Page:United States Statutes at Large Volume 30.djvu/837

 FIFTY-FIFTH CON GBESS. Suse. III. Ch. 47. 1899. 799 In no other case is presentment for acceptance necessary in order to render any party to the bill liable. Sec. 144. That except as herein otherwise provided, the holder of a W1¤¤¤f¤i1¤r¤*·¤rr¤- bill which is required by the next preceding section to be presented tbr ZZ? '°l°”°°° an'"' _ acceptance must either present it for acceptance or negotiate it within · a reasonable time. lf he tai] to do so, the drawer and all inclorsers are discharged. · Sec. 145. That presentment for acceptance must be made by or on Howmade. 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 First. 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. Second. Where the drawee is dead, presentment may be made to his personal representative. Third. Where the drawee has been adjudged a bankrupt or an insolvent, or has made an assignment for the beneiit of creditors, presentment · may be made to him or to his trustee or assignee. Sec. 146. That a bill may be presented for acceptance on any day on glp wm days to be which negotiable instruments may be presented for payment under the m °‘ provisions of sections seventy-two and eighty-five of this Act. When Saturday is not otherwise a holiday, presentment for acceptance may be made before twelve o’clock noon on that day. Sec. 147. That where the holder of a bill drawn payable elsewhere ,,,f_jj{°,f,'f’_:g;*,j,_:{·¤ 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 th at 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 an indorsers. . Sec. 148. That presentment for acceptance is excused, and a biH ,,K.'}:'_{°_]f'“°”*"*°”* may be treated as dishonored by nonacceptance, in either of the follow- 111 03888: _ llirst. Where the drawee is dead, or has absconded, or is a fictitious person, or a person not having capacity to contract by bill. Second. Where after the exercise of reasonable diligence, presentment can not be made. Third. Where although presentment has been irregular, acceptance has been refused on some other ground. Sec. 149. That a bill is dishonored by nonacceptance: by‘:_'j;:¤c°g{;l;¤;¤¤d First. When it is duly presented for acceptance and such an accept- ` ance as is prescribed by this Act is refused or can not be obtained; or Second. When presentment for acceptance is excused and the bill is not accepted. Sec. 150. That where a bill is duly presented for acceptance and is wgggr ,35 gg5d:; not accepted within the prescribed time, the person presenting it must capita. treat the bill as dishonored by nonacceptance or he loses the right of recourse against the drawer and indorsers. _ Sec. 151. That when a bill is dishonored by nonacceptance, an imme- ·¤8¤*· °'· diate right of recourse against the drawer and indorsers accrues to the holder, and no presentment for payment is necessary. Anricnm iv. Pxornsr. Pronu- — Snc, 152. That where a foreign bill, appearing on its face to be such, —*¤•=¤ ¤¤¤¤•·¤¤r- is dishonored by nonacceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by nonacceptance is dishonored by nonpayment, it must be duly protested for nonpayment. 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. a