for payment is excused and does not discharge the drawers and indorsers. (R. S. 1909, § 10117.) See Shepard v. Insurance Co., 8 Mo. 272. Sec. 934. Presentment for acceptance excused, when.Presentment for acceptance is excused and a bill may be treated as dishonored by nonacceptance in either of the following cases: (1) Where the drawee is dead, or has absconded, or is a fictitious person or a person not having capacity to contract by bill; (2) where, after the exercise of reasonable diligence, presentment cannot be made; (3) where, although presentment has been irregular, acceptance has been refused on some other ground. (R. S. 1909, § 10118.) See Shepard v. Insurance Co., 8 Mo. 272. Sec. 935. Bill dishonored by`nonacceptance, when.—A bill is dishonored by nonacceptance: (1) When it is duly presented for acceptance and such an acceptance as is prescribed by this chapter is refused or cannot be obtained; or (2) when a presentment for acceptance is excused and the bill is not accepted. (R. S. 1909, § 10119.) Sec. 936. Bill not accepted within prescribed time, how treated. Where a bill is duly presented for acceptance and is not accepted within the prescribed time, the person presenting it must treat the bill as dishonored by nonacceptance or he loses the right of recourse against the drawer and indorsers. (R. S. 1909, § 10120.) Failure to accept within prescribed time.-If acceptance is refused, notice of same must be given to indorsers to fix their liability. Glasgow & Harrison v. Copeland. 8 Mo. 268. Notice need not be in writing. First Nat'lB ank v. Hatch, 78 Mo. 13. Sec. 937. Bill dishonored, right of recourse accrues.When a bill is dishonored by nonacceptance, an immediate right of recourse against the drawers and indorsers accrues to the holders, and no presentment for payment is necesary. (R. S. 1909, § 10121.) Sec. 938. Foreign bills dishonored by nonacceptance must be protested. Where a foreign bill, appearing on its face to be such, is dishonored by nonacceptance, it must be duly protested for nonacceptance, and where such a bill which has not previously been dishonored by nonacceptance is dishonored by nonpayment, it must be duly protested for nonpayment. If it is not so protested the drawer and indorsers are discharged. Where a bill does not appear on its face to be a foreign bill, protest thereof in case of dishonor is unnecessary. (R. S. 1909, § 10122.) Necessity of protest.-Section cited and applied. Ensign v. Cutlery Co., 195 A. 585, 193 S. W. 961: Held, where evidence admitted, without objection, shows that draft, on being dishonored was protested, the absence from petition of the special allegation of protest cannot effect a judgment for plaintiff. Sec. 939. Protest-requirements of. The protest must be annexed to the bill or must contain a copy thereof, and must be under the hand and seal of the notary making it, and must specify: (1) The time and place of presentment; (2) the fact that presentment was made and the manner thereof; (3) the cause or reason for protesting the bill; (4) the demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found. (R. S. 1909, § 10123.) Requisites and sufficiency.-Where the notice of a check's dishonor was put in the postoffice to go by the proper post, it was immaterial to the rights of the holder whether it ever reached the drawer or not. Bank v. Korn, 179 S. W. 721. As to requisites and sufficiency of protest, see Johnson County Savings Bank v. Lowe, 47 A. 151; Faulkner v. Faulkner, 73 Mo. 327. See, also, Sec. 995 and cases there cited. Sec. 940. By whom made.-Protest may be made by: (1) A notary public; or (2) by any respectable resident of the place where the bill is dishonored, in the presence of two or more credible witnesses. (R. S. 1909, § 10124.) By notary.-Foreign bills must be protested by notary public when such an officer is obtainable. Bank v. Barksdale, 36 Mo. 563. Sec. 941. When made.-When a bill is protested, such protest must be made on the day of its dishonor, unless delay is excused, as herein provided. When a bill has been duly noted, the protest may be subsequently extended, as of the date of the noting. (R. S. 1909, § 10125.) Section cited and applied. Bank v. Korn, 179 S. W. 721. Held, it was not necessary under this section that the drawer of a check, who had notified the bank on which it was drawn not to pay it, be notified of its protest. Sec. 942. Where made.-A bill must be protested at the place where it is dishonored, except that when a bill drawn payable at the place of business or residence of some person other than the drawee has been dishonored by nonacceptance; it must be protested for nonpayment at the place where it is expressed to be payable, and no other presentment for payment to or demand on the drawee is necessary. (R. S. 1909, § 10126.) Sec. 943. Bill protested for nonacceptance may be subsequently protested for nonpayment.-A bill which has been protested for nonacceptance may be subsequently protested for nonpayment. (R. S. 1909, § 10127.) Protest for non-payment.-Protest for non-payment after protest for nonacceptance. See Renshaw v. Triplett, 23 Mo. 213. Sec. 944. Proceedings when acceptor has been adjudged a bankrupt. Where the acceptor has been adjudged a bankrupt or an insolvent, or has made an assignment for the benefit of creditors, before the bill matures, the holder may cause the bill to be protested for better security against the drawer and indorsers. (R. S. 1909, § 10128.) Sec. 945. Protest, when dispensed with.-Protest is dispensed with by any circumstances which would dispense with notice of dishonor. Delay in noting or protesting is excused when the delay is caused by circumstances beyond the control of the holder and not imputable to his default, misconduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable diligence. (R. S. 1909, § 10129.) Sec. 946. Protest may be made on copy, when.—Where a bill is lost or destroyed, or is wrongly detained from the person entitled to hold it, protest may be made on a copy or written particulars thereof. (R. S. 1909, § 10130.) Sec. 947. Acceptance for honor.