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But where the notice is actually received by the party within the time specified in this act, it will be sufficient, though not sent in accordance with the requirements of this section. § 180. Waiver of Notice. — Notice of dishonor may be waived, either before the time of giving notice has arrived or after the omission to give due notice, and the waiver may be express or implied. § 181. Whom affected by waiver. —Where the waiver is embodied in the instrument itself, it is binding upon all parties; but where it is written above the signature of an indorser, it binds him only. § 182. Waiver of protest. — A waiver of protest, whether in the case of a foreign bill of exchange or other negotiable instrument, is deemed to be a waiver not only of a formal protest, but also of presentment and notice of dishonor. § 183. When notice is dispensed with. — Notice of dishonor is dispensed with when, after the exercise of reasonable diligence, it cannot be given to or does not reach the parties sought to be charged. § 184. Delay in giving notice; how excused. – Delay in giving notice of dishonor is excused when the 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, notice must be given with reasonable diligence. § 185. When notice need not be given to drawer. — Notice of dishonor is not required to be given to the drawer in either of the following cases: 1. Where the drawer and drawee are the same person; 2. Where the drawee is a fictitious person or a person not having capacity to contract; 3. Where the drawer is the person to whom the instrument is presented for payment; 4. Where the drawer has no right to expect or require that the drawee or acceptor will honor the instrument; 5. Where the drawer has countermanded payment. § 186. When notice need not be given to indorser. — Notice of dishonor is not required to be given to an indorser in either of the following cases: 1. Where the drawee is a fictitious person or a person not having capacity to contract, and the indorser was aware of the fact at the time he indorsed the instrument ; 2. Where the indorser is the person to whom the instrument is presented for payment; 3. Where the instrument was made or accepted for his accommodation. § 187. Notice of non-payment where acceptance refused. —Where due notice of dishonor by non-acceptance has been given, notice of a subsequent dishonor by non-payment is not necessary, unless in the meantime the instrument has been accepted. § 188. Effect of omission to give notice of non-acceptance. — An omission to give notice of dishonor by non-acceptance does not prejudice the rights of a holder in due course subsequent to the omission. § 189. When protest need not be made; when must be made. —Where any negotiable instrument has been dishonored it may be protested for non-acceptance or non-payment, as the case may be; but protest is not required, except in the case of foreign bills of exchange.
§ 200. Instrument; how discharged. — A negotiable instrument is discharged: 1. By payment in due course by or on behalf of the principal debtor; 2. By payment in due course by the party accommodated, where the instrument is made or accepted for accommodation; 3. By the intentional cancellation thereof by the holder; 4. By any other act which will discharge a simple contract for the payment of money; g When the principal debtor becomes the holder of the instrument at or after maturity in his own right. Payment is not necessarily in money; it may be made in any form to which the parties agree as payment. Where the payment is made in any other form than money, it is a question of intent and agreement whether the obligation is canceled in giving a new security. Sometimes collateral security is given in addition. The question sometimes occurs whether a transaction involving a negotiable instrument is payment, or a sale of the instrument. “Tender ’’ is defined as an offer or attempt to perform an act which the party offering is bound to perform. In connection with negotiable instruments, if such an offer is accepted, it becomes payment, rather than tender which implies non-acceptance. It is well accepted that tender of money shall be in lawful money, or “legal tender ’’ and nothing else. Bank notes, and even some of the paper money issued by the United States are not legal tender, as has been stated. If these are received, however, they are sustained as a proper medium of payment. It is not competent, ordinarily, to discharge an instrument by a credit on the books unless this has been in some way authorized, but a note made payable at a bank implies authority in the bank to pay from the maker's account, although it does not compel it. Payment should be made by the principal debtor; the acceptor of a bill, or the maker of a note is the principal debtor. If payment of a bill is made by the drawer, this amounts to a purchase, and the drawer has his remedy against the acceptor. Payment by any indorser as a guarantor likewise gives him his remedy against the principal debtor, as well as against previous indorsers. The holder of an instrument is entitled to payment in full, but may accept partial payments in part satisfaction. If the holder gives additional time to the principal debtor, he practically makes a new contract to which the indorsers are not parties, so that their liability ceases.
