ance of a bill gives to the holder the right to exact payment from the acceptor, even where the signature of the drawer is found to be false (a). When the drawee refuses acceptance it is the duty of the holder to protest the bill. The holder of the protested bill must notify the protest to his indorser within five days if both reside in the same place. If they do not reside in the same place the holder is bound under penalty of damages to send a copy of the protest, duly certified, at the latest by the first post which leaves after the five days. If there be no regular post, it must be sent by the first occasion which presents itself after the five days. Each indorser is bound within the same time from the day of the notice, and under the same responsibility, to send a copy of the protest to the preceding indorser, and so from one to the other till it reaches the drawer. If the holder consents, on demand of the drawee, not to protest or not to give notice, he loses his rights against all the indorsers, and even against the drawer, if the latter proves that he had * made provision. The holder in such a case would have his rights against the drawee only. If he does it on the demand of the drawer, or of one of the indorsers, he loses his rights against the subsequent indorsers, but preserves them against the drawer and preceding indorsers. Upon the notification of the protest the drawer and indorsers are respectively bound to give security for the payment of the bill when due, or to pay the amount with expenses (b). not be con ditional. ance. Norway. The drawee must decide to accept or not within The accepttwenty-four hours after presentation. The acceptor cannot ance must change the mode of payment, nor the place where it is to be made, without the consent of the holder. He cannot accept conditionally. If the bill is not accepted it must be protested. Should the drawee refuse to accept, the payee must protest the Protest for bill within the time fixed by law for the presentation for accept- non-acceptance. If the bill reaches him too late to present and protest it in time, he must notify the same to the drawer. The holder must notify the protest to all against whom he wishes to go. The notice must be sent forty-eight hours after the protest to the drawer and indorsers residing in the town where the protest has been made; and by the first or second post to those (a) Dutch Code of Commerce, §§ (b) Ibid. §§ 175-188. 112-121. Notice. Acceptance for honor. The word Duty of the holder to protest in case of refusal. residing in another place. The holder of a bill protested for nonacceptance may demand immediate payment from the drawer and indorsers (a). Portugal. The acceptance must be clearly expressed in the bill itself, and must be signed. The promise to accept a bill is not the same as an acceptance. On all other points relating to the acceptance the law is the same as in Spain. The drawee may accept for honor, and for that purpose he is preferred above all others. The holder may himself accept for honor, and give himself the preference upon other parties. As to other persons, preference should be given, 1st, to those who are charged to accept by the drawer, or by the payee, who might offer spontaneously to accept for them; 2nd, to those charged by the holder, or by those who wish to accept for him; 3rd, to those who are charged by any one of the indorsers, or who wish to accept for him. The parties specially charged to accept for honor are preferred to those who have received no order to that effect. If the parties offering to accept are not entitled to the preference indicated by law, the holder has then the choice (b). Russia. The drawee must within twenty-four hours of the presentation declare to the holder if he accepts or refuses the acceptance. The acceptance is expressed by the word "accepted" written on the bill itself, followed by the signature of the acceptor. The acceptance must be dated if the bill is payable at sight, or at a certain time after sight. The acceptor cannot withdraw his acceptance, unless he discovers and proves at the time the fraud of the holder. The bill of exchange must be protested by the holder in case of refusal of acceptance on the part of the drawee, and where the drawee is absent or is insolvent. The protest must be made within twelve months of the date of the bill, unless another time is specified. When the bill reaches the holder by extraordinary means he cannot protest it before the arrival of the regular post, so as to allow the necessary time to the drawee to get the notice. Nevertheless, the protest may be made immediately if the bill has become due (c). Spain. A bill of exchange payable at sight is not subjected (a) Regulation on Bills, §§ 16-21. (b) Portuguese Code, §§ 333--353. an accept ance. to the formality of acceptance, it is payable on presentation. The drawee is bound upon the presentation of the bill to declare if he accepts or not. If the drawee does not accept he Requisites of must state to the holder the motive of his refusal. If he accepts he must express it in the bill itself in such words as "I accept," or "we accept." The acceptance must be written. The date is only required in bills drawn at one or more days or months of sight. If the acceptance of a bill, payable at a certain time after sight, is not dated, the bill is due at the time fixed, computing from the day when it had been drawn ; and if, according to this presumption, the bill had already become due, the bill must be paid the day after the presentation. If the bill is payable in another place than that where the acceptor resides, the acceptance should indicate the place where payment is to be made. The acceptance must be given or refused the same day when the bill is presented for the purpose. The drawee cannot under any pretext retain the bill in his hands; and if he let the day pass without restoring it he is deemed to have accepted, even though he had not intended it, and becomes responsible for the