Page:United States Statutes at Large Volume 47 Part 1.djvu/1350

 72d CONGRESS. SESS. II. CH. 128. FEBRUARY 2' ;, 1933 . SEC. 1553. By WHOM MADE .-Protest may be made by- 1 A notary public ; or (2) By any respectable resident of the place where the bi ll is dishonored, in the presence of two or more credible witnesses. SEC. 1554. WHEN MADE .-When a bi ll is protested, such protest must be ma de on the day of its dishonor, unless delay is excused as herein provided. When a bill has been duly noted, the protest may be su bsequ ently exte nded as of the date of the not ing. SEC. 1555. WHERE MADE .-A bill must be protested at the place where it is dishonored, except that when a bi ll drawn payable at the place of business, or residence of some person other tha n the drawee, has been dishonored by nonacceptance, 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. SEC. 1556. PROT EST B OTH FOR NO NACCE PTANC E AND NCNPAYMENT .- A bill which has been protested for nonacceptance may be subse- quently protested for nonpayment. SEC. 1557 . PROTEST BEFORE MATURITY .-Where the acceptor has be en adjudged a bankrupt or an insolvent, or has made an assign- ment for the benefit of creditors, before the bill matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. SEC. 1558. WH EN DISPENSED wITH .-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. SEC. 1559. WH EN BI LL IS LOST AND SO FORTH .-When a bill is lost or destroyed or is wr on gly detained fr om the person entitled to ho ld it, protest may be made on a copy or written particulars thereof . ACCEPTANCE FOR HO NOR Acceptanceforhonor. SEC. 1560 . ACCEPTANCE FOR HONOR .-Where a bi ll of exchange has b een p rotes ted for di shono r by, nona ccept ance or pr otest ed for better security, and is not overdue, any person not being a par ty already liable thereon may, with the consent of the holder, inter- vene and accept the bill supra protest for the honor , of any party lia ble thereon, or for the honor of the person for wh ose account the bill is drawn. The acceptance for honor may be for the part onl y of the sum for whi ch the bil l 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. How made . SEC. 1561 . How MADE .-An acceptance for honor supra protest mus t be in writing, and indicate tha t it is an acceptance for honor, and must be signed by the acceptor for honor. What deemed to be SEC. 1562. WHAT DEEMED TO BE AN ACCEPTANCE FOR HONOR OF THE an acts tancefor honor of the drawer. DRA WER .-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. Liability of acceptor. SEC. 1563. LIABILITY O F ACCEP TOR .-T he ac cepto r for hono r is liabl e to the holder and to all parties to the bill subsequent to the par ty for who se honor he has accepted. for for honor . of accep SEC. 1564 . AGREEMENT OF ACCEPTOR FOR HONOR .-The acceptor for honor by such acceptance engages that he will on due presentment pay the bill according to the terms of hi s acceptance ; provided, it 1326 By whom. When. Where. Protest both for non- ac ce pta nce and non - payment. Before maturity. When- dispensed wi th. Lost, etc., bills.