date, after sight, or after the happening of a specified event, the time of payment is determined by excluding the day from which the time of payment is to begin to run and by including the day of payment.

(3.) Where a bill is payable at a fixed period after

sight, the time begins to run from the date of the acceptance if the bill be accepted, and from the date of noting or protest (f) if the bill be noted or protested for non-acceptance (g), or for non-delivery (h).

(4.) The term "month" in a bill means calendar month (¿).

(a.) Vide § 10.

(b.) Presentment for payment must be made on this day, vide § 45 (1).

(c.) Days of grace have been abolished in most countries, but are still in force in Russia, the United States, Portugal, and some of the smaller States. A bill drawn in a country where no days of grace are allowed, but payable in the United Kingdom or in a country where days of grace are allowed, is payable on the last day of grace, vide § 72 (5). (d.) Bank holidays under the Bank Holidays Act, 1871, and The Holidays Extension Act, 1875,

In England are-Easter Monday.

The Monday in Whitsun week.

The first Monday in August.

The twenty-sixth day of December, and
whenever the twenty-sixth day of Decem-
ber falls on a Sunday, then the Monday
following.

e-New Year's Day.

In Scotland are—

Christmas Day.

If either of the above days fall on a
Sunday, the next following Monday.

§ 14.

$ 14.

Good Friday.

The first Monday of May.

The first Monday of August.

(e.) As the bank holidays in England and Scotland are different, the rule in § 72 (5) applies-viz., that the due date. of a bill is determined according to the law of the place where it is payable.

(f.) It is not necessary to note or protest an inland bill payable after sight, unless the holder intends to present it for payment, in which case noting is necessary in order to fix its maturity, vide § 51 (1). Presentment for payment is not necessary, where a bill has been dishonoured by non-acceptance, vide § 43.

(g.) Vide 51 (2, 4, 6, 7).

(h.) Where a bill is presented for acceptance, the drawee is entitled to retain it for the customary period before accepting or refusing to accept, vide § 42, and if the bill be not then re-delivered, it may be protested for non-delivery and nonacceptance.

(i.) Bills payable one or more months after date or sight, are payable on the third day after the day in the due month corresponding to the day of the month of issue or acceptance, and if the due month have fewer days than the month of issue or acceptance, the last day of that month is held to be the day from which the days of grace are reckoned. Thus a bill dated 1st January, and payable three months after date, is due on 4th April, and a bill drawn on the 28th, 29th, 30th, or 31st January, and payable one month after date, is due on the 3rd March. If, however, a bill be drawn on the 28th January in leap year, payable one month after date, it will fall due on the 2nd March.

Case of need.

15. The drawer of a bill and any indorser may insert therein the name of a person to whom the holder (a) may resort in case of need, that is to say, in case the bill is dishonoured by non-acceptance (b)

or non-payment (c). Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in the case of need or not as he may think fit (d).

(a.) Vide § 2.

(b.) Vide § 43.

(c.) Vide § 47.

(d.) No form of words is necessary, provided that it be
made clear that the referee is only to be resorted to in case
of need, and that he is not drawn upon alternatively or in
succession to the drawees, vide § 6 (2). The usual form is,
"in case of need, apply to A. B. for C. D." The drawer
usually places the address in case of need at the foot of the
bill, and an indorser under his indorsement.
The person
inserting the name of a referee in case of need ought to note
on the bill on whose behalf the referee is to accept or pay.
If the address in the case of need be at the foot of the bill,
the implication will be that the referee is to accept or pay for
the honour of the drawer, and if it be under an indorsement,
that he is to do so for the honour of that indorser. This
section does not provide for the case of the acceptor of a
domiciled bill desiring to give the name of a person who will
pay the bill, if it is not paid, where domiciled, but an alter-
native domicile does not seem to be incompetent. An
indorser may insert the name of the drawee as referee in the
case of need on his behalf. If the holder resort to the referee
and acceptance be refused, notice of dishonour or protest is
not necessary to preserve the holder's recourse against the
giver of the address in case of need, as the holder was under
no obligation to present to the referee, but if the referee after
the bill has been accepted by him, dishonour the bill by non-
payment, notice of dishonour must be given, and even in the
case of an inland bill, the bill must be protested for non-
payment by him, vide § 67 (4). For the rights and liabilities
of a referee in case of need, who accepts or pays, vide
$$ 65-68.

$ 15.

§ 15.

Optional stipulations by drawer

or indorser.

A referee in case of need is not agent for the drawer or indorser for any purpose except that of accepting or paying the bill in case of dishonour. Accordingly notice of dishonour given to the referee in case of need for an indorser, who refused to pay the bill when presented to him was held not to be due notice to the indorser, in re Leeds Banking Co. ex parte Prange, L. R. 1, Eq. 1.

16. The drawer of a bill, and any indorser, may insert therein an express stipulation

(1.) Negativing or limiting (a) his own liability (b) to the holder (c).

(2.) Waiving (d) as regards himself some or all of the holder's duties (e).

(a.) The addition of the words "without recourse to the signature of the drawer or indorser is sufficient. These words. only limit the liability of the drawer or indorser to the holder, and do not prevent the holder from having recourse against the other parties to the bill. An indorser, "without recourse," seems by so indorsing a bill, to put himself in the position of a "transferor by delivery," vide § 58. He is not liable on the bill, but he will be liable in damages to his immediate indorsee, if the bill be forged, or if he knew any fact which renders it valueless-e.g., a material alteration, and did not intimate that fact to the indorsee. He also warrants to the indorsee that he has a right to transfer the bill.

(b.) Vide § 55.

(c.) Vide § 2.

(d.) Although the drawer or indorser have waived as regards himself, the duty of presenting for payment, giving notice of dishonour, and protesting, the holder may take all these steps. The effect of waiver is (1) to render it unnecessary for any subsequent holder to perform the duty waived, in order to preserve his recourse against such drawer or indorser, but he is still bound to perform the duty waived to

whether

preserve his recourse against other parties to the bill,
prior or subsequent to the indorser, who has waived the duty
(2); to entitle such indorser to give notice to the prior parties
to the bill, although notice of dishonour has not been given
to him, because he remains liable on the bill, notwithstanding
the non-giving of notice, vide § 49 (1).

(e.) Vide §§ 39-52.

$ 17.

requisites of

17. (1.) The acceptance (a) of a bill is the significa- Definition and tion by the drawee of his assent to the order of the acceptance drawer (b).

(2.) An acceptance is invalid unless it complies with the following conditions, namely (c):

(a.) It must be written on the bill and be signed
by the drawee. The mere signature of the
drawee without additional words is sufficient.
(b.) It must not express that the drawee will per-
form his promise by any other means than the
payment of money.

(a.) Vide § 2.

(b.) The liabilities undertaken by the drawee of a bill by his acceptance are defined by § 54. A bill can be accepted by the drawee, or by a referee in case of need, vide § 15, or by an acceptor for honour, supra protest, vide § 65, but acceptance by a referee or acceptor for honour requires the consent of the holder. "Save in the case of acceptances for honour or per procuration, no one can become a party to a bill qua acceptor who is not a proper drawee, or in other words, an addressee," Walker's Trustees v. M'Kinlay, 14th June, 1880, 7 R., H. L. 85; 5 Ap. Cases, 754.

(c.) The requisities of a valid acceptance are—

(1) It must be in writing. The word "accepted" or "accepts," or other equivalent expression may be printed

E