payment. The acceptance has the effect of binding the Effect of an acceptance. acceptor to the payment of the bill when it is due, and he cannot avert the effect of it even if he has not received any funds. It would, however, be different if it were proved that the bill is false, and in that case the acceptor could refuse the payment even as against a bond fide holder. The drawer is responsible for the acceptance and for the payment of the bill when it is due towards the holder and all the indorsers. The drawer and indorsers are responsible towards the holder. In case of nonacceptance it is the duty of the holder to protest the bill. ance. The protest must be made on the day after the presentation, Protest for and if it be a holiday, on the first working day. It must be non-acceptdrawn up before 3 o'clock in the afternoon, and the officer must keep it till sunset to give time to the drawee. protest is delivered to the holder. The act of After sunset the protest is drawn up by the notary and two witnesses, inhabitants of the place; but the witnesses must not be in the service of the notary. The holder is not dispensed from protest in case of the death or bankruptcy of the drawee. The protest must be notified to those who are liable on the bill. In defect of this notice the holder would lose his rights against them. The notice must be Drawee not bound to accept. Duty of the holder to pro- Bill may be accepted for honor. given within the time prescribed for the presentation for acceptance. In case of refusal of acceptance by the drawee any one may accept the bill for honor. The party so accepting must notify the same to the party for whose honor he has accepted. The acceptance has the effect of binding the party to pay the bill in the same manner as if it had been drawn upon himself. But the holder may demand from the drawer and indorsers either a security or the payment of the bill (a). the Sweden. When the bill is presented for acceptance the drawee must declare within twenty-four hours if he will accept or not. If he does not accept within this time he is deemed to have refused. The drawee is not bound to accept the bill unless he is legally bound towards the drawer. The acceptance cannot be demanded on a Sunday or holiday. It is expressed by the word "accepted" written on the bill itself, and followed by the signature. The acceptor is bound to pay bill even when the drawer has become bankrupt before the acceptance. The wife cannot accept for her husband, nor the agent for his principal, without an express authority, notice of which has been given to the tribunal. In case of refusal of acceptance the holder must protest the bill in twenty-four hours. The protest is made in towns by a notary, or a magistrate and a witness; and in the country by a municipal notary and two witnesses. A protest may be made from 9 o'clock in the morning to 6 in the evening. The holder must notify the protest to his indorser, and he cannot go against another indorser without giving him notice in the twenty-four hours after he gets the protested bill. A bill of exchange protested for non-acceptance by the drawee may be accepted by a third party for the honor of the drawer or of one of the indorsers. The fact of its being an acceptance for honor must be stated on the bill, and the acceptor must show for whom he accepts. The holder then delivers to him the act of protest, and the acceptor for honor pays him the him the expense. The party offering to accept for the honor of the drawer is preferred to the party offering to accept for the honor of the indorser, and generally preference is given to the party who discharges most persons. But when a person is indicated in the bill to have recourse to in case of (a) Spanish Code of Commerce, §§ 455-465, and 511-533. need, then he is preferred above all others. When the bill has been accepted under protest for honor the drawee can no longer recall his refusal to accept, or offer to give also his acceptance, unless the person who has accepted for honor consents to it, being reimbursed of the expense of protest, besides a commission of half per cent. The holder may refuse an acceptance for honor, and exercise his recourse against the drawer and indorsers. He may also, even in receiving such acceptance, exact from the drawer and indorsers a security for the payment of the bill when due (a). Switzerland. Bale.-The acceptance cannot be revoked even. in case of error. If a person accepts by mistake several copies of the same bill, he may exercise his rights against the party who has made a double use of the bill, but not against the lawful holders. The drawee who has accepted a bill is responsible for the effect of his acceptance for one month after the bill is due. After this time the holder ceases to enjoy the rights attached to bills of exchange, and acquires only a civil debt. The drawer and indorsers of a bill are jointly responsible for the acceptance and payment of a bill, unless the indorser has put some expression in the indorsement freeing himself from any responsibility. If any person is nominated to accept and pay "in case of need," the holder must present the bill to him after having protested it. Zurich. The acceptance may be asked upon a bill payable at a certain time after date, as well as upon a bill payable after sight. It must be written and signed by the hands of the acceptor or his agent. A verbal acceptance, or an acceptance sent by letter, does not produce any effect. Drawee cannot recall his refusal, once accepted for the bill was honor. SECTION XI. PRESENTMENT FOR PAYMENT. BRITISH LAW. It is the duty of the holder to present the bill for payment at the time the bill becomes due, where such a time is specified, and if no time be specified, within a reasonable time after the receipt of the bill (b). The bankruptcy, insolvency, or death of the drawee, or his (a) Swedish Ordinance of 1748. (b) Appleton v. Sweetapple, 1 T. R. 269. Bill must be payment. presented for What will excuse presentation. |