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Second, Where the drawee is dead, presentment may be made to his personal representative;
Third, Where the drawee has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, presentment may be made to him or to his trustee or assignee.
Sec. 148. A bill may be presented for acceptance on any Certain sections day on which negotiable instruments may be presented for payment under the provisions of sections seventy-four and eightyseven of this act. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day.
SEC. 149. When the holder of a bill drawn payable else. When delay, where than at the place of business or the residence of the drawee has not time, with the exercise of reasonable diligence, to present the bill for acceptance before presenting it for payment on the day that it falls due, the delay caused by presenting the bill for acceptance before presenting it for payment is excused, and does not discharge the drawers and indorsers.
Sec. 150. Presentment for acceptance is excused, and a Presentment bill may be treated as dishonored by non-acceptance, in either dishonored by of the following cases :
non-acceptance. First, Where the drawee is dead or has absconded, or is a fictitious person, or a person not having capacity to contract by bill;
Second, Where, after the exercise of reasonable diligence, presentment cannot be made;
Third, Where although presentment has been irregular, acceptance has been refused on some other ground. SEC. 151. The bill is dishonored by non-acceptance:
dishonored by First, When it is duly presented for acceptance and such an
non-acceptance. acceptance as is prescribed by this act is refused or cannot be obtained; or
Second, When presentment for acceptance is excused and the bill is not accepted.
SEC. 152. Where a bill is duly presented for acceptance and Non-accepted bill, is not accepted within the prescribed time, the person present
how treated. ing it must treat the bill as dishonored by non-acceptance or he loses the right of recourse against the drawer and indorsers. SEC. 153. When a bill is dishonored by non-acceptance, an Right of recourse
by holder. immediate right of recourse against the drawers and indorsers accrues to the bolder, and no presentment for payment is necessary.
Article IV. Protest.
Sec. 154. Where a foreign bill appearing on its face to be Foreign bill such, is dishonored by non-acceptance, it must be duly pro- for non-payment. tested 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 dis
charged. Where a bill does not appear on its face to be a
foreign bill, protest thereof in case of dishonor is unnecessary. Form of protest.
Sec. 155. 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:
First, The time and place of presentment;
Second, The fact that presentment was made, and the manner thereof;
Third, The cause or reason for protesting the bill;
Fourth, The demand made and the answer given, if any, or
the fact that the drawee or acceptor could not be found. By whom made. SEC. 156. Protest may be made by:
First, A notary public; or
Second, By any respectable resident of the place where the bill is dishonored, in the presence of two or more credible wit.
nesses. When made. SEC. 157. 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 made. SEC. 158. 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. Protest for SEC. 159. A bill which has been protested for non-acceptand non-payment, ance may be subsequently protested for non-payment. In case of Sec, 160. Where the acceptor has been adjudged a bankrupt bankrupt, insolvent, etc.
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
endorsers. When protest may Sec. 161. Protest is dispensed with by any circumstances be dispensed with.
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, misconduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested
with reasonable diligence. In case of lost or Sec. 162. Where a bill is lost or destroyed, or is wrongly destroyed bill. detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof.
Article V. Acceptance for Honor.
Acceptance for honor.
SEC. 163. 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 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.
SEC. 164. An acceptance for honor supra protest must be in Must be written, writing and indicate that it is an acceptance for honor, and how signed, etc. must be signed by the acceptor for honor.
SEC. 165. Where an acceptance for honor does not ex- When party pressly state for whose honor it is made, it is deemed to be an not stated. acceptance for the honor of the drawer. Sec. 166. The acceptor for honor is liable to the holder and Liability of
acceptor. to all parties to the bill subsequent to the party for whose honor he has accepted.
SEC. 167. The acceptor for honor by such acceptance en- Agreement gages that he will on due presentment pay the bill according for honor. 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.
SEC. 168. Where a bill payable after sight is accepted for Date of maturity honor, its maturity is calculated from the date of the noting after sight. for non-acceptance, and not from the date of the acceptance for honor. SEC. 169. Where a dishonored bill has been accepted for Dishonored bill,
when protested honor supra protest or contains a reference in case of need it for non-payment. must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need. SEC. 170. Presentment for payment to the acceptor for Presentment
for payment, honor must be made as follows:
First, 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;
Second, 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 six.
Sec. 171. The provisions of section eighty-three apply where Section to apply. there is delay in making presentment to the acceptor for honor or referee in case of need.
SEC. 172. When a bill is dishonored by the acceptor for Who to protest honor it must be protested for non-payment by him.
Article VI. Payment for Honor.
Sec. 173. Where a bill has been protested for non-payment Any person may any person may intervene and pay it supra protest for the
make payment. honor of any person liable thereon, or for the honor of the person for whose account it was drawn.
SEC. 174. The payment for honor supra protest in order to How attested. 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.
Declaration of SEC. 175. The notarial act of honor must be founded on a intention.
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. Party given SEC. 176. Where two or more persons offer to pay a bill for preference.
the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the prefer
ence. Rights of payer
Sec. 177. 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.
Sec. 178. Where the holder of a bill refuses to receive payrefuses payment.
ment supra protest, he loses his right of recourse against any
party who would have been discharged by such payment. Payer for honor SEC. 179. The payer for honor, on paying to the holder the bil and protest
. 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.
True owner of bill
Constitutes Sec. 180. Where a bill is drawn in a set, each part of the one bill.
set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill.
Sec. 181. 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. Liablity of holder SEC. 182. Where the holder of a set indorses two or more and indorsers.
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. Liability of Sec. 183. The acceptance may be written on any part, and
it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part
as if it were a separate bill. Liability of SEC. 184. When the acceptor of a bill drawn in a set pays payment in part. it without requiring the part bearing his acceptance to be de
livered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder
thereon. When whole SEC. 185. Except as herein otherwise provided, where any bill discharged
one part of a bill drawn in a set is discharged by payment or otherwise the whole bill is discharged.
TITLE III. PROMISSORY NOTES AND CHECKS.
SEC. 186. A negotiable promissory note within the mean- Promissory note ing of this act is an unconditional promise in writing, made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determined future time, a sum certain in money, to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him.
Sec. 187. A check is a bill of exchange drawn on a bank, Check. payable on demand. Except as herein otherwise provided, the provisions of this act applicable to a bill of exchange payable on demand apply to a check.
SEC. 188. A check must be presented for payment within a Presentment of reasonable time after its issue, or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
SEC. 189. Where a check is certified by the bank on which Certified check. it is drawn, the certification is equivalent to an acceptance.
SEC. 190. Where the holder of a check procures it to be When drawer accepted or certified, the drawer and all indorsers are dis- discharged. charged from liability thereon.
Sec. 191. A check of itself does not operate as an assign- When banks ment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder unless and until it accepts or certifies the check.
SEC. 192. All acts and parts of acts inconsistent with the Repealing clause. foregoing provisions of this act are hereby repealed.
Approved June 16, 1905.
liable on checks.
AN ACT to amend section two thousand one hundred ninety
seven of the Compiled Laws of eighteen hundred ninetyseven, entitled “An act to establish a house of correction for juvenile offenders."
The People of the State of Michigan enact:
SECTION 1. Section two thousand one hundred ninety-seven Section
amended. of the ('ompiled Laws of eighteen hundred ninety-seven, entitled “An act to establish a house of correction for juvenile offenders,” is hereby amended to read as follows:
SECTION 1. Every male person under the age of sixteen Who may be years and over the age of ten years, who shall be convicted industrial school before any court or magistrate of competent jurisdiction, for