Page:United States Statutes at Large Volume 31.djvu/1463

 FIFTY—S1XTH CONGRESS. Sess. ILT ‘CIi. 854. 1901. 1411 artners, presentment must be made to them all, unless one has authority to accept or refuse acceptance for all, in which ease presentment may be made to him only. _ Second. Where the drawee IS dead presentment inay be made to _ his personal representative. 7 T 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. P Sec. 1450. NTAY BE_MADE ON-ANY DAY ON Wirron PAYMENT Mrontr Nray be made pn BE DnMANDE1;>.—A bill may be presented for acceptance on any day gggrmédsijty §§}g§`{h1$,l§ On which negotiable instruments may be presented for payment under ‘lGm““d"d· the provisions of sections thirteen hundred and seventy-six and thirteen hundred and eighty-nine of this act. lVhen Saturday is not Otherwise a holiday, presentment for acceptance may be made before twelve o’clock noon on that day. » Sec. 1451. Exousns ron nELAY.——Where the holder of a bill drawn Exnnsesfnrdclw ayable elsewhere than_at the placeof business or the residence of the drawee has not time, with the exercise of reasonable diligence, to prenent 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. Sec. 1452. EXCUSES FOR NoN1>REsENtrMENtr.—-Presentment for accept- Seggggigs for nonpreance is excused and a bill may be treated as dishonored by nonaeceptance ' in either of the following cases: · ·. G First. Wvhen the drawee is dead, or has absconded, or is a fictitious person or a person not having capacity to contract bylbill. Secohd. 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. 1453. WHEN BILL msnoivonnn BY NON`AOOEPTANCE.~—A bill is (,,Q§“°{,‘yb§§l,n‘;§§,Q,‘{j dishonored by nonacceptancee 1 " ence First. When it is duly presented for acceptance and such an acceptance as is prescribed by this Act is refused or can not bp obtappedglor, Second. When presentment for acceptance is excuse and the bi l is not accepted. Sec. 1454. Where a bill is duly presented for acceptance and is not DEW .0* hold? accepted within the prescribed time, the person. presenting it must lidriic21.bm not ac treat the bill as dishonored by nonaeceptance or he loses the right of recourse against the drawer and indorsers. r _ _ _' _ SHEG. 1455. When a bill is dishonoreddby nonaeceptance an iirinlgepléate vmghts 0*- rig t of recourse against the drawer an indorsers accrues to the o er ` ang no presentment for payment is necessary. T ~ f 7 t h EG. 1456. PROTEST.—WhBfO a foreign bill appearing on its_ ace to. _¥’;;’?°S r W an “€°‘ be Such, is dishonored by nonaeceptance, it miist be duly protested for ebb yi ggniacceptanee, and where such a bill which has not previously begn is onored by nonaeceptance is dishonored by nonpayment it must e dngy protested for nonpayment. If it is not so protested the drapver an indorsers are discharged. Vlfhere a bill does not appear on its ace to be a foreign bill, protest thereof in case of dishonor is unnecessary. Sec. 1457. FonM.—The protest must be annexed to the bill, or must éf<>fm· · Contain a copy thereof, and must be under the hand and seal of the notary making it and must specify-. ~ First. The time and place of presentment. thSecond. The fact that presentment was made, · and the manner ereof. A \ Third. The cause or reason for protesting the bill. Fourth. The demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found. 1 ’