C. C. 2322.

2322. In default of protest for non-payment, according to the articles of this section, and of notice thereof, as provided in the section next following, the parties liable on the bill other than the acceptor are discharged, subject nevertheless to the exceptions contained in the two following articles.-C. S. L. C. c. 64, s. 16, § 2.

2323. The drawer cannot avail himself of the want of protest or notice, unless he proves that provision was duly made by him for the payment of the bill.-1 L. C. R. The Bank of Montreal v. Knapp & al, 252—; C. Co. 115-117. 2324. The want of protest and notice is excused when they are rendered impossible by inevitable accident or irresistible force. They may also be waived by any party to the hill, in so far as his rights only are concerned. Poth. Ch. n. 144; 2 Par. n. 426, 434, 5; Bec. 99, n.; Bay. B. 294, 5, (5 Ed.); 3 Kt. Com. 113; Sto. B. E. n. 327.

2325. Want of protest and notice is not excused by the loss of the bill or by the death or bankruptcy of the drawee or of the party entitled to notice.-Poth. Ch. n. 145, 6; Byles, n. 193; Sto. B. E. n. 326.

SECTION 7.

Of notice of protest.

2326. Notice of protest for non-acceptance or for nonpayment is given at the instance of the holder, or of any party liable on the bill who has received notice and who on paying will be entitled to recover from other parties upon the bill.-Poth. Ch. n. 153; Bay. B. 270, n. 147, (6 Ed.); 1 Bell. Com. 330, n. 259; Sto. B. E. n. 291, 303, 304, 388.

2327. The notice is given by the notary or justice of the peace by whom the protest is made, and such notice, together with the certificate of service thereof, is in the

form prescribed in the Act intituled: An act respecting bills C. C. 2328. of exchange and promissory notes.-C. S. L. C. c. 64, s. 22; C. 2303, 2804.

2328. The notice is given to the party intitled thereto personally, or at his residence, or office, or usual place of business, and in case of death or absence at his last residence, office, or place of business; or the notice, directed to the party, may be deposited in the nearest post-office communicating with his actual or last residence, office, or place of business as aforesaid, as the case may be; the postage being prepaid.—Ib. s. 13.

2329. In the case of an insolvent trader the notice may be given as provided in the last preceding article, or to the assignee of the insolvent estate, provided the bill were drawn or indorsed by the insolvent before the assignment, or the attachment in compulsory liquidation.-Ib. s. 13, § 2.

2330. Service of the notice of protest, whether for nonacceptance or for non-payment may be made at any time within three days next after the day on which the bill is protested.-Ib. s. 19.

2331. The party notified is bound to give notice, within a reasonable delay, to any parties to the bill whom he intends to hold liable upon it, other than the acceptor.Poth. Ch. n. 148-153; Chit. B. 520, 521(8 Ed.); 3 Kt. Com. 108, 109; Sto. B. E. n. 384; C. Co. 164.

SECTION 8.

Of interest, commission and damages.

2332. The amount of interest which may lawfully be paid upon the principal sum of a bill of exchange, for the discount thereof, may be taken at the time of discounting. -C. S. L. C. c. 64, s. 26.

M'C.B.E.A.-32

C. C. 2333.

2333. Any person who discounts or receives a bill of exchange payable in Lower Canada, at a distance from the place where it is discounted or received, may take or recover, besides interest, a commission sufficient to defray the expenses of agency and exchange in collecting the bill. Such commission not in any case to exceed one per cent on the amount of the bill.-This article does not apply to banks, which are subject to the provisions contained in the next following article.-Ib. s. 27; C. S. C. c. 57, s. 4, 5, 7.

2334. Banks in this province discounting bills of exchange may receive, for defraying the expenses attending their collection, a commission on the amount according to the rates and in the manner prescribed in the act intituled: An act respecting interest.-C. S. C. c. 58, s. 5, 7, c. 55, s. 110.

2335. Bills drawn for an usurious consideration are not void in the hands of an innocent holder for valid consideration.-C. S. L. C. c. 64, s. 28.

2336. Bills of exchange drawn, sold, or negotiated within Lower Canada, which are returned under protest for non-payment, are subject to ten per cent. damages if drawn upon persons in Europe, or the West Indies, or in any part of America not within the territory of the United States or British North America. If drawn upon persons in Upper Canada, or in any other of the British North American Colonies, or in the United States and returned as aforesaid, they are subject to four per cent. damages. With interest, at six per cent., in each case from the date of the protest.—Ib. s. 1.

2337. The amount of damages and interest specified in the last preceding article is reimbursed to the holder of the bill at the current rate of exchange of the day when the protest is produced and repayment demanded; the

holder being entitled to recover so much money as will C. C. 2338. be sufficient to purchase another bill drawn on the same place and at the same term for a like amount, together with the damages and interest and also the expenses of noting and protesting and of postages thereon.-Ib. s. 1, § 2.

2338. When notice of the protest of a bill returned for non-payment is given by the holder thereof to any party secondarily liable upon it, in person or by writing delivered to a grown person at his counting-house, or dwelling-house, and they disagree as to the rate of exchange, the holder and the party notified appoint each an arbitrator to determine the rate; these in case of disagreement appoint a third, and the decision of any two of them given in writing to the holder is conclusive as to the rate of exchange, and regulates the sum to be paid accordingly.Ib. s. 2.

2339. If either the holder or the party notified, as provided in the last preceding article, fail, for the space of forty-eight hours after the notification, to name an arbitrator on his behalf, the decision of the single arbitrator on the other part is conclusive.-Ib. s. 2, § 2.

SECTION 9.

General provisions.

2340. In all matters relating to bills of exchange not provided for in this code recourse must be had to the laws of England in force on the thirtieth day of May, one thousand eight hundred and forty-nine.-Ib. s. 30.

2341. In the investigation of facts, in actions or suits founded on bills of exchange drawn or indorsed either by traders or other persons, recourse must be had to the laws of England in force at the time specified in the

C. C. 2342. last preceding article, and no additional or different evidence is required or can be adduced by reason of any party to the bill not being a trader.-Ib. s. 30, § 2; C. 1246.

2342. The parties in the actions or suits specified in the last preceding article may be examined under oath as provided in the title Of Obligations.-Ib. s. 30, § 3.

2343. The rules concerning the prescription of bills of exchange are contained in the title Of Prescription. -C. 2260.

CHAPTER SECOND.

OF PROMISSORY NOTES.

2344. A promissory note is a written promise for the payment of money at all events, and without any condition. It must contain the signature or name of the maker and be for the payment of a specific sum of money only. It may be in any form of words consistent with the foregoing rules.-Poth. Ch. n. 216; 2 Par. n. 478; Bay. B. 1; Sto. P. N. n. 1; C. 2279.

2345. The parties to a promissory note at the time of making it are the maker and the payee. The maker is subject to the same obligations as the acceptor of a bill of exchange.-Bay. B. 169; Sto. P. N. n. 4; C. S. L. C. c. 64.

2346. The provisions concerning bills of exchange contained in this title apply to promissory notes when they relate to the following subjects, viz.: 1. The indication of the payee; 2. The time and place of payment; 3. The expression of valve; 4. The liability of the parties; 5. Negotiation by indorsement or delivery; 6. Presentment and payment; 7. Protest for non-payment and notice; 8. Interest, commission, or usury: 9. The law and the rules of evidence to be applied; 10. Prescription.