Section 962.- The protest must, in addition to the name, title and signature of the person making it, contain an exact copy of the bill with all indorsements and specify :

(1)   The name or trade name of the person for whom and against whom the bill is protested;

(2)   The cause or reason for protesting the bill, the demand made, and the answer given if any, or the fact that the drawee or acceptor could not be found ;

(3)   If there is an acceptance or payment for honour the nature of the intervention and the name or trade name of the acceptor or payer for honour and of the person for whose honour intervention is made ;

(4)   The place and date of the protest.

The protest shall be delivered to the person at whose request it is made. The person making the protest shall forthwith give notice thereof to the person against whom it is made, if his domicile is known, either by registered letter or by having it delivered at such domicile ; if his domicile is not known, by posting a copy of the protest in a conspicuous place in the office of the district officer (Nai Amphoe) of his last residence.

 

Section 963.- The holder must give notice of non-acceptance or non-payment to his immediate indorser, and to the drawer, within four days following the day of protest, or the day of presentment in case where there is a stipulation “protest not necessary”.

Every indorser must, within two days, give notice to his immediate indorser of the notice which he has received, mentioning the names and addresses of those who have given the previous notices and so on through the series until the drawer is reached. The limit of time mentioned above runs from the receipt of the preceding notice.

Where an indorser either has not specified his address, or has specified it in an illegible manner, it is sufficient that notice should be given to the preceding indorser.

A person, who must give notice, may give it in any form whatever, even by a simple return of the bill of exchange. He must prove that he has given it within the prescribed limit of time.

He shall be deemed to have given it within the prescribed limit of time, if a registered letter giving the notice has been posted within the aforesaid time.

A person, who does not give notice within the limit of time mentioned above, does not lose his right of recourse. He is liable for any injury caused by his negligence, but the compensation shall not exceed the amount of the bill of exchange.

 

Section 964.- The drawer or an indorser may, by stipulation “protest not necessary”, “without protest”, or any other equivalent expression, allow the holder the dispense with a protest for non-acceptance or non-payment, in order to exercise his right of recourse.

This stipulation does not release the holder from presenting the bill within the prescribed time, nor from giving notice of dishonour to a preceding indorser or the drawer. The burden of proving the non-observance of the limits of time lies on the person who seeks to set them up against the holder.

When this stipulation is inserted by the drawer, it takes effect as regards all parties who have signed the bill. If, in spite of this stipulation, the holder has the protest drawn up, he must bear the expenses thereof. When the stipulation is inserted by an indorser, the expenses of protest, if it has been drawn up, can be recovered from all the other parties who signed the bill.

 

Section 965.- In case of inland bills, if the drawee notes on the bill of exchange the fact and date of refusal of acceptance or payment and signs such note, no protest is necessary and the holder must, within four days following the date of refusal, send notice of dishonour to the person or persons against whom he intends to take recourse.