Time allowed for presentment for acceptance.

of the kingdom, and within six months if it be drawn from a foreign country. Bills drawn from Iceland or the Feroe Islands, and those drawn upon these countries from places out of Europe, must be presented within the year. Bills drawn from the kingdom on the East Indies, or from the East Indies on Denmark, must be presented within two years. The presentation for acceptance cannot be made on Sundays or holidays, and if the time for presentation expired on such a day it would be extended to the first working day.

Italy.-Bills of exchange drawn from and in any inland place, either at sight, or at one or more days, or months, or usances of sight, must be presented within three months of their date. The time is extended to six months if the bill is drawn from foreign States of the continent or islands of Europe upon the kingdom; to eight months for bills drawn from ports in the Levant, and Northern coast of Africa; to one year for bills drawn from the West coast of Africa, up to and including the Cape of Good Hope, as well as for those drawn from the continent and islands of the West Indies; and to two years for bills drawn from the continent and islands of the East Indies. The same time is allowed for bills drawn from the interior of. the kingdom, and payable in the above countries. The time is doubled in case of maritime war (a).

Netherlands.-Bills of exchange payable at a certain time after sight must be presented for acceptance. The presentation for acceptance is also required when the condition is imposed by the drawer, but it is optional for bills payable at a certain time after date. The holder of a bill drawn upon any place of the kingdom of the Netherlands must present it for payment, if payable at sight, or for acceptance if payable at a certain time after sight, within the time hereafter expressed from the date of the bill, under penalty of losing his recourse against the indorser, and the drawer if the latter proves that he has made provision with the drawee. The time specified is as follows:-Six months for bills drawn from the continent and islands of Europe; eight months for bills drawn from ports in the Levant and northern coasts of Africa; one year for bills drawn from the west coasts of Africa, up to and including the Cape of Good Hope, as well

(a) Sardinian Code, § 174.

The

as from the continent of North and South America (with the exception of the portion designated hereafter), and from the islands of the West Indies; two years for bills drawn from the coasts of South and North America situated in the Pacific Sea and beyond Cape Horn and the islands of that sea, as well as from the continent of Asia and the islands of the East Indies. Such times are doubled, in cases of maritime war, as regards bills drawn from the European islands and places above mentioned, with the exception of bills drawn from the continent. above regulations are applicable reciprocally to bills of exchange drawn at sight or at a certain time after sight from the kingdom of the Netherlands, or the places above designated. The time for the presentation of bills drawn from and on any place in the interior is three months. If by any accident the bill sent for acceptance before the end of the time granted for presentation does not arrive in time, it must be presented for acceptance the day after its arrival, if the holder resides in the same place as the drawee. The presentation must take place within eight days of its reception, if the drawee is domiciled in another place (a).

Norway. Every bill of exchange payable at a certain time after date, must be presented for acceptance in good time. When it is payable at sight, or at a certain time after sight, the bill must be presented sufficiently early so that the payment may be made within six months from the date of the bill, if it is payable in Europe; and within one year of its date if it is payable in other parts of the world. If the bill has not been presented within the times specified by law, the holder must stand as a simple mandatory of the drawer (b).

Portugal. The holder of a bill of exchange drawn from the continent, the European Islands of Azores and Madeira, and payable in the kingdom of Portugal either at sight, or at a certain time after sight, must demand acceptance or payment within three months of its date. The time is extended to six months for bills drawn beyond the Cape of Good Hope, from the continent of South America and North America, and to one year for those drawn beyond the Cape of Good Hope and Cape Horn. The time is doubled in time of maritime war. Bills

(a) Dutch Code of Commerce, S 116.

(b) Norway Regulations of 1681, and Law of 1842

drawn from any place in the kingdom of Portugal and the Algarves, upon any place in the same kingdom, must be presented within thirty days from the date. If the bill is not presented within the time fixed by law the holder loses his rights against the indorser, and against the drawer when he can prove that he had made provision with the drawee. If the bill is sent in good time to be presented for acceptance or payment, but does not arrive there in consequence of an accident or of a superior force, the holder preserves his rights against the drawer and indorser, provided he presents the bill and protests it if necessary, on the morning after its arrival at the latest. It is the same if, the roads being intercepted, the post arrives later (a).

