Protest necessary. Protest, by whom made Protest, how made. Protest, where made Protest, when to be made. Protest, when exercised. Notice of protest, § 1331. Notice of the dishonor of a foreign bill can be given only by notice of its protest. § 1332. Protest must be made by a notary public, if with reasonable diligence one can be obtained;' and if not, then by any reputable person in the presence of two witnesses.2 § 1333. It must be made by an instrument in writing, giving a literal copy of the bill of exchange, with all that is written thereon; stating the presentment, and the manner in which it was made; the presence or absence of the drawee or acceptor, as the case may be; the refusal to accept, or to pay, or the inability of the drawee to give a binding acceptance; and in case of refusal, the reason assigned, if any; and finally protesting against all the parties to be charged.' 1 Story on Bills, § 276; Code de Commerce, arts. 173, 174 § 1334. A protest for non-acceptance must be made in the city or town in which the bill is presented for acceptance; and a protest for non-payment in the city or town. in which it is presented for payment.' 1 Story on Bills, § 282. § 1335. The protest must be noted on the day of presentment, or the next business day;' but it may be written. out at any time thereafter." § 1336. The want of protest, or delay in making the same, is excused in like manner with the want or delay of presentment.1 1 Story on Bills, § 280. § 1337. Notice of protest is given in the same manner as how given. notice of dishonor. It may be given by the notary who Waiver of protest. makes the protest. § 1338. If a foreign bill on its face waives protest, notice of dishonor may be given to any party thereto, in like manner as upon an inland bill. But if any indorser of a bill containing such a waiver, expressly requires protest to be made by a written direction on the bill at or before his indorsement, protest must be made, and notice thereof given to him and to all subsequent indorsers. § 1339. The payer of a foreign bill for honor must declare, before payment, in the presence of a person authorized to make protest, for whose honor he pays the same, in order to entitle him to reimbursement.' § 1340. Damages are allowed as hereinafter prescribed, as a full compensation for interest, re-exchange, expenses, and all other damages, in favor of holders for value only, upon bills of exchange drawn or negotiated within this state, and protested for non-acceptance or non-payment. Damages dishonor of foreign bill. allowed on § 1341. The rate of damages allowed is, on bills drawn Rate of upon any person in 1. Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New Jersey, Pennsylvania, Ohio, Delaware, Maryland, Virginia, or the District of Columbia, three per centum on the principal sum; 2. North Carolina, South Carolina, Georgia, Kentucky, or Tennessee, five per centum thereon; 3. Any other part of North or South America,' or the islands in the Atlantic ocean, or Europe, ten per centum thereon;2 4. Any other place, twenty per centum thereon." "North of the equator" omitted. 21 R. S., 770. This scale of damages needs revision. This is the custom of merchants. damages. [3 1341. Damages are allowed upon bills drawn upon 1a. any person in 1. Any part of the United States except this state, lying north of Virginia and Kentucky, and east of Illinois and Wisconsin, at the rate of three per centum on the principal sum; Damages, how estimated. Id. 2. Any other part of the United States east of the Rocky Mountains, the two Canadas, and British provinces eastward thereof, at the rate of five per centum thereon; 3. Any other part of the United States, at the rate of seven per centum thereon; 4. Any other part of the continent of America, Europe, or islands in the Atlantic ocean, at the rate of ten per centum thereon; 5. Any other place, at the rate of twenty per centum thereon.1 This is proposed as a substitute for the preceding section.] § 1342. If the amount of a protested bill is expressed in money of the United States, damages are estimated upon such amount without regard to the rate of exchange.' 1 1 R. S., 771. § 1343. In other cases, damages are estimated upon the value of a similar bill at the time of protest, in the place nearest to the place where the bill was negotiated, and where such bills are currently sold. Promissory note, what. Bill of exchange, when con nected with a note. Certain sections CHAPTER III. OF PROMISSORY NOTES. SECTION 1344. Promissory note, what. 1345. Bill of exchange, when converted into a note. 1346. Certain sections applicable. 1347. Effect of delay in presentment. § 1344. A promissory note is an instrument, negotiable in form, whereby the signer promises to pay to a specified person or his order or to the order of a specified person, or to the bearer, a specified sum of money. § 1345. A bill of exchange, if accepted by a person other than the drawee, or acceptor for honor, with the consent of the owner, becomes in effect the promissory note of such person, and all prior parties thereto are exonerated.' 1 See Peto v. Reynolds, 9 Exch., 410. 1346. Chapter I of this title, and sections 1308 and applicable 1326 of this Code, apply to promissory notes. to note. § 1347. If a note payable on demand, or at sight, without interest, is not duly presented for payment (unless such presentment is excused), within the indorsers thereof are exonerated.' from its date, Effect of sentment. delay in pre CHAPTER IV. CHECKS AND DRAFTS. SECTION 1348. Checks and drafts, what. 1349. Rules applicable to them. § 1348. A check is a bill of exchange drawn upon a bank or banker, or a person described as such upon the face thereof, and payable on demand. A draft is a similar instrument, except that it is payable at or after sight, or at a future day. § 1349. Checks and drafts are subject to all the provisions of this Code concerning bills of exchange,' except that 1. No days of grace are allowed thereon ;* 2 2. The drawer is exonerated by delay in presentment only to such extent as he is injured thereby ;3 3 3. The indorsee, after apparent maturity, acquires as good title as an indorsee before such period." 1 A check is an inland bill of exchange. Chapman v. It is not essential (as unnecessarily said in Harker v. 2 Laws 1857, ch. 416. 'Robinson v. Hawksworth, 9 Q. B., 52; Harbeck v. Craft, 4 Duer, 122; see Little v. Phoenix Bank, 2 Hill, 425. Checks and drafts, what Rules to checks applicable and drafts. Bank notes negotiable after payment. Title acquired by indorsee, CHAPTER V. BANK NOTES AND CERTIFICATES OF DEPOSIT. SECTION 1350. Bank notes negotiable after payment. 1351. Title acquired by indorsee. § 1350. Bank notes remain negotiable, even after they have been paid by the maker. § 1351. The indorsee of a bank note or certificate of deposit after its apparent maturity or actual dishonor within his knowledge, acquires as good a title as an indorsce before such event. Indemnity defined. Indemnity for a future wrongful act, void. Indemnity for a past wrongful act, valid. TITLE XIV. INDEMNITY. SECTION 1352. Indemnity defined. 1353. Indemnity for a future wrongful act, void. 1354. Indemnity for a past wrongful act, valid. 1355. Agreement for indemnity applied to consequences. 1356. Person indemnifying liable jointly or severally with person indemnified. 1357. Rules for interpreting agreement of indemnity. 1358. When person indemnifying, what is a surety. 1359. Recognizance, bail. § 1352. Indemnity is a contract by which one party engages to save the other from some legal consequence of the conduct of either party, or of some other person. § 1353. An agreement to indemnify a person for an act thereafter to be done is void, if the act is then known by such person to be wrongful. Stone v Hooker, 9 Cow., 154; Allaire v. Onland, 2 Johns. § 1354. An agreement to indemnify a person for an act already done is valid, although the act was known to be wrongful. Kneeland v. Rogers, 2 Hall, 579; Parker v. Rochester, 4 |