LLOYD LOWNDES, ESQUIRE, GOVERNOR. 237

accrues is as between such holders the true owner of the bill.
But nothing in this section affects the rights of a person who
in due course accepts or pays the part first presented to him.

199. Where the holder of a set indorses two or more parts
to different persons, he is liable on every such part, and every
indorser subsequent to him is liable on the part he has himself
indorsed, as if such parts were separate bills.

200. The acceptance may be written on any part and it must
be written on one part only. If the drawee accepts more than
one part, and such accepted parts are negotiated to different
holders in due course, he is liable on every such part as if it
were a separate bill.

201. When the acceptor of a bill drawn in a set pays it
without requiring the part bearing his acceptance to be deliv-
ered up to him, and that part at maturity is outstanding in the
hands of a holder in dne course, he is liable to the holder
thereon.

202. Except as herein otherwise provided, where any one
part of a bill drawn in a set is discharged by payment or other-
wise, the whole bill is discharged.

CHAPTER XVII.

PROMISSORY NOTES AND CHECKS.
Index to Cha/pier XVII.

203. Promissory note defined. 204. Check denned. 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 assignment.

203. A negotiable promissory note within the meaning of
this Act is an unconditional promise in writing made by one
person to another, signed by the maker engaging to pay on de-
mand or at a fixed or determinable future time, a sum certain
in money to order or to bearer. Where a note is drawn to the
maker's own order, it is not complete until indorsed by him.

204. A check is a bill of exchange drawn on a bank paya-
ble on demand. Except as herein otherwise provided, the
provisions of this Act applicable to a bill of exchange payable
on demand apply to a check.

205. A check must be presented for payment within a rea-
sonable time after its issue or the drawer will be discharged
from liability thereon to the extent of the loss caused by the
delay.