(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. NON Section 149. [WHEN DISHONORED BY ACCEPTANCE.] A bill is dishonored by non-acceptance,(1) When it is duly presented for acceptance and such an 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. Section 150. [DUTY OF HOLDER WHERE BILL NO 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. Section 151.-[RIGHTS OF HOLDER WERE BILL NOT ACCEPTED.] When a bill is dishonored by nonacceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder and no presentment for payment is necessary. § 1200. Requirement of protest and its contents. ARTICLE IV PROTEST Section 152. [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 non-acceptance, and where such a bill which has not previously been dishonored by non-acceptance 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. Section 153. [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. § 1201. By whom, when and where protest should be made. Section 154. [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. Section 155. [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. Section 156. [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 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. Section 157. [PROTEST BOTH FOR NON-ACCEPTANCE AND NON-PAYMENT.] A bill which has been protested for non-acceptance may be subsequently protested for non-payment. Section 158. [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. § 1202. When protest excused; lost bill. Section 159. [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. Section 160. [PROTEST WHERE BILL IS LOST, ETC.] When 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. § 1203. Nature of acceptance for honor. ARTICLE V ACCEPTANCE FOR HONOR Section 161.-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 the 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. Section 162. [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. Section 163. [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. § 1204. Obligation incurred by acceptor for honor. Section 164. [LIABILITY OF THE 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. Section 165. [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 him. Section 166. [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 non-acceptance and not from the date of the acceptance for honor. § 1205. Presentment and protest of acceptance for honor. Section 167. [PROTEST OF BILL ACCEPTED FOR HONOR, ETC.] 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. Section 168. [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 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 four. Section 169. [WHEN DELAY IN MAKING PRESENTMENT IS EXCUSED.] The provisions of section eighty-one apply where there is delay in making presentment to the acceptor for honor or referee in case of need. Section 170.-[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. § 1206. Payment for honor. ARTICLE VI PAYMENT FOR HONOR Section 171. [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 thereon or for the honor of the person for whose account it was drawn. Section 172. [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. BEFORE PAYMENT Section 173. [DECLARATION 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. Section 174. [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. Section 175.-[EFFECT ON SUBSEQUENT PARTIES WHERE BILL IS PAID FOR HONOR.] Where a bill has been paid for honor, all parties subsequent to the party |