Re-exchange. Retraite. Interest. Rights of holder. The re-exchange comprises the principal of the protested bill, interest at one-half per cent. per month, charges, and the difference of the exchange. If the bill is drawn against the drawer, the re-exchange is regulated according to the course of exchange at the place where the bill is payable, instead of upon the place where it has been drawn; but when the holder draws on one of the indorsers, the re-exchange is regulated by the course of exchange of the place where the bill has been originally sent, or the one where it has been indorsed, upon the place where it should be paid. The new draft is accompanied by an account of the return, which includes 1st. The principal of the protested bill of exchange, and the interest of one-half per cent. per month. 2nd. The expenses of protest, and other legitimate expenses, such as bank commission, brokerage, stamped papers, and postage of letters. 3rd. The name of the person on whom the new draft has been directed. 4th. The course of exchange, if the account has been made in Russian money. The account of return should be certified by a bill broker, and, in default, by two merchants. The account of return is accompanied by the protested bill of exchange, by the protest itself, or a copy of the protest duly legalised, where the new draft is drawn against one of the indorsers. A certificate is also joined to the account, proving the course of exchange of the place where the bill was payable, upon the place whence it was drawn. It is forbidden to accumulate re-exchanges in the return account, which accompanies the new draft, by which the indorser reimburses upon himself the preceding indorsers. Each of them should only pay to the other a re-exchange, and at the end the drawer pay only a single re-exchange. Interest on the principal of the bill protested for non-payment is due from the date of the protest. But the interest on the costs of protest, of re-exchange, and on other legitimate expenses, is due, reckoning only from the day of demand in court (a). Spain. The holder of a bill protested for non-payment may proceed either individually against the drawer and each of the indorsers, or collectively against them all, each indorser being (a) Russian Code, §§ 396-424. entitled to the same rights against the drawer and preceding indorsers. The holder may sue the drawer and indorsers, or the drawee, without distinction. Nevertheless, once he has commenced a suit against one of them, he cannot proceed against the others, except in case of the insolvency of the defendant. If the holder sues the acceptor before the drawer and indorsers, he must give them notice of the protest within the same period as is prescribed for the presentation of bills for acceptance. The indorsers to whom such notice has not been given are discharged from all responsibility, even when the acceptor shall have become insolvent. It will be the same thing as regards the drawer when he can prove that he made provision in proper time. If by an execution against the property of the debtor, the holder can only obtain a portion of his credit, he may sue the other parties in the bill for what remains due to him until he is entirely reimbursed. Should the party sued become bankrupt, the holder may sue successively the other responsible parties; and if they all become bankrupt, he will have the right to receive from each party the dividend corresponding to his credit, until his debt is completely satisfied. When an indorser has paid a protested bill, he enters into all the rights of the holder against the drawer, the preceding indorsers, and the drawee. The drawer, as well as every indorser of a protested bill, may, as soon as the protest has been made known to him, require the holder to receive the amount, with the lawful expenses, and he is entitled to the bill, the protest, and statement of debt. Bills of exchange confer an executory right to exact, as the case may be, from the drawer, the drawee, or the indorsers, the payment, reimbursement, deposit, and security of the amounts. Execution may be put in force on the presentation of the bill Summary proceedings. and protest, and without any other evidence than the judiciary recognisance made of his signature by the drawer or indorser. As regards the drawee, who has offered no exception to the validity of the acceptance when the bill was protested, execution may be ordered simply on presentation of the accepted bill, or of the protest, which proves that it has not been paid. The only exceptions admissible against summary execution are that the bill is false, or that it was paid, or that it was compensated by a liquidated and executory account, or the prescription of the bill, as well as the forbearance, or release of the debt, which must be proved either by public or private deed acknowledged in court. No other exception can stay the execution. The judges cannot grant any delay for the payment of bills of exchange. Whatever sum the holder may receive from the party he has sued will go towards the discharge of the other parties responsible for the payment of the bill. The interest upon the principal sum is calculated from the day of the protest (a). Sweden. When a bill of exchange has been protested for nonacceptance or non-payment, the holder may ask payment from the drawer or from the indorsers who are solidarily responsible, but if one of the indorsers has lost his recourse against those who precede him, the holder also loses his right towards them. If the acceptor has become bankrupt before the day the bill fell due, the holder may, after protest, demand payment from the Re-exchange. drawer or from the indorsers. In payment of a returned