Page:United States Statutes at Large Volume 76A.djvu/356

–260– -260§ 4543. Declaration before payment for honor The notarial act of honor must be 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 whose honor he pays. § 4544. Preference of parties offering to pay for honor Where two or more persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference. § 4545. Discharge of subsequent parties; subrogation of payer Where a bill has been paid for honor, all parties subsequent to the arty for whose honor it is paid are discharged, but the payer for onor is subrogated for, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter. § 4546. Refusal of payment; loss of right of recourse Where the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by the payment. § 4547. Rights of payer for honor The payer for honor, on 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.

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Article G—Bills in a Set § 4551. Bills in sets constitute one bill Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. § 4552. Negotiation of different parts; rights of holders Where two or more parts of a set are negotiated to different holders in due course, the holder whose title first accrues is, as between such holders, the true owner of the bill. But this section does not affect the rights of a person who in due course accepts or pays the part first presented to him. § 4553. Liability of holder indorsing two or more parts to different persons Where the holder of a set indorses two or more parts to different persons he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills. § 4554. Acceptance The acceptance may be written on any part and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill. § 4555. Payment by acceptor When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon. § 4556. Discharging one part; effect Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise the whole bill is discharged.

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