without

valid. But the indorsement with the words, "without recourse," Indorsement relieves such indorser from all responsibility in case of non- recourse. payment. He who obtains a bill of exchange by virtue of simple procuration, and on account of another party, is responsible towards the subsequent indorsers if he indorses it; but as regards his employer, he is responsible only in case of having guaranteed for its solvency by a del credere commission (a).

an indorse

ment.

Spain. The indorsement must contain the following items: Requisites of the name and surname of the indorsee; the value received in account in cash, or in merchandise; the name of the party on whose account the indorsement has been made; the date, and the signature of the indorser or of his attorney. The omission of any one of these particulars other than the name of the indorser and indorsee, does not annul the indorsement, but makes it have the effect of a simple procuration. Indorsements in blank are void, and give no right to any one to demand the payment (b).

cannot be

Sweden.-Inland bills may be lawfully indorsed in blank; Foreign bills but bills of exchange drawn from a foreign country upon a indorsed in place in the kingdom cannot be indorsed in blank. The in- blank. dorsement must be regular, and contain the name of the indorsee, the date, the value received, and the signature of the indorser. The drawee is not bound to accept the bill not duly indorsed. The irregular indorser is responsible for the injury he has caused. The indorsement has often the effect, not of transferring the property, but simply to confer on the indorsee the power to demand the acceptance or payment. This power may be revoked by the indorser, except the bearer can prove that he has given value for the bill (c).

SECTION IX.

BRITISH LAW.

PRESENTMENT FOR ACCEPTANCE.

The holder of a bill of exchange has the right to present it

for acceptance.

Presentment for acceptance is necessary when

(a) Russian Code, §§ 309-322.

(b) Spanish Code of Commerce, $$ 466-474.

(c) Art. 3-9, Ordinance of 21 Jan.

and 1 Feb. 1748.

Right of

holder to present a bill for acceptance.

When neces⚫ sary.

When unne

cessary.

Want of funds

in the drawee's hands is no

excuse.

To whom the bill should be presented.

Presentment must be in a reasonable

the bill is drawn payable at sight, or at a certain period after sight, in order to determine the time when it will become due (a). If the holder of a bill so payable at sight, or a certain time after sight, neither presents it nor puts it in circulation, he is guilty of laches, and cannot recover upon it (b).

Where, however, the time of maturity is certain, or when the bill is payable on demand, the holder is not bound to present it for acceptance (c), although it is in all cases advisable to present such bill for acceptance, inasmuch as an additional security is thereby obtained (d). So it is the duty of an agent receiving a bill payable at any specific time to present it at once for acceptance, in order to fix the liability of the drawee in the bill should the affairs of the drawer meanwhile become deranged (e).

And though want of funds in the drawee's hands might excuse presentment, in order to charge the drawer of an unaccepted bill, some actual evidence of a demand to accept must be proved (f). But once acceptance is refused, the holder may sue the drawer on the bill, and he is not bound again to present it or to return the bill (g).

The bill should be presented to the drawee himself. If he refuses it, or if he cannot be found, then if the bill specifies another person to whom it should be presented "in case of need," or, "au besoin," it should be presented to him (h). If the bill is drawn on two or more persons in partnership, presentment to one is presentment to all; but if they are not in partnership, the bill must be presented to each of them separately.

In all cases presentment should be made in a reasonable time, and the limit of such reasonable time will depend on the time and rea- particular circumstances of the case (i). Presentment must

sonable hours.

also be made within reasonable hours. Thus, presentment to a banker must be before banking hours, and presentment

to a tradesman any time during the day

time during the day or evening (a).

The presentment should be made at the place of business At what place. or of residence of the drawee, without where the bill or note is made payable.

regard to the place

If the drawee cannot

be found at his usual residence, the holder may consider him as
absconded, but if he has only changed place, the holder must
make due diligence to find him out (b).
the whole day to view the bill, and

The party may have deliberate to accept it

or not.

FOREIGN LAWS.

for present

France. The holder of a bill of exchange drawn from the Time allowed continent and European islands and payable in the European ment. possessions of France either at sight or at one or several days or months, or usances of sight, must demand payment or acceptance within six months of its date, under penalty of losing his rights against the indorsers, and even against the drawer if the latter has made due provision. Bills of exchange drawn from the ports of the Levant and Northern Coasts of Africa upon the European possessions of France, and reciprocally from the continent and European islands upon the French establishments in the ports of the Levant and the Northern Coasts of Africa, must be presented within eight months of their date. Bills of exchange drawn from the Western Coast of Africa, up to and including the Cape of Good Hope, must be presented within one year. It is also one year for bills of exchange drawn from the continent and from the islands of the West Indies upon the European possessions of France, and reciprocally from the continent and European islands on the French possessions and French establishments in the West Coast of Africa, in the continent and islands of the West Indies. Bills of exchange drawn from the continent and islands of the East Indies on the European possessions of France, and reciprocally from the con

in putting the bill into circulation, which is for the interest of the holder, is to be allowed; and the bill need not be sent for acceptance by the very earliest opportunity, though it must be sent without improper delay. B. Parke in

Radkessen v. Mullick, 9 Moore, C. L. 67.

