Massachusetts. states of New York, or in New Jersey, Pennsylvania, Ohio, Delaware, Maryland, Virginia, or the district of Columbia, the damages to be allowed and paid upon the usual protest for nonacceptance or non-payment to the holder of the bill as purchaser thereof, or of some interest therein for a valuable consideration, shall be three per cent. upon the principal sum specified in the bill; and upon any person at any place within the states of North Carolina, South Carolina, Georgia, Kentucky, and Tennessce, five per cent.; and upon any person in any other state or territory of the United States, or at any other place on or adjacent to this continent and north of the equator, or in any British or foreign possessions in the West Indies, or elsewhere in the Western Atlantic Ocean, or in Europe, ten per cent. The damages are to be in lieu of interest, charges of protest, and all other charges incurred previous to and at the time of giving notice of non-acceptance and non-payment. But the holder will be entitled to demand and recover interest upon the aggregate amount of the principal sum specified in the bill, and the damages from the time of notice of the protest for non-acceptance, or notice of a demand and protest for non-payment. the contents of the bill be expressed in the money of account of the United States, the amount due thereon, and the damages allowed for the non-payment, are to be ascertained and determined, without reference to the rate of exchange existing between New York and the place on which the bill is drawnBut if the contents of the bill be expressed in the money of account or currency of any foreign country, then the amount due, exclusive of the damages, is to be ascertained and determined by the rate of exchange, or the value of such foreign currency at the time of the demand of payment. If In Massachusetts, bills drawn or indorsed in that state, and payable without the limits of the United States, and duly protested for non-acceptance or non-payment, are settled at the current rate of exchange and interest, and five per cent. damages; and if the bill be drawn upon any place beyond the Cape of Good Hope, twenty per cent. damages. The rate of damages in Massachusetts on inland bills payable out of the state, and drawn or indorsed within the state, and duly protested for non-acceptance or non-payment, is two per cent. in addition to the contents of the bill, with interest and costs if payable in any other New England state or New York ;. and three per cent. if payable in New Jersey, Pennsylvania, Delaware, or Maryland; and four per cent. if payable in Virginia, District of Columbia, North Carolina, South Carolina, or Georgia; and five per cent. if payable in any other state of the United States, or territories thereof. In Connecticut, the rule of damage on bills returned, pro- Connecticut. tested, and drawn upon any person in New York, is two per cent. upon the principal sum. If in Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, or the District of Columbia, three per cent.; if on North or South Carolina, Ohio, or Georgia, five per cent.; if on any other state or territory of the United States, eight per cent., together with lawful interest on the aggregate amount of such principal sum, and damages from the time of notice of the protest. In Pennsylvania, by statute of 1821, five per cent. damages Pennsylvania. were allowed upon bills drawn upon any person in any other of the United States except Louisiana, and if on Louisiana or any other part of North America except the north-west coast of Mexico, ten per cent.; if on Mexico, the Spanish Main, or the islands on the coast of Africa, fifteen per cent.; and twenty per cent. upon protested bills on Europe; and twenty-five per cent. upon other foreign bills, in lieu of all charges except the protest, and the amount of the bill is to be ascertained and determined at the rate of exchange. In Maryland, the rule by statute in 1785 is fifteen per cent. Maryland. damages, and the amount of the bill ascertained at the current rate of exchange, or the rate requisite to purchase a good bill of the same time of payment upon the same place. In Virginia and South Carolina, the damages, by statute, are Virginia and fifteen per cent. South Carolina. lina. In North Carolina, by statute, in 1828, and revised in 1837, North Carodamages on protest bills, drawn or indorsed in that state, and payable in any other part of the United States, except Louisiana, are six per cent.; payable in any other part of North America, except the north-west coast of America, or in the West India Islands, ten per cent.; payable in South America, the African Islands, or Europe, fifteen per cent.; and payable elsewhere, twenty per cent. VOL. I. H H Georgia. Alabama. Louisiana. Tennessee. Kentucky. Mississippi. Missouri The damages in Georgia, by statute, in 1827, or bills drawn on a person in another state, and protested for non-payment, are five per cent.; and on foreign bills protested for nonpayment, are ten per cent., together with the usual expenses and interest; and the principal is to be settled at the current rate of exchange. The damages on bills drawn in the state of Alabama, on any person resident within the state, are ten per cent.; and on any person out of it, and within the United States, are fifteen per cent.; and on persons out of the United States, twenty per cent. on the sum drawn for, together with incidental charges and interest. In Louisiana, in 1838, the rate of damages upon the protest for non-acceptance or non-payment of bills of exchange drawn on and payable in foreign countries, was declared by statute to be ten per cent. ; and in any other state in the United States, five per cent., together with interest on the aggregate amount of