-Where a bill of exchange has been protested for dishonor by nonacceptance or protested for better security and is not overdue, any person not being a party already liable thereon, may, with the consent of the holder, intervene and accept the bill supra protest for the honor of any party liable thereon or for the honor of the person for whose account the bill is drawn. The acceptance for honor may be for part only of the sum for which the bill is drawn; and where there has been an acceptance for honor for one party, there may be a further acceptance by a different person for the honor of another party. (R. S. 1909, § 10131.) Sec. 948. Must be in writing.—An acceptance for honor supra protest must be in writing and indicate that it is an acceptance for honor, and must be signed by the acceptor for honor. (R. S. 1909, § 10132.) Sec. 949. Acceptance for honor of drawer, when.-Where an acceptance for honor does not expressly state for whose honor it is made, it is deemed to be an acceptance for the honor of the drawer. (R. S. 1909, § 10133.) Sec. 950. Acceptor for honor of drawer liable, to whom.The acceptor for honor is liable to the holder and to all parties to the bill subsequent to the party for whose honor he has accepted. (R. S. 1909, § 10134.) Sec. 951. Liability of acceptor for honor. The acceptor for honor by such acceptance engages that he will, on due presentment, pay the bill according to the terms of his acceptance, provided it shall not have been paid by the drawee, and provided, also, that it shall have been duly presented for payment and protested for nonpayment and notice of dishonor given to him. (R. S. 1909, § 10135.) Sec. 952. Maturity, from when calculated. Where a bill payable after sight is accepted for honor, its maturity is calcu lated from the date of the noting for nonacceptance, and not from the date of the acceptance for honor. (R. S. 1909, § 10136.) Sec. 953. Dishonored bill must be protested before presentment. Where a dishonored bill has been accepted for honor supra protest or contains a reference in case of need, it must be protested for nonpayment before it is presented for payment to the acceptor for honor or referee in case of need. (R. S. 1909, § 10137.) Sec. 954. Presentment, how made.-Presentment for payment to the acceptor for honor must be made as follows: (1) If it is to be presented in the place where the protest for nonpayment was made, it must be presented not later than the day following its maturity; (2) if it is presented in some other place than the place where it was protested, then it must be forwarded within the time specified in section 890. (R. S. 1909, § 10138.) Sec. 955. Provisions of section 867 to apply, when.-The provisions of section 867 apply where there is delay in making presentment to the acceptor for honor or referee in case of need. (R. S. 1909, § 10139.) Sec. 956. Bill dishonored by acceptor for honor must be protested. When the bill is dishonored by the acceptor for honor it must be protested for nonpayment by him. (R. S. 1909, § 10140.) Sec. 957. Payment for honor.-Where a bill has been protested for nonpayment, any person may intervene and pay it supra protest for the honor of any person liable thereon of for the honor of the person for whose account is was drawn. 1909, § 10141.) (R. S. Sec. 958. Must be attested by notarial act of honor.—The payment for honor supra protest, in order to operate as such and not as a mere voluntary payment, must be attested by a notarial act of honor which may be appended to the protest or form an extension to it. (R. S. 1909, § 10142.) Sec. 959. Notarial act of honor founded on what.—The notarial act of honor must be founded on a declaration made by the payer for honor or by his agent in that behalf declaring his intention to pay the bill for honor and for whose honor he pays. (R. S. 1909, § 10143.) Where two or more Sec. 960. Who shall have preference. persons offer to pay a bill for the honor of different parties, the person whose payment will discharge most parties to the bill is to be given the preference. (R. S. 1909, § 10144.) Sec. 961. Who discharged.- Where a bill has been paid for honor, all parties subsequent to the party for whose honor it is paid are discharged, but the payer for honor is subrogated to, and succeeds to, both the rights and duties of the holder as regards the party for whose honor he pays and all parties liable to the latter. (R. S. 1909, § 10145.) Sec. 962. Refusal to accept payment, effect of. Where the holder of a bill refuses to receive payment supra protest, he loses his right of recourse against any party who would have been discharged by such payment. (R. S. 1909, § 10146.) Sec. 963. Payer for honor entitled to bill and protest.-The payer for honor, on payming to the holder the amount of the bill. and the notarial expenses incidental to its dishonors, is entitled to receive both the bill itself and the protest. (R. S. 1909, § 10147.) Sec. 964. Bills in a set.-Where a bill is drawn in a set, each part of the set being numbered and containing a reference to the other parts, the whole of the parts constitutes one bill. (R. S. 1909, 10148.) Sec. 965. Negotiated to different holders, effect of.—Where two or more parts of a set are negotiated to different holders in course, the holder whose title first accrues is as between such holders the true owner of the bill. But nothing in this section affects the rights of a person who in due course accepts or pays the part first presented him. (R. S. 1909, § 10149.) Sec. 966. Indorsers, how liable.-Where the holder of a set indorses two or more parts to different persons, he is liable on every such part, and every indorser subsequent to him is liable on the part he has himself indorsed, as if such parts were separate bills. (R. S. 1909, § 10150.) Sec. 967. Acceptance, how written.-The acceptance may be written on any part, and it must be written on one part only. If the drawee accepts more than one part, and such accepted parts are negotiated to different holders in due course, he is liable on every such part as if it were a separate bill. (R. S. 1909, § 10151.) Sec. 968. Acceptor paying without delivery liable to holder. When the acceptor of a bill drawn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at the maturity is outstanding in the hands of a holder in due course, he is liable to the holder thereon. (R. S. 1909, § 10152.) Sec. 969. Payment of one part discharges whole, when.Except as herein otherwise provided, where any one part of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged. (R. S. 1909, § 10153.) |