Page:United States Statutes at Large Volume 47 Part 1.djvu/1351

 72d CONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . shall not have been paid by the dra wee ; and provided, also, that it shall have been duly pres ented for payme nt and pro teste d for non- payment and notice of dishonor given him. S EC. 1565 . BILL PAYABLE AFTER SIGHT .-Where a bill payable after ssghil Payable after sight is a ccept ed for hon or, its ma turit y is calcu lated from the date of the noting for nonacceptance and not from the date of the acce ptanc e for hono r- S EC. 1566 . PRoTEsT-Where a dishonored bill has been accepted Protest . for honor supra protest or contains a reference in case of need, it must be protested for nonpayment before it is presented for payment ~Ptorentment to ac to the acceptor for honor or referee in case of need . S EC. 1567. PRESENTMENT TO AccEPTOR.-Presentment for payment to the acceptor for honor must be made as follows (1) If it is to be presented in the place where the protest for nonpayment was made, it must be presented not later than the day following its maturity. (2) If it is to be presented in some other place than the place where it was protested, th en it must be forwarded within the time An a, p .1319. specified in section 1503 . SEC. 1518. DELAY IN PRESENTMENT .-The provisions of section Delay in pr ese nt. 1480 apply where there is delay in making presentment to the mAntie, p. 1317. accep tor for ho nor or ref eree in ca se of need. S EC. 1569. DISHONOR OF BILL BY ACCEPTOR FOR H ONO R .-When the Dishonor of bi ll by bill is dishonored by the acceptor for honor it must be protested acceptor for honor. for nonpayment by him. PAYMENT FOR HONOR SE C. 1570. PAY MEN T FOR HoNon .-Where a bill has been pro- Payment for honor . tested for nonpayment, any person may intervene and pay it supra protest for the honor of any person liable thereon or for the honor of the per son for wh ose a ccoun t it was drawn. SE C. 1571. PAYMENT FOR HONOR, HOW M ADE .-The p aymen t for How made. honor supr a pro test in or der to ope rate as su ch 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. SE C. 1572. DECLARATION .-The no taria l act of h onor must be De clara tion . founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill for honor and for wh ose h onor lie pays. SE C. 1573. PREFERENCE OF PARTIES .-Where two or mor e per so ns Pr efe re nce of part ies . off er to pay a bill for the hon or of different parties, the person whose payment will discharge most parties to the bill is to be given the preference. SE C. 1574. SUBSEQUENT PAR TI ES DISCIIARGED .-Where a bi ll has Sub se que nt pa rt ies been paid for honor, all parties subsequent to the party for whose discharged honor it is paid are discharged, but the payer for honor is subro- gat ed fo r, and succeeds to, bot h the rights and duties of the holder as reg ar ds the party for whose ho nor lie pa ys and all pa rt ies liable to the latter. SEC. 1575 . RIG HT OF RECOURSE LOST .-Where the holder of a bill Rigntofrecourse l ost refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such payment. SEC. 1576. RIGHT OF PAYER FOR HONOR .--The payer for honor, on hRlbtofpayee for paying to the holder the amount of the bill and the notarial expenses incidental to its dishonor, is entitled to receive both the bill itself and the protest. 1327