PAYMENT-Continued.

compensation in Quebec operates as, 339
defect of title, 339

prescription or Statute of Limitations as, 341

by drawer or indorser is not discharge, 349

by drawer, right against acceptor, 349

by indorser, right against antecedent parties, 349-50
alteration of time of, material, 363
for honor supra protest, 371

only after protest, 371

discharges subsequent parties, 373
entitles payer to bill, 373

effect of refusal to accept, 373-4

of one part of set discharges whole, 378

unless more than one part accepted, 378
contract when governed by law of place of, 384
lex loci solutionis, 392

presentment of cheque for, 401

reasonable time for presenting cheque for, 402
of cheque by bank, when stopped, 404
of crossed cheque by bank, 409-12
presentment of demand note for, 424
presentment of note at place named, 427, 430
if note names no place of, 427

indorser liable only after presentment for, 429
maker of note primarily liable for, 430

PENALTY, banks not liable to, for usury, 75
company omitting word "limited," 132-3
officers of company liable for, 132

for omitting "given for a patent right," 204
for issuing notes to circulate as money, 415

PENCIL, writing may be in, 36
signature may be in, 39

PERSON, defined, 30, 39

fictitious, 39, 56, 63, 66, 249. 266

PERSONAL DEFENCES, holder in due course free from, 235
PERSONAL LIABILITY, when party not subject to, 159

of agent, 159, 166

of officers of corporations, 99, 159-164

difference between bills and notes, 160, 431

of executors, administrators, tutors, etc., 164-6
indorsement to negative, 211

PERSONAL REPRESENTATIVE,
on death of holder bill passes to, 209
presentment to, of dead drawee, 248, 262
acceptor, 262
should give notice of dishonor, 275
notice to, of dead drawer or indorser, 280-2
PLACE, bill valid without stating where drawn, 51
payable, 51
of payment not named, payable generally, 52
may be payable where drawn, 52

not qualified acceptance to pay at specified, 109

of payment sufficient without "not elsewhere," 110

of business, bill not payable at, 241-2

of presentment for acceptance, 248

bill presented at the proper, 258

of payment named in bill or acceptance, 258
when alternative places are named, 259

of payment not specified, 260, 262, 263

of business, presentment at last known, 260
presentment at proper, sufficient, 261
presentment at postoffice, 263

of protest, 302

of payment not named, when acceptor liable, 306

named, liability of acceptor, 307

alteration of, material, 363, 364

adding to bill, material alteration, 363

law of, 384, 392

law of, governs due date, 390

note must be presented at, 427

named in note, when indorser liable, 430

PLEDGE, holder of bill as, 180-See Lien

of collateral security, note may contain, 420
discounter of bills is not pledgee but owner, 183
POSSESSION, bearer is person in, 26

delivery is transfer of, 27
actual and constructive, 27

holder is payee or indorsee in, 27-8
delivery is presumed from transfer of, 121-2

person may hold bill as an escrow, 122

gives right to sue, 232
adversely to real owner, 235

POST-DATED instruments valid, 88, 396

not an irregularity, 396

POST OFFICE, when presentment made through, 248, 262
when demand to be made at, 263
notice of dishonor deposited in, 285

sender not liable for mis-carriage by, 289-90
letter in, belongs to party addressed, 290

POTHIER, Contrat de Change

cited for old French law, iv.

based on Commercial Ordinance, 7
See Ancient French Law

PREMATURE presentment for payment a nullity, 256
payment before maturity not a discharge, 332

PRESCRIPTION, see Statute of Limitations

law differs in different provinces, 341
time in Quebec 5 years, 341

absolutely extinguishes debt, 341

interruption of, by written acknowledgment, 341
runs against persons without capacity, 341

how reckoned in case of conflict, 342

English Statute in Canada, 342

in Ontario, Nova Scotia and New Brunswick, 342
writing to take case out of statute, 343, 344-5

when statute begins to run, 343

Chalmers' five rules for England, 343-4

of notarial note en brevet, 346

governed by lex fori, 346, 393

PRESENTATION, payable on, is payable on demand, 80, 81

protest prima facie evidence of, 444

costs of action before, discretionary, 307, 427

PRESENTMENT FOR ACCEPTANCE,

when dated as of first presentment, 107
when necessary to fix maturity, 240
to whom should be made, 241
place of, 241

express stipulation as to, 241-2
when not necessary, 242

when delay in, excused, 242-3

as to bills payable at or after sight, 243

effect of omission of, 244

discharge of drawer and indorsers for want of, 244

rules as to, 246, 247

by or on behalf of holder, 246

to drawee at reasonable hour, 246

PRESENTMENT FOR ACCEPTANCE-Continued.
before bill overdue, 246

to all drawees not partners, 247

to personal representative if drawee dead, 249

PRESENTMENT FOR PAYMENT, must be duly made, 254

drawer and indorsers discharged unless, 254

not necessary as against acceptor, 255

rules as to, 255

time for, when bill not payable on demand, 255-6

payable on demand, 255-6

made by holder or by his authority, 257

at the proper place, 257

to payer or his representative, 257
hour may depend on place, 257-8

at place specified in bill or acceptance, 258
when at address of drawee or acceptor, 260

when at place of business of drawee or acceptor, 260

when to drawee or acceptor anywhere, 260

at proper place, when sufficient, 261

to all drawees or acceptors not partners, 262

to representative of dead drawee or acceptor, 262

when through post office, 262

when at post office, 263

when delay in, excused, 263-4

should be made, when cause ceases, 264
dispensed with when impossible, 265

when drawee is fictitious, 266
as regards the drawer, 266
an indorser, 267

by waiver express or implied, 267

and refusal, dishonors bill, 268
acceptor liable without, if no place named, 306

PRESENTMENT FOR PAYMENT—Continued.

in action before, costs are discretionary, 307

to acceptor for honor, 370

delay excused in, 371

governed by law of place where made, 389

time for, governed by law of place where payable, 39)
foreign protest prima facie evidence of, 392
of cheque in reasonable time, 401

after countermand, 403-4

death of customer, 404-5

of note payable on demand, 424-6
at a particular place, 427
action on note before, costs discretionary, 427
of note necessary to hold indorser, 429-30
PRESUMPTION, legal or disputable, 121, 123

of delivery from possession, 121
that bill is inland, 55

acceptance shortly after date, 86
date of bill is correct, 87

acceptance is correct, 87
inchoate bill filled up properly, 114
party is party for value, 198
holder is holder in due course, 198

indorsements are in proper order, 216
cancellation is regular, 360

in favor of good faith, 433

conclusive, or juris et de jure, 121, 123

when valid delivery conclusively presumed, 121

PRINCE EDWARD ISLAND, law of England in, 14
provincial legislation, 15

qualified acceptance, 110, 427, 477

tariff for protest fees, 442, 477
statutes repealed, 477

PRINCIPAL AND AGENT, see also Agent
undisclosed principal not liable, 138
signature by procuration, 153

rule when doubtful who is liable, 159, 166
notice of dishonor to either is valid, 279
when dishonored bill in hands of agents, 283
PRINCIPAL AND SURETY,

renunciation where such relation exists, 355
effect of composition with principal, 355, 358
discharge of principal releases sɩ rety, 355