462 ARTICLE 13

	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 procures it to be certified. 208. When check operates as an assign- ment.

An. Code, 1924, sec. 1. 1912, sec. 1. 1904, sec. 1. 1888, sec. 1. 1785, ch. 38, sec..l.

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 purchase,
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 State 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.

An. Code, 1924, sec. 2. 1912, sec. 2. 1904, sec. 2. 1888, sec. 2. 1785, ch. 38, sec. 1.

2. If any endorser of such bill shall pay to the owner or holder of such
bill the value of the principal, and the damages and interest aforesaid, he
shall have the right to recover the sum paid, with, legal interest upon the
same, from the drawer or any other person, corporation or company liable
to such endorser, upon such bill of exchange.

Unless the endorser has paid the damages prescribed by sec. 1, he is not entitled to
recover such damages. United States v. Bank of United States, 2 How. 734; United
States v. Bank of United States, 5 How. 396.

An. Code, 1924, sec. 3. 1912, sec. 3. 1904, sec. 3. 1888, sec. 3. 1785, ch. 38, sec. 2.

3. All inland bills of exchange or orders drawn by a citizen, company
or corporation of any other State, district or territory, or any person therein
residing, or being, on any person, company or corporation of this State,
or any person therein residing or being, shall be liable to official protest by
a notary public, or by the clerk of the circuit court for the county, who is
hereby vested with power to make such protest under his seal of office, and
the clerk shall receive therefor, from the person requiring the same, the
sum of one dollar.

An. Code, 1924, sec. 4. 1912, sec. 4. 1904, sec. 4. 1888, sec. 4. 1785, ch. 38, sec. 3.

4. The owner or holder of any bill of exchange drawn in this State
upon any person, company or corporation in any other State, district or