ARTICLE XII. PRESENTMENT OF BILLS OF EXCHANGE FOR ACCEPTANCE. § 150. Presentment for acceptance must be made : 1. Where the bill is payable after sight, or in any other case where presentment for acceptance is necessary in order to fix the maturity of the instrument; 2. Where the bill expressly stipulates that it shall be presented for acceptance; or 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. § 151. Except as herein otherwise provided, the holder of a 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 fails to do so, the drawer and all indorsers are discharged. § 152. 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 drawee or some person authorized to accept or refuse acceptance on his behalf; and 1 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.2 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. § 153. A bill may be presented for acceptance on any day on 1 'Drawer' in original statute. See 1898, chap. 336, § 30. 2 The presentment in question being for acceptance, why make it to the personal representative? He has no authority to accept, and his signature, being that of a stranger, not the drawee, would not be acceptance. See ante, p. 51. which negotiable instruments may be presented for payment under the provisions of sections seventy-nine and ninety-two of this Act. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o'clock noon on that day.2 § 154. 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. § 155. 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. § 156. 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. § 157. 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 non-acceptance or he loses the right of recourse against the drawer and indorsers. § 158. When a bill is dishonored by non-acceptance, an immediate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary. 1 Amendment, 1898, ch. 336, § 17. 2 For the last sentence the Colorado Statute reads, "When any day is in part a holiday, presentment for acceptance may be made during reasonable hours of the part of such day which is not a holiday.' § 146. ARTICLE XIII. PROTEST OF BILLS OF EXCHANGE. § 159. 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 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. § 160. 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 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. § 161. 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.1 § 162. 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. § 163. 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. 1 Observe that the statute makes no distinction, except in order of terms, between a notary and any respectable resident.' § 164. A bill which has been protested for non-acceptance may be subsequently protested for non-payment. § 165. 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 1 against the drawer or indorsers. 1 § 166. 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. § 167. 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 XIV. ACCEPTANCE OF BILLS OF EXCHANGE FOR HONOR. § 168. 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. 8 § 169. 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. 1 Qu. of the existence of any such custom in this country ? • Amendment, 1898, ch. 336, § 28. 4 May the drawee accept for honor? See ante, p. 62. § 170. 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. § 171. 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. $172. 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. § 173. 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. § 174. 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. § 175. 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 Eleven.1 § 176. The provisions of section Eighty-eight apply where there is delay in making presentment to the acceptor for honor or referee in case of need.2 § 177. When the bill is dishonored by the acceptor for honor, it must be protested for non-payment by him. 1 Amendment, 1898, ch. 336, § 18. 2 Id. § 19. |