(a) Barclay v. Bailey, 2 Camp. 517; Parker v. Gordon, 7 East, 385; Elford v. Teed, 1 M. & S. 28.

(b) Collins v. Butler, 2 Str. 1037; Bateman v. Joseph, 12 East, 432.

Presentation for acceptance of bills on demand.

Duty of agent

to present bills payable on a day certain.

tinent and European islands upon the French possessions or French establishments on the continent and islands of the East Indies, must be presented within two years. The same forfeiture of rights would arise where the holder of a bill of exchange at sight, at one or several days, months, or usances of sight, drawn from France, from French possessions and establishments, and payable in foreign countries, does not demand the payment or acceptance within the time above specified for each of the respective distances. The above delays of eight months, one year, and two years are doubled in time of maritime war. These regulations do not prejudice any contrary stipulation which may exist between the holder, the drawer, and the indorsers.

A special regulation adopted by French Guiana, by Ordinances of the Governor, of the 1st October, 1820, decides that as regards bills of exchange drawn from French Guiana upon another place of the same colony, the holder must require the acceptance within three months. And the time is extended to six months for bills drawn from the islands above wind; to one year for those drawn from islands under wind, North America and Europe; to three years for those drawn from the West Indies on French Guiana (a).

United States. There is no precise time fixed by law in which bills payable at sight, or a certain number of days after sight, must be presented to the drawer for acceptance, though there must not be any unreasonable delay, for that might discharge the drawer and indorser. A bill payable on a day certain after date, or on demand, need not be presented for acceptance before the day of payment or demand, and if not presented previously for acceptance, the right to require acceptance becomes merged in the right to demand payment; but if presented before it becomes due, and acceptance be refused, it is dishonoured, and notice must then be given forthwith to the parties whom it is intended to charge. There is a distinction between the owner of the bill and his agent. Though the owner is not bound to present the bill payable at a day certain for acceptance before the day, the agent employed to collect the bill or to get it accepted and paid, or accepted, must act with due diligence to have the bill accepted as well as paid. He has not the discre

(a) French Code of Commerce, § 160.

tion or latitude of time given to the owner, and for any unreasonable delay on his part he would be held responsible for all damages which the owner may have sustained by reason thereof (a). A bill payable at sight, or at so many days after sight, as well as a bill payable on demand, must be presented in a reasonable time, or the holder will have to bear the loss proceeding from his default (b).

able at fairs.

Germany. The holder of a bill of exchange is entitled Presentment of bills payforthwith to present it for acceptance, and if acceptance is refused, to have the bill protested. Bills of exchange payable at fairs are alone exempted from such a formality. Such bills can only be presented and protested at the times fixed by the regulations in force when the fair is held. The mere possession of a bill entitles the holder to present it for acceptance, and to protest it for non-acceptance. The holder is bound to present the bill for acceptance when the bill is drawn at a certain time after sight; a bill so drawn must, under penalty of losing all right of recourse against the drawer and indorser, be presented for acceptance within the period specified therein, and if no period be mentioned, within two years after the date. If an indorsement specifies that the bill must be presented for acceptance within a specified time, the indorser is discharged of all obligation if the bill is not presented within such a period. When the acceptance of a bill payable at a certain time after sight is refused, or if the drawee refuses to date his acceptance, the holder must, under penalty of losing his recourse against the indorser and the drawer, get the bill protested for non-acceptance. The day of the protest serves in such a case for the day of presentation. If no protest has been made, and the acceptor has omitted to date his acceptance, the time of payment will be calculated from the last day of the time allowed for presentation (c).

Denmark. The holder of a bill payable at a certain time after date must send it for acceptance in good time to have it presented before it becomes due. A bill payable at sight, or at a certain time after sight, must be presented within three months from its date if the bill is drawn from a place

(a) Allen v. Suydam, 17 Wendell, 368; The Bank of Scotland v. Hamilton, Bell's Com. vol. i. p. 409, note. (b) Kent's Commentaries, vol. iii. p.

VOL. I.

101, 9th Ed.

(c) German Law on Bills of Exchange, $$ 17-19.

D D