BILLS OF EXCHANGE AND PROMISSORY NOTES. 359

177. Protest before maturity where ac- ceptor insolvent. 178. When protest dispensed with. 179. Protest; where bill is lost, et cetera. CHAPTER XIV. — Acceptance oj Bills oj Exchange for Honor. 180. When bill may be accepted for honor. 181. Acceptance for honor; how made. 182. When deemed to be an acceptance for honor of the drawer. 183. Liability of acceptor for honor. 184. Agreement of acceptor for honor. 185. Maturity of bill payable after sight; accepted for honor. 186. Protest of bill accepted for honor, et cetera. 187. Presentment for payment to acceptor for honor; how made. 188. When delay in making presentment is excused. 189. Dishonor of bill by acceptor for honor. CHAPTER XV. — Payment of Bills of Exchange for Honor. 190. Who may make payment for honor. 191. Payment for honor; how made. 192. Declaration before payment for honor. 193. Preference of parties offering to pay for honor.

194. Effect on subsequent parties where bill is paid for honor. 195. Where holder refuses to receive pay- ment supra protest. 196. Rights of prayer for honor. CHAPTER XVI.— Bills in a Set. 197. Bills in sets constitute one bill. 198. Rights of holders where different parts are negotiated. 199. Liability of holder who indorses two or more parts of a set to different persons. 200. Acceptance of bills drawn in sets. 201. Payment by acceptor of bills drawn in sets. 202. Effect of discharging one of a set. CHAPTER XVII. — Promissory Notes and Checks. 203. Promissory note defined. 204. Check defined. 205. Within what time a check must be presented. 206. Certification of check; effect of. 207. Effect where holder of check pro- cures it to be certified. 208. When check operates as an assign- ment.

An. Code, sec. 1. 1904, sec. 1. 1888, sec. 1. 1785, ch. 38, sec. 1.

1. The owner or holder of every bill of exchange drawn in this State
on any person, corporation or company in any foreign country, and regu-
larly protested, shall have a right to recover so much current money as
will purchase a good bill of exchange of the same time of payment, and upon
the same place, at the current exchange of such bill, and also fifteen per
cent, damages upon the value of the principal sum mentioned in such bill,
and costs of protest, together with legal interest upon the value of the
principal sum therein mentioned from the time of protest, until the princi-
pal and damages are paid and satisfied.

The right of recovery is of as much money as at the time of verdict, will pur-
chase, etc. Bryden v. Taylor, 2 H. & J. 401.

This section does not embrace a bill of exchange drawn on a foreign government.
A bill drawn by one government on another, is not governed by the law merchant,
and hence is not subject to protest and consequential damages. United States v.
Bank of United States, 5 How. 382.

The fifteen per cent, damages provided by this section is not a penalty, but is
in lieu of re-exchange. This section is founded on equitable considerations,
although the rule of damages may be considered arbitrary, as it does not yield
to circumstances. United States v. Bank of United States, 2 How. 734.