3. Where the bill is drawn payable elsewhere than at the residence or place of business of the drawee.

In no other case is presentment for acceptance necessary in order to render any party to the bill liable.

Failure to present or negotiate.-Except as herein otherwise provided, the holder of the bill which is required by the next preceding section to be presented for acceptance must either present it for acceptance or negotiate it within a reasonable time. If he fail to do so, the drawer and all indorsers are discharged.

NOTE. -Unreasonable delay of a payee of a draft to present it to the drawee, or to notifiy the drawee of its non-acceptance or non-payment, or to return it to the drawer as refused by the payee, makes the paper the payee's own, and discharges the drawer.

When and where to be made.--Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day and before the bill is overdue, to the drawer or some person authorized to accept or refuse acceptance on his behalf; and

1. Where a bill is addressed to two or more drawees who are not partners, presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which case presentment may be made to him only;

2. Where the drawee is dead, presentment may be made to his personal representative;

3. 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.

Presentment of bill.--A bill may be presented for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections 1678-2 and 1678-15.

NOTE.-A delay in the mail is a sufficient excuse for delay to at once present a bill, and it may be done at once on receipt.

Delay, when excusable.-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.

Presentment when 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 cannot be made.

3. Where, although presentment has been irregular, acceptance has been refused on some other ground.

When dishonored.--A bill is dishonored by non-accept

1. When it is duly presented for acceptance and such acceptance as is prescribed by this act is refused or cannot be obtained; or

2. When presentment for acceptance is excused and the bill is not accepted.

Recourse, when lost.--When 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 non-acceptance or he loses the right of recourse against the drawer and indorsers.

When recourse accrues.--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.

SECTION XV.

PROTEST.

As to foreign bill.-Where 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 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 the bill does not appear on its face to be a foreign bill, protest thereof in case of dishonor is unnecessary. Every notary public, when any bill of exchange or promissory note shall be by him protested for non-acceptance or non-payment, shall give notice thereof in writing to the drawer, maker and each

indorser of such bill of exchange or promissory note; he shall also thereupon make a certificate under his hand and official seal, setting forth the presentment, demand, refusal and protest thereof for non-acceptance or non-payment, the contents of the notice given, and the time and manner of service thereof, specifying the post-office and reputed place of residence of each person notified by mail; he shall also thereupon make and keep a record of such certificate and of the description of the instrument protested; and such certificate or such record, or a certified copy thereof, shall be presumptive evidence of the facts therein stated. The want of such certificate or record, or both, shall not invalidate any such protest or notice, but the same may be proved by any other competent evidence.

NOTE. -No protest is necessary on inland bills of exchange. An inland bill of exchange is one drawn and payable in the same state or country, while a foreign bill is one which is drawn in one state or country and payable in another. (See Forms.)

Specifications of protest.-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.

NOTE.-A protest stating that a note, describing it, had been "protested for non payment", and that the holder looked to the indorser for payment, is sufficient. The word "protest" fairly implies the dishonor of the instrument. Such a notice substantially contains the following requisites: 1. Description of instrument. 2. Assertion of presentment and dishonor. 3. That the holder looks to the person to whom note is given for payment, etc.

A notarial certificate stating that a note or bill was protested, was presented for payment "at Montello", and payment demanded and refused, but not stating to whom or at what place in the town of Montello, does not show such a presentation to the maker as will charge indorsers.

The words "Notice for W. W. (left at his house) Oshkosh" in the notary's certificate of service of notice of the dishonor of a note indicates that the notice was served by leaving it at the dwelling house of the person named.

Neither is the certificate defective in not stating the hour of the day

when the notice was left or with whom it was deposited, whether a mem ber of the family or other person, or the particular circumstances attending the service, or that the indorser was absent.

A notice of protest of a note payable at the banking office of a bank and indorsed by it, addressed to J. S. H. Pres't, describing the note by its amount, date, time of payment and the name of the maker, and stating that the note has been dishonored and the holder looks to you for payment, left at the banking office of such bank in due time, is sufficient to charge it as such indorser.

A notice of protest is sufficient if it conveys the necessary information; and mistakes of description and inaccuracies do not vitiate it, if the person to be notified could not have been misled by it.

A notice of the protest of a note is sufficient if it contains a true description of the note and states that it has been presented at maturity and dishonored, and that the holder looks to the indorser for payment. How 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 credible witnesses.

When 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 must be subsequently extended as of the date of the noting.

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 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.

For non-payment.-A bill which has been protested for non-acceptance may be subsequently protested for non-pay

ment.

When acceptor a bankrupt.-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.

When dispensed with.--Protest is dispensed with by any circumstances which would dispense with notice of dishonor. Delay in noting and 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.

Lost bill.--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.

SECTION XVI.

ACCEPTANCE FOR HONOR.

Acceptance supra protest, 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.

To be in writing.-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.

For drawer, when.--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.--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.

Engagement of acceptor 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 non-payment and notice of dishonor given to him.

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