PART IV

PAYMENT

 

Section 941.- A bill of exchange is payable on the day of its maturity. The holder must present it for payment on that day.

  

Section 942.- The holder of a bill of exchange cannot be compelled to receive payment thereof before maturity.

The drawee, who pays before maturity, does so at his own risk and peril.

 

Section 943.- the maturity of a bill of exchange payable at a certain period after sight is determined either by the date of the acceptance, or by the date of the protest.

 In the absence of the protest, an undated acceptance is deemed so far as regards the acceptor to have been given on the last day of the limit of time for presentment either legal or contractual.

 

Section 944.- A bill of exchange at sight is payable on presentment. It must be presented for payment within the time required for the presentment for acceptance of bills payable at a certain time after sight.

 

Section 945.- Payment may be obtained only on surrender of the bill of exchange. The payer may require the holder to sign a receipt on the bill.

 

Section 946.- The holder of a bill of exchange may refuse part payment.

If he accepts part payment, he must note it on the bill and deliver a receipt to the payer.

 

Section 947.- If a bill of exchange is not presented for payment on the day of maturity, the acceptor may free himself from his liability by depositing the amount due on the bill.

 

Section 948.- If the holder grants an extension of time to the drawee, he loses his right of recourse against the prior parties who do not agree to the extension.

 

Section 949.- Subject to the provisions of Section 1009, a person, who pays at maturity, is discharged, unless there has been fraud or gross negligence on his part. He is bound to verify the regularity of the series of indorsement, but not the signatures of the indorses.