91; Chenowith v. Chamberlain, 6 B. Mon. 60; Piner v. Clary, 17 B Mon. 645; Hays v. Citizens' Savings Bank, 101 Ky. 201, 40 S. W. 573, 19 K. L. R. 367) is still the law.

As to what instruments can be protested see note to Section 118.

While a negotiable promissory note may be protested (Sec. 118), yet protest is not necessary. A negotiable note, while on the footing of a bill of exchange (see note to Sec. 184) is no longer on the footing of a foreign bill.

Section 483 of Kentucky Statutes is repealed by this Act. Williams v. Paintsville Nat. Bank, 143 Ky. 781, 137 S. W. 535; Southern Nat. Bank v. Schimpler, 159 Ky. 373, 167 S. W. 148.

§ 153. Protest-How Made.-"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."

Prior to the passage of this Act, the seal of the notary was not essential, Bank of Kentucky v. Pursley, 3 T. B. Mon. 238; Huffaker v. National Bank of Monticello, 12 Bush 287. But under this section it is necessary.

Section 3721, Kentucky Statutes, requires that the certificate of a notary shall state the expiration of his commission, but the failure to state this fact does not invalidate his certificate. Harbour Pitt Shoe Co. v. Dixon, 60 S. W. 186, 22 K. L. R. 1169.

As to evidential effect of notary's certificate, see note to Section 118.

When the bill protested is shown to be the bill sued on, the mere fact, that the protest showed that the last indorsee was the holder, does not deprive the real holder of the benefit of the protest. Thus where the last indorsee was a holder merely for collection, the real owner may strike out the indorsement to such holder, and sue on the bill as owner and use the protest as evidence in his behalf. Bank of Tennessee v. Smith, 9 B. Mon.