Russia. The holder must present for acceptance the bill payable at sight, or at a certain time after sight, within fortyeight hours of its reception. The time is prolonged till the first working day if it falls on a Sunday or a feast day. If it falls on a Sunday and the holder is a Jew the time is also prolonged. The holder has the right to fix the time within which the bill must be presented for acceptance from the date of the bill. In want of special indication, the presentation must take place within twelve months from the date of the bill. If the bill is not presented either in the conventional time, or in the time prescribed in the instrument, or within the legal time, the holder loses the rights on the bill, and is considered simply as an ordiWhat will ex-nary creditor. Nevertheless, if the bill could not be presented in time, in consequence of superior force, or delay of the post, or any other circumstances, independently of the will of the holder, the latter has then the right to present the bill as soon as possible, even after it has become due. Especially if the drawee has become insolvent the holder may exercise his rights against the drawer and indorsers, and the latter cannot object to the non-presentation in due time. But if the insolvency happened only after the bill became due, and the drawer prove that he had made provision in due time with the drawee, then the holder cannot go against the drawer and indorsers, and the rights of the drawer against the drawee pass to the holder (b).

cuse presentment.

Time allowed for presentment for acceptance.

Spain.-Bills drawn from the Peninsula and from the Balearic Islands upon any other place, and payable at any time after

(a) Portuguese Code of Commerce, (b) Russian Code, §§ 324-337.

sight, must be presented for acceptance within forty days from their date. Bills at sight must be presented within the same time. Those drawn from the above-named places, and payable at more than thirty days' date, must be presented for acceptance within the thirty days. Such periods are doubled for bills drawn between the Peninsula and the Canary Islands. Bills of exchange drawn between the Peninsula and the Spanish Antilles, or any other point beyond seas, situated beyond Cape Horn and of Good Hope, must be presented for acceptance or payment within six months from their date, whether the bill was payable at a certain time after sight or of date. The time is one year for places beyond sea, or beyond the two Capes. The holder of the bill who sends it for acceptance or payment beyond sea must always send two copies by different ships, and if it be found that the ships by which the first and second were sent had suf fered some accident which had delayed their voyage, the time runs only from the time when the accident was known at the place where the drawer resides. The same is when the loss of the ship is presumed for want of news. Bills drawn in foreign Time for precountries, or places of the Spanish territory, must be presented bill drawn on for acceptance or payment within the time indicated in them, or from unless they are payable at a certain time after date, and within tory. forty days after their arrival in the country if they are payable at a certain time after sight. If the bills are not presented within such times the holder loses all right of recourse in the Spanish tribunals. Bills drawn from the Spanish territory upon foreign countries must be presented in the forms prescribed by the laws in force in the countries where they must be paid. The holder of the bill who does not demand the acceptance within the fixed time, loses his right against the indorsers in case of non-payment by the drawee. The same forfeiture of rights takes place as against the drawer if he prove that on the day when the bill became due he had made provision for it in the hands of the drawee (a).

Sweden.-A bill of exchange payable at a certain time after sight, and drawn from and on any part of the kingdom, must be presented for acceptance by the holder within three months of its issue. If the bill is drawn from a foreign country, upon a

(a) Spanish Code, §§ 483-485.

sentation for

Spanish terri

Laws of Swiss cantons.

place of the interior, the holder must send it for acceptance by the first post, except there be special agreement, whatever be the time it becomes due. The holder is responsible for the injury which he may cause by delay or neglect, except in case of superior force. A bill of exchange drawn from a foreign country on any place in this country, by the drawer himself, "need not be presented for acceptance so long as it rests in the hands of the payee, but as soon as the latter has indorsed it. the holder must present it. If the payee sends the bill to a third person to present it for acceptance, the agent, if he bound himself to do it, or if he is accustomed to do such a service, must present it as soon after the arrival of the post. If he does not wish to take the trouble, he must return the bill to the payee by the first post, otherwise he is regarded as having accepted the order, and becomes responsible as such (a).

Switzerland.-In Geneva the law is the same as in France, with the addition, that the forfeiture pronounced by Act 160 of the Code of Commerce takes place against the holder of a bill of exchange at one or more days, months, or usances of sight, drawn from the canton of Geneva, and payable in foreign countries, who has not demanded the payment or acceptance within the time prescribed for each of the respective distances. ale and Solern.-Bills of exchange, payable at a certain time after sight, must be presented for acceptance. Zurich.-The acceptance may be exacted on bills of exchange payable at a certain time after date as well as on those payable at a certain time after sight. St. Gall, Berne, and Lucern.-The holder must present the bill for acceptance as soon as he receives it, and before it is due. If the holder receives it on a Sunday or Monday he must present it the same Monday before five o'clock in the evening, or the Tuesday before mid-day at the latest. If the letter arrives on the Tuesday, he has time till the Wednesday evening; if on the Wednesday, till the Thursday evening; if on the Thursday, till the Friday evening; if on the Friday, till the Saturday evening; and lastly, if on the Saturday, till the Monday evening. Bills of exchange post-dated or antedated must be presented within the time indicated, taking no account of the date indicated in the bill.

(a) Swedish Law of 1748.