principal and damages. On protested bills, drawn and payable within the United States, the damages include all charges, such as premiums and expenses and interest on those damages, but nothing for the difference in exchange. The damages in Tennessee, by statute, in 1827, on protested bills, over and above the principal sum, and charges of protest, and interest on the principal sum, damages and charges of protest from the time of notice are three per cent. on the principal sum, if the bill be drawn upon any person in the United States; and fifteen per cent. if upon any person in any other place or state in North America bordering on the Gulf of Mexico, or in the West Indies; and twenty per cent. if upon a person in any other part of the world. These damages are in lieu of interest, and all other charges, except the charges of protest, to the time of notice of the protest and demand of payment. In Kentucky, the damages on foreign bills protested for nonacceptance or non-payment, are ten per cent. In Mississippi, the damages on inland bills within the state protested for non-payment are five per cent.; if drawn on any person resident out of the United States, ten per cent.; no damages on protested bills drawn on a sister state. In Missouri, the damages on bills of exchange drawn or negotiated within the state, and protested for non-acceptance or non-payment, as against the drawer and indorser, are four per cent. on the principal sum; if drawn on any person out of the state, but within the United States, ten per cent.; if out of the United States, twenty per cent.; the same rate of damages as against the acceptor on non-payment. per The damages in Indiana and Illinois on foreign bills are ten Indiana. cent. ; and on bills drawn on any person out of the state, and within the United States, are five per cent., in addition to the cost and charges. In Ohio, the damages on protested bills drawn on persons Ohio. residing within the United States, but not in Ohio, are six per cent.; and if out of the United States, twelve per cent. over and above the principal and interest of the bill (a). sued. What may be recovered. Germany. The holder of a bill of exchange protested for Who may be non-payment may either sue all the parties bound, or one or more of them, without losing his rights against the others. He is not bound to sue the parties according to the order of the indorsement. The sum claimable by the holder consists of-1st. The amount of the bill unpaid, and the interest at six per cent. per annum, from the day that it fell due. 2nd. The cost of protest and other charges. 3rd. A commission of one-third per cent. In case the person upon whom recourse is taken resides in a different place from that where payment ought to be made, the above sums must be paid at the exchange of a bill at sight drawn from the place of payment to the domicile of the party against whom recourse is taken. If there be no course of exchange at the place of payment, that of the nearest place will be conformed to. At the request of the party liable in recourse, the rate of exchange must be proved, either by a note of exchange delivered by the public authority, or by the attestation on oath of an exchange broker, or if this cannot be had, by the attestation of two merchants. The indorser, who has paid for the bill, or who has received it as a remittance, may exact from every preceding indorser, or from the drawee-1st. The reimbursement of the sum, or of the equivalent of the remittance made to him, and six per cent. (a) Kent's Comment. vol. iii. p. 158. Protest for non-payment. interest per annum, to be computed from the day of payment. 2nd. The charges. 3rd. A commission of one-third per cent. When the person upon whom recourse is taken resides in another place from the domicile of the holder, the foregoing sums will be estimated according to the rate of a bill of exchange at sight, drawn from the place of residence of the holder upon that of the party liable; and if there be no course of exchange upon this place, then the course of the place nearest thereto shall be taken. When a certificate of the course is wanted, the same rules as above will be observed. Where the holder is to exercise his rights against a person dwelling abroad, he is not precluded by the preceding rules from charging such higher rates as are customary at that place. The holder may draw for the amount a bill of exchange on the indorser. In this case he may add to the original amount the brokerage for the negotiation of the bill, and the cost of the stamp. The bill so drawn must be payable at sight. The indorser upon whom the bill is so drawn is entitled to the delivery of the bill and of the protest. Every indorser who has satisfied his preceding indorser, can cross out his own name and those of the preceding indorsements. The liability on a bill of exchange extends over the drawer, acceptor, indorsers, and every party whose name is on the bill. The holder can sue every one of them for the whole amount of his claim; and it is at his option which of the parties he will sue first (a). Holland. The law of Holland on this point has been almost entirely reproduced in Portugal, under which country the same will be found fully stated (b). Italy. The law is the same as in France (c). Portugal. The holder must cause the bill to be protested in case of non-payment the day after the bill has become due, and on the receipt of the notice of protest the indorser and drawer are respectively bound to pay the bill with the expenses of protest and re-exchange. The protest must contain a copy of the bill, the demand to pay, the presence or absence of the drawee or maker, the motives of refusal to pay, the date, and the sig (a) German Law, §§ 49-55, and 81-83. (b) Dutch Code, §§ 175-203. |