two (72), and eighty-five (85) of this act. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day.

8900 (146). Presentment when time is insufficient.

Where the holder of a bill drawn payable elsewhere 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.

8900 (147). Where presentment is excused.

Presentment for acceptance is excused and a bill may be treated as dishonored by nonacceptance, 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 other ground.

8900 (148). When dishonored by non-acceptance.

A bill is dishonored by nonacceptance: 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; or, 2. When presentment for acceptance is excused, and the bill is not accepted.

8900 (149). Duty of holder where bill not accepted.

Where a bill is duly presented for acceptance and is not accepted within the prescribed time, the person presenting it must treat the bill as dishonored by nonacceptance or he loses the right of recourse against the drawer and indorsers. 8900 (150). Rights of holder where bill not accepted.

When a bill is dishonored by nonacceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder and no presentment for payment is necessary.

ARTICLE 12.

PROTEST OF BILLS OF EXCHANGE.

8900 (151). In what cases protest necessary.

Where a foreign bill 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 nonacceptance is dishonored by nonpayment, it must be duly protested for nonpayment. 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. 8900 (152). 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.

8900 (153). Protest-By whom made.

Protest may be made by: I. 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.

8900 (154). 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. 8900 (155). Protest-When 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 nonpayment at the place where it is expressed to be payable, and no further presentment for payment to, or demand on, the drawee is necessary.

8900 (156). Protest both for non-acceptance and non-payment.

A bill which has been protested for nonacceptance may be subsequently protested for nonpayment.

8900 (157). 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.

8900 (158). 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.

8900 (159). Protest when bill is lost, et cetera.

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 13.

ACCEPTANCE OF BILLS OF EXCHANGE FOR HONOR.

8900 (160). When bill may be accepted for honor.

Where a bill of exchange has been protested for dishonor by nonacceptance 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.

8900 (161). 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.

8900 (162). 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. 8900 (163). 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.

8900 (164). Agreement of acceptance for honor.

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 drawee, and provided, also, that it shall have been duly presented for payment and protested for nonpayment and notice of dishonor given to him.

8900 (165). Maturity of bill payable after sight-Accepted for honor.

Where a bill payable after sight is accepted for honor, its maturity is calculated from the date of the noting for nonacceptance and not from the date of the acceptance for honor.

8900 (166). Protest of bill accepted for honor, et cetera.

Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for nonpayment before it is presented for payment to the acceptor for honor or referee in case of need. 8900 (167). Presentment for payment to acceptor for honor-How made.

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 nonpayment was made, it must be presented not later than the day following its maturity. 2. 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 (104).

8900 (168). When delay in making presentment is excused.

The provisions of section eighty-one (81) apply where there is delay in making presentment to the acceptor for honor or referee in case of need.

8900 (169). Dishonor of bill by acceptor for honor.

When the bill is dishonored by the acceptor for honor, it must be protested for nonpayment by him.

ARTICLE 14.

PAYMENT FOR HONOR.

8900 (170). Who may make payment for honor.

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.

8900 (171). Payment for honor-How made.

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.

8900 (172). Declaration before payment for honor.

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.

8900 (173). Preference of parties offering to pay for honor.

Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference.

8900 (174). Effect on subsequent parties where bill is paid for honor.

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.

8900 (175). Where holder refuses to receive payment supra protest.

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.

8900 (176). Rights of payer for honor.

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 15.

BILLS IN A SET.

8900 (177). Bills in sets constitute one bill.

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. 8900 (178). Rights of holders where different parts are negotiated.

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.

8900 (179). Liability of holder who indorses two or more parts of a set to different persons.

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.

8900 (180). Acceptance of bills drawn in sets.

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.

8900 (181). Payment by acceptor of bills drawn in sets.

When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered 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.

8900 (182). Effect of discharging one of a set.

Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged.

ARTICLE 16.

PROMISSORY NOTES AND CHECKS.

8900 (183). Promissory notes defined.

A negotiable promissory note within the meaning 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 determinable 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.

8900 (184). Check defined.

A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this chapter applicable to a bill of exchange payable on demand apply to a check.

8900 (185). Within what time a check must be presented.

A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.

8900 (186). Certification of check-Effect of.

Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance.

8900 (187). Effect where the holder of check procures it to be certified. Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon.

8900 (188). Where check operates as an assignment.

A check of itself does not operate as an assignment 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.

ARTICLE 17.

GENERAL PROVISIONS.

8900 (189). Definitions and meaning of terms.

In this chapter, unless the context otherwise requires: "Acceptance" means an acceptance completed by delivery or notification; "Action" includes counterclaim and set-off; "Bank" includes any person or association of persons carrying on the business of banking whether incorporated or not; "Bearer" means the person in possession of a bill or note which is payable to bearer; "Bill" means a bill of exchange, and "Note" means negotiable promissory note; "Delivery" means transfer of possession, actual or constructive, from one person to another; "Holder" means the payee or indorsee of a bill or note, who is in possession of it, or the bearer thereof; "Indorsement", means an indorsement completed by delivery; "Instrument" means negotiable instrument; "Issue" means the first delivery of the instrument, complete in form, to a person who takes it as a holder; "Person" includes a body of persons, whether incorporated or not; "Value" means valuable consideration; "Written" includes printed and "writing" includes print.

8900 (190). Person primarily liable on instrument.

The person "primarily" liable on an instrument is the person who by the terms of the instrument is absolutely required to pay the same. All other parties are "secondarily" liable.