§ 201. When persons secondarily liable on, discharged. — A person secondarily liable on the instrument is discharged:
By any act which discharges the instrument; By the intentional cancellation of his signature by the holder; By the discharge of a prior party; By a valid tender of payment made by a prior party; . By a release of the principal debtor, unless the holder's right of recourse against the party secondarily liable is expressly reserved; 6. By any agreement binding upon the holder to extend the time of payment or to postpone the holder's right to enforce the instrument,” unless the right of recourse against such party is expressly reserved. § 202. — Right of party who discharges instrument. —Where the instrument is paid by a party secondarily liable thereon, it is not discharged; but the party so paying it is remitted to his former rights as regards all prior parties, and he may strike out his own and all subsequent indorsements, and again negotiate the instrument, except: 1. Where it is payable to the order of a third person, and has been paid by the drawer; and 2. Where it was made or accepted for accommodation, and has been paid by the party accommodated. § 203. Renunciation by holder. — The holder may expressly renounce his rights against any party to the instrument, before, at or after its maturity. An absolute and unconditional renunciation of his rights against the principal debtor made at or after the maturity of the instrument, discharges the instrument. But a renunciation does not affect the rights of a holder in due course without notice. A renunciation must be in writing, unless the instrument is delivered up to the person primarily liable thereon. § 204. Cancellation; unintentional; burden of proof. — A cancellation made unintentionally, or under a mistake, or without the authority of the holder, is inoperative; but where an instrument or any signature thereon appears to have been canceled the burden of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake or without authority. § 205. Alteration of instrument; effect of. —Where a negotiable instrument is materially altered without the assent of all parties liable thereon, it is avoided, except as against a party who has himself made, authorized or assented to the alteration and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder in due course, not a party to the alteration, he may enforce payment thereof according to its original tenor. § 206. What constitutes a material alteration. — Any alteration which changes: The date; The sum payable, either for principal or interest; The time or place of payment; The number or the relations of the parties; . The medium or currency in which payment is to be made; Or which adds a place of payment where no place of payment is specified, or any other change or addition which alters the effect of the instrument in any respect, is a material alteration.
While a bank is responsible if it pays money on a forged signature, the case of an incomplete instrument is on a different basis if it has been delivered. If a check is signed and the amount not filled in, and the amount is filled in by another improperly, and the check comes into the hands of a “holder in due course,” the latter can collect, even if it is the bank. The maker was negligent and his rights yield. If delivery has never been made by the maker, however, the holder cannot recover. In a similar way it may be negligence to make and issue any instrument in such form that an alteration can readily be made, such as leaving free spaces which may be filled in or signing a paper such that by cutting off a part, its effect is changed. In the latter case the opportunity for so cutting it must be reasonably evident if negligence is to be imputed. In filling out a check the maker should take care that there is no opportunity to fill out spaces not covered by writing or lines, and that the amount shown in figures does not permit alteration or “raising.” Banks probably would be held liable if they should issue drafts readily altered. The custom seems well established for banks to use some form of “protector,” which either perforates or stamps the amount through or into the body of the draft, so that erasure and change is impossible. A bank in such cases would probably be held liable for failing to use some protecting scheme while an individual might not. Check books are also made now on paper chemically treated, or with the face covered with machine or scroll work, to prevent erasing either by chemicals or by scraping. Many business houses use some form of protector and might be held liable if they neglected a reasonable precaution of this sort.
* By an error in engrossing, the words “unless made with the assent of the party secondarily liable, or ’’ after the word “instrument" are omitted in the New York Act.
§ 260. In what cases protest necessary. —Where a foreign bill appearing on its face to be such is dishonored by non-acceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by nonacceptance 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 to be a foreign bill, protest thereof in case of dishonor is unnecessary. § 261. 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. § 262. Protest; 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 creditable witnesses. § 263. Protest; when to be made. — 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. § 264. Protest; where made. — 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 nonacceptance, 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. § 265. Protest both for non-acceptance and non-payment. — A bill which has been protested for non-acceptance may be subsequently protested for non-payment. § 266. Protest before maturity where acceptor insolvent. —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. § 267. When protest dispensed with. — 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, misconduct, or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence. § 268. Protest where bill is lost or destroyed or wrongly detained. —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.
§ 280. When bill may be accepted for honor. —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.
§ 281. Acceptance for honor; how made. — 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.
§ 282. When deemed to be an acceptance for honor of the drawer. — 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.
§ 283. 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.