bill, the holder may demand from the drawer or from the indorsers the amount of the bill, interest at one-half per cent. per month, reckoning from the day of maturity, the reimbursement of the cost of protest, postage of two letters, brokerage of one-eighth per cent. where a broker has been employed; and, if it has been proved that the funds had been provided in several places, all other necessary expenses. If the sum is specified in foreign money, it shall be paid, in case of a rise, at the rate of exchange of the day of payment, and in case of a decline, at the rate of exchange of the day of emission. In case of non payment, the holder must summon the drawer and the indorsers within six weeks, if he is domiciled in the same department; and within three months, if he is domiciled in another. The holder who neglects to get the acceptance of the bill or to demand payment and summons the parties as above, loses all recourse on the indorsers and drawer; but if the drawer had not provided funds with the acceptor, he remains responsible. An indorser who pays a bill of exchange enters in the same right as the party to whom he pays it, but only towards the indorsers who precede him. In case of non-payment, he has (a) Spanish Code, §§ 534-547. : three months' time to summon him, and if he neglects it he Protest. loses his right of recourse. All protests must be made between the hours of nine o'clock in the morning and six o'clock in the evening, in the towns, by a notary, or magistrate, and a witness; and in the country, by a sworn officer and two witnesses. It is requisite that all of them should know how to write. A verbal-process of the protest shall be drawn out, containing the entire copy of the bill of exchange, the demand of the holder, the answers, his exceptions, the time and place, and the signature of the officer and witnesses. If the drawee cannot be found, the protest shall be made at his house. The holder shall thus preserve his rights, having on his charge to give notice in fifteen days at the latest to the competent authorities. The holder must equally protest, if the drawee is dead or has become bankrupt (a). SECTION XVII. STATUTE OF LIMITATION. BRITISH LAW. tation on All actions of debt grounded upon any lending or contract Time of limiwithout specialty must be brought within six years of the actions on cause of such action and not after. But if any person entitled debt. to the action shall at the time of the cause of action accrued be an infant, or a feme covert, non compos mentis, or beyond the sea, then such person may bring the action within six years after his full age, discoverture, sound memory, enlargement, or return from beyond the seas. But the Statute of Limitation does not destroy the debt; it only bars the remedy (b). The Statute begins to run from the time the cause of action has accrued. Therefore upon a bill payable after date, it begins to run from the time it became due (c). Upon a bill payable by instalments with a clause that if the first instalment (a) Swedish Law of 1835, §§ 3039. (b) 21 James 1, c. 16. (c) Quantock v. England, 5 Burr. 2628; Williams v. Jones, 13 East, 450 Chapple v. Durston, 1 C. & J. 1. From what time it begins on bills of exchange. Acknowledg ment must be in writing to take the case out of the statute. In case of two or more joint contractors. is not paid the whole shall become due, the Statute will run from the first default (a), and upon a bill payable at sight, or at a specific time after sight, the Statute commences from the presentation, or from the day it became payable after the presentation (b). But on a bill payable on demand, the Statute runs from the date of the bill and not from the date of the demand. If a bill was never accepted, and dishonoured at the time of payment, the Statute will run from the day the acceptance was refused (c). In all actions grounded upon any simple contract, no acknowledgment or promise by words only is deemed sufficient evidence of a new and continuing contract, whereby to take any case out of the operation of the Statute of Limitation, or to deprive any party of the benefit thereof, unless such acknowledgment or promise is made or contained by, or in some writing signed by the party chargeable thereby, or by an agent duly authorised (d). The written acknowledgment must contain a clear and unqualified promise to pay the debt. If the promise is conditional it must be shown that the condition has been fulfilled (e). And where there are two or more joint contractors, or executors, or administrators, of any contract, such joint contractor, executor, or administrator, does not lose the benefit of the Statute so as to be chargeable in respect, or by reason only of written acknowledgment or promise made and signed by any Part payment. other or others of them (f). Even part payment by one or more joint contractors, or executors, or administrators, only bars the person making it of the benefit of the Statute (g). But indorsement or memorandum of any payment written or made upon any promissory note, bill of exchange, or other writing, by or on behalf of the party to whom such payment is made, is deemed sufficient proof of such payment so as to take the case Issue of writ. out of the operation of the Statute (g). By issuing a writ of summons within the six years against the parties liable, and (a) Wittersheim v. Lady Carlisle, 1 H. Bl. 631; Hemp v. Garland, 4 Q. B. 519. (b) Holmes v. Kerrison, 2 Taunt. 323; (c) Carter v. Ring, 3 Camp. 459; Megginson v. Harper, 2 C. & M. 322. (d) 9 Geo. 4, c. 14, and 19 & 20 Vict. c. 97, s. 13. (e) Laing v. Mackenzie, 4 C. & P. 463; Tanner v. Smart, 6 B. & C. 603. (f) 9 Geo. 4, c. 14. (g) 19 & 20 Vict. c. 97, s. 14. 1 |