Page:United States Statutes at Large Volume 47 Part 1.djvu/1349

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . SEC. 1545. PRE SEN TME NT OF BILL OF EXCHANGE.-A bill may be presented for acceptance on any day on which negotiable instru- ments may be presented for payment under the provisions of sec- tions 1471 and 1484. When Sa turday is not o therwise a holi day, presentment for acceptance may be made before twelve o'clock noon, on that day. SEC. 1546. PRESENTMENT W HERE TIME IS INSUFFICIENT .-Where where time i s insut the holder of a bill drawn payable elsewhere than at the place of acient . business or the residence of the drawee has not time with the exercise of reasonable diligence to present the bill for acceptance before pre- senting it, for payment on the day that it falls due, the delay caused by presenting the bill for a cceptance befor e presenting it for payment is excused and does not discharge the drawers and indorsers. S EC. 1547 . WH EN PRE SEN TME NT IS ExcusED .-Presentment for When excused. acceptance is excused and a bill may be treated as dishonored by nonacceptance, in either of the following cases (1) Where the d rawee is dead, or has absconded, or is a fi ctitious person, or a person not having capacity to contract by bill ; (2) Where, a fter the exercis e of reasonable d iligence, present ment can not be made ; (3) Where, although presentment has been irregular, acceptance has been refused on some other ground. SEC. 1548. BILL DISHONORED BY NONACCEPTANCE.-A bill is diS- Bi ll dishonored by nonacceptance. honored by nonacceptance- (1) When it is duly presented for acceptance and such an accept- ance as is prescribed by chapters 66 to 69 of this code is refused or can not be obtained ; or (2) When presentment for acceptance is excused and the bill is not accepted. SEC. 1549. D UTY OF HOLDER WHERE NOT ACCEPTED .-Where a bill is . duly presented f or acceptance a nd is not accept ed within the pr e- scribed time the person presenting it must treat the bill as dishonored by nonaccep tance or he loses the right of rec ourse against th e drawer and indorsers. SEC. 1550. RIGHTS OF HOLDER WHERE BILL NOT ACCEPTED:When a bill is dish onored by nonacc eptance, an imme diate right of r ecourse against th e drawers and i ndorsers accrue s to the holder and no presentment for payment is necessary. SEC. 1551. IN WHAT CASES PROTEST NECESSARY .-Where a forei gn bill appear ing on its face t o be such is dish onored by nonacc eptance, it must be duly protested for nonacceptance, and where such a bill which has n ot previously be en dishonored b y nonacceptance is dis- honored 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. SEC. 1552. How MADE .-The pr ote st must be annexed to the bill, or must co ntain a copy th ereof, and must be under the h and 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 f or protesting the bill ; (4 The dem and made and th e answer given, if any, or the fact that the drawee or acceptor could not be found . Bill of exchange. Post, pp. 1327 .1329. An te, p . 1307; post, p. 1329 Duty of holder. Rights of hold er where h ill no t accepted. PROTEST Protest. How made. 1325 When necessary . I