If, however, a stamp cannot conveniently be obtained at the time, the protest can be stamped within six weeks after the date as a matter of course, or within twelve months upon a satisfactory cause for the delay being shewn. CHAPTER XIV. PAYMENT OF BILLS AND NOTES, AND RIGHTS AND LIABILITIES OF PARTIES THEREON. 1. To whom payment must be made. 2. As to lost or stolen bills. 3. If bill lost, right to recover in Equity. 4. Right of holder to obtain payment against all parties liable. 5. Payment by acceptor, extin guishment of bill. 6. Payment by drawer, no release 7. As to payment by indorsers. interest. 9. Payment must be made on the day when due. 10. As to taking a receipt for the amount. 11. In case of a bill coming sonal representative. 17. Proof of debt on bankruptcy of acceptor, or party liable. 18. Proof by surety. 1. Upon a Bill or Note becoming due, payment should be made according to the tenor thereof, by the acceptor or maker, and in default, by the other parties, liable. If the bill or note is payable to the bearer, and transferable by mere delivery, payment to any bond fide holder is good, although the title of the party from whom the holder re ceived it, was wrongful; as, where the instrument had been lost or stolen; so payment to the actual thief or finder will be good, if such payment was bona fide, and the party paying was not guilty of "gross negligence" in not using proper caution before paying. 2. Where it is not payable to Bearer, but transferable by indorsement only, payment made to a wrongful holder, who had forged the indorsement, is not a discharge to the party paying, notwithstanding the losing of the bill, may have enabled the party to forge the indorsement, provided the rightful owner was not guilty of fraud or of gross negligence, in not taking proper care of the instrument. 3. If a Bill, transferable by delivery, be lost, the party losing it, cannot recover at law in its absence upon it, or on the consideration, but has his remedy in Equity; and by a recent decision, if the bill be transferable by indorsement, the payee cannot recover on the bill without its production. Some remarks bearing on the above subject will be found in the chapter on "TRANSFER." 4. The Holder is entitled to obtain payment from any of the parties liable to the payment; and he may bring distinct and concurrent actions, against all or any of such parties at the same time, but a Judge will, upon application, stay any of the actions, upon payment of the debt and the costs in the particular action; till that is done, the holder may, after payment of the bill and satisfaction of the debt and costs in one action, proceed and obtain payment of the costs in the other actions. 5. Payment of a bill by the acceptor, or of a note by the maker, operates as an extinguishment of the instrument, they respectively being considered as the principals in the security. 6. Payment at maturity by the drawer, does not extinguish the bill, nor release the acceptor, so that the drawer may after payment, sue the acceptor for the amount, as such payment operates only to the discharge of the drawer's liability, and not the acceptor's, the bill and his liability thereon not being, as has been already observed, finally extinguished till payment by him; but of course, in the case of a mere accommodation bill, the acceptor would have a good answer as against the drawer. 7. Payment by the last indorser only releases him, and not any of the antecedent parties, so that after payment, he may recover against the acceptor and the drawer, and his immediate and all the antecedent indorsers. Payment by an intermediate indorser, releases all the subsequent indorsers, but not the antecedent parties, and after payment, he may recover against the latter. Payment by the first indorser, releases all subsequent indorsers, but not the acceptor or drawer, against whom he is, after payment entitled to recover. 8. The amount payable will be the sum mentioned in the Bill, with Interest, if payable.-If interest is expressly reserved, or made payable by the instrument, it runs from the date or other time mentioned. Thus, if the bill express to be made payable at a certain time "with interest," or bearing interest," interest runs from the date. If no reservation or mention of interest be made, it will accrue only from the day the principal is made payable; and if the instrument be payable on demand, then from the time when the demand was made. The rate of interest generally allowed, where no rate is named, is £5 per cent. ; but the allowance of interest in such cases, is, in an action, merely in the nature of damages, given by the jury. Under the present usury laws, any rate of interest may be received upon a bill or note, provided it has not more than twelve months to run. See also Chapter VII. on " Consideration." 9. Payment should be made on the day the Instrument becomes due, and during the hours of business, upon being presented for payment; and if payment be refused, notice of dishonour may be given; but as the acceptor or maker, has the entire |