Page:United States Statutes at Large Volume 31.djvu/1465

 F IFTY—SIXTH CONGRESS. SnSS. IL Ch. 854. 1901. 1413 pmtestedfforhnonpaymerpt before it iskpresgntcd for payment to the e for or onor or re cree in case 0 nee. y Mgyijc. 147 2. Presentment for payment to the acceptor for honor %m1;r§ls$tr;;er;gc8pt£¤;r ust be made as follows: - Q · d _ T ’ H1 ]3‘i]_-st. If it is to be presented in the place where the protest for non- ww ma c Payment was made it must be presented not later than the day follow- · A oe its maturity.;` mgseond. If it is to be presented in some other place than the place r where it was protested, then it must be forwarded within the time ~ eciiied in section fourteen hundred and eight. ‘ M EPSRC. 147 3. Exousnn, WIIEN.—*Tl1(> provisions of section thirteen hun- —eXe¤ee<i. when- ` dyed and eightydive apply where there is delay in making presentment 7 to the acceptor for honor or referee in case of need. Sec. 1474. MUST nn PROLYESTED ron NONPAYMENT.—wVh€H the bill Must be protested js dishonored by the acceptor for honor it must be protested for non- f"““”“’“?m““· ayment by him. A . ‘ y h · P Sec. 1475. PAYMENT non HONOR.—·VVllC1`G.2L bill has been protested rriymemm ilgonm. for nonpayment any person may intervene and pay it supra protest `wm my mu G' for the honor of any person liable thereon, or for the honor of the erson for whose account it was drawn. - P Sec. 147 6. The payment for honor supra protest, in order to operate -1iOw meas. 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. Sec. 1477. The notarial act of honor must be founded on a declara- Deeimnen or pay: tion ma_de by the payer for honor, or by his agent in that behalf, declar— eee fm h°H°r' ing his intention_to pay the bill for honor and for whose honor he pays. ` Sec. 1478. Where two or more persons offer to pay a bill for the tigrgge-ge§;et0t;apar— honor of different parties the person whose payment will discharge ` most parties to the bill will be given -the preference. · Sec. 1479. Wheiie a bill has been. aid for honor all arties subse- Effeef .<2¤ Subsep P nent artres where qucnt to the party for whose honor it is paid are discharged; but the iinipng my Honor. payer for honor is subrogated for and succeeds to both the rights and ‘ dgties of the gplduertpls pegtards the party for whose honor he pays and a par ies ia e o e a cr. Sec. 1480. Where the holder of a bill refuses to receive payment fuggglege rgézggr gej supra, protest he loses his right of recourse against any party who ment supra pmrefiay would have been discharged by such payment. · Sec. 1481. The payer for honor, on paying to the holder the amount holgfjfte ¤f'PeYe1‘ *0* of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest. . Sec. 1482. Brnns IN A snT.—Where a billis drawn in a set, each _§g§;tg1ue<;t%HG bm ‘ part of the set being numbered and containing a reference to the other ' parts, the whole of the parts constitute one bill. A I. . Sec. 1483. WHnRn PARTS ooMn TO 1>rnnnRnNT HoLDnns.—-VWherc Where rms eeme EWG or more parts of a set are negotiated to different holders in due to d1HET€mh°mm` · 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.· Sec. 1484. lVhere the holderof a set indorses two or more parts piapirpy Qrtiisraer to different persons he is liable on every such part, and every indorser §0§?.,§Qr?S”§§iml`€$€§€ Subsequent to him is liable on the part he has himself indorsed, as if P°“°HS· - such parts were separate bills. » Sec. 1485. How Aoonrrnn AND LIABILITY on AoonrToR.—The accept- A°°“P“*““€· ance may be written oniany part, and it must be written on one part only. lf the drawee accepts more than lone part, and Such accepted parts are negotiated to diflerent holders in due course, he is liable on every such part as if it were a separate bill,. · 56—2——-——44 K