Section 973.- After the expiration of the limits of time fixed :

(1)   For the presentment of a bill of exchange payable at sight or at a certain time after sight;

(2)   For drawing up the protest for non-acceptance or non-payment ;

(3)   For presentment for payment in case of a stipulation “protest not necessary”

The holder loses his rights of recourse against the indorsers, against the drawer, and against the other parties liable, with the exception of the acceptor.

In default of presentment for acceptance within the limit of time stipulated for by the drawer, the holder loses his right of recourse for non-payment, as well as for non-acceptance, unless it appears from the terms of the stipulation that the drawer meant only to release himself from the guarantee of acceptance.

If the stipulation for a limit of time for presentment is contained in an indorsement, the indorser only can avail himself of it.

 

Section 974.- When presentment of a bill of exchange or drawing up the protest within the prescribed limits of time is prevented by an unavoidable necessity these times are prolonged.

The holder is bound to give without delay notice of case of unavoidable necessity to his immediate indorser, and to specify this notice, which he must date and sign, on the bill or on an allonge ; as regards other matters, the provisions of Section 963 apply.

After the cessation of the unavoidable necessity the holder must without delay present the bill for acceptance or payment, and, if need be, have the protest drawn up.

If the unavoidable necessity continues to operate for more than thirty days after the maturity of the bill, recourse may be exercised, and neither presentment nor drawing up the protest shall be necessary.

As regards bills payable at sight or at a certain time after sight, the term of thirty days begins to run from the date on which the holder has, even before the expiration of the time for presentment, given notice of the unavoidