4. The demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found.

252. 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 credible 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 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.

§ 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, 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.

Acceptance of Bills of Exchange for Honor.

ARTICLE XIV.

S$ 280-284

ACCEPTANCE OF BILLS OF EXCHANGE FOR HONOR.

SECTION 280. When bill may be accepted for honor.

281. Acceptance for honor; how made.

282. When deemed to be an acceptance for honor of the drawer.

283. Liability of acceptor for honor.

284. Agreement of acceptor for honor.

285. Maturity of bill payable after sight; accepted for honor.

286. Protest of bill accepted for honor, et cetera.

287. Presentment for payment to acceptor for honor; how made. 288. When delay in making presentment is excused.

289. Dishonor of bill by acceptor for honor.

§ 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. (As amended by chap. 336 of 1898, § 28.)

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.

§ 284. Agreement 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.

§ 285. 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.

$286. 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.

§ 287. Presentment for payment to acceptor for honor; how made.-Presentment for payment to the acceptor for honor must be made as follows:

I. 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;

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 seventy-five. (As amended by chap. 336 of 1898, § 18.)

§ 288. When delay in making presentment is excused.— The provisions of section one hundred and forty-one apply where there is delay in making presentment to the acceptor for honor or referee in case of need. (As amended by chap. 336 of 1898, 19.)

§ 289. Dishonor of bill by acceptor for honor.-When the bill is dishonored by the acceptor for honor it must be protested for non-payment by him.

ARTICLE XV.

PAYMENT OF BILLS OF EXCHANGE FOR HONOR.

SECTION 300. Who may make payment for honor.

301. Payment for honor; how made.

302. Declaration before payment for honor.

303. Preference of parties offering to pay for honor.

304. Effect on subsequent parties where bill is paid for honor.
305. Where holder refuses to receive payment supra protest.
306. Rights of payer for honor.

§ 300. Who may make payment for honor.-Where a bill has been protested for non-payment, any person may intervene and pay it supra protest for the honor of any person liable there on or for the honor of the person for whose account it was drawn.

301. 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.

§ 302. 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.

§ 303. 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.

8 304. 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 payor 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.

§ 305. 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.

8 306. 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 XVI.

BILLS IN A SET.

SECTION 310. Bill in sets constitutes one bill.

311. Rights of holders where different parts are negotiated.
312. Liability of holder who indorses two or more parts of a set to
different persons.

313. Acceptance of bills drawn in sets.

314. Payment by acceptor of bills drawn in sets.

315. Effect of discharging one of a set.

§ 310. 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 constitute one

8311. 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.

§ 312. 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.

8313. 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.

§ 314. 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.

8 315. 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 XVII.

PROMISSORY NOTES AND CHECKS.

SECTION 320. Promissory note defined.

321. Check defined.

322. Within what time a check must be presented.

323. Certification of check; effect of.

324. Effect where holder of check procures it to be certified.

325. When check operates as an assignment.

320. Promissory note 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.