174. 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 to the date of the noting.

175. 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.

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

177. 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.

178. 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.

179. 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.

CHAPTER XIV-Acceptance of Bills of Exchange for Honor. 180. 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.

181. 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.

182. 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.

183. 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.

184. 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.

185. 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.

186. Where a dishonored bill has been accepted for honor supra protest, or contains a reference in case of need, it must be protested for non-payment before it is presented for payment to the acceptor for honor or referee in case of need.

187. 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 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 123.

188. The provisions of section one hundred apply where there is delay in making presentment to the acceptor for honor or referee in case of need.

189. When the bill is dishonored by the acceptor for honor it must be protested for non-payment by him.

CHAPTER XV—Payment of Bills of Exchange for Honor. 190. 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 thereon, or for the honor of the person for whose account it was drawn.

191. 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.

192. 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.

193. Where two or more parties 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.

194. 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.

195. 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.

196. 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.

CHAPTER XVI–Bills in a Set.

197. 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 bill.

198. 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.

199. 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.

200. 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.

201. 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.

202. 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.

CHAPTER XVII-Promissory Notes and Checks.

203. 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.

204. A check is a bill of exchange drawn on a bank 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.

205. 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.

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

207. Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon.

208. 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 XIV.

BILLS OF LADING, STORAGE AND ELEVATOR
RECEIPTS.

1. Bills of lading to be negotiable

instruments.

2. "Order" bills of lading negotiable instruments.

3. How construed.

4. To be surrendered and cancelled before delivery of goods.

5. Penalty for refusal to issue "Order" bills of lading.

6. Conclusive evidence of their contents.

7. Storage receipts also to be negotiable.

8. When held to be completely

issued.

9. Not to be issued until goods are actually delivered.

10. Duplicates; delivery of goods; penalties.

11. Civil remedies upon.

1888, art. 14, sec. 1. 1876, ch. 262, sec. 1.

1. All bills of lading and all receipts, vouchers or acknowledgments whatsoever in writing, in the nature or stead of bills. of lading for goods, chattels or commodities of any kind, to be transported on land or water, or on both, which shall be executed in this State, or being executed elsewhere, shall provide for the delivery of goods, chattels or commodities of any kind within this State, and all warehouse, elevator or storage receipts whatsoever for goods, chattels or commodities of any kind stored or deposited, or in said receipts stated or acknowledged to be stored or deposited for any purpose in any warehouse, elevator or other place of storage or deposit in this State, shall be and they are hereby constituted and declared to