40 BILLS OF EXCHANGE AND PROMISSORY NOTES. [ART. 13

107. Payment is made in due course when it is made at or
after the maturity of the instrument to the holder thereof in
good faith and without notice that his title is defective.

CHAPTER VIII—Notice of Dishonor.

108. Except as herein otherwise provided, when a negotiable
instrument has been dishonored by non-acceptance or non-pay-
ment, notice of dishonor must be given to the drawer and to
each indorser, and any drawer or indorser to whom such notice
is not given is discharged.

109. The notice may be given by or on behalf of the holder,
or by or on behalf of any party to the instrument who might
be compelled to pay it to the holder, and who, upon taking it up,
would have a right to reimbursement from the party to whom
the notice is given.

110. Notice of dishonor may be given by an agent either in
his own name or in the name of any party entitled to give
notice, whether that party be his principal or not.

111. Where notice is given by or on behalf of the holder, it
enures for the benefit of all subsequent holders and all prior
parties who have a right of recourse against the party to whom
it is given.

112. Where notice is given by or on behalf of a party enti-
tled to give notice, it enures for the benefit of the holder and
all parties subsequent to the party to whom notice is given.

113. Where the instrument has been dishonored in the hands
of an agent, he may either himself give notice to the parties
liable the) eon, or he may give notice to his principal. If he
give notice to his principal, he must do so within the same time
as if he were the holder, and the principal, upon the receipt of
such notice, has himself the same time for giving notice as if the
agent had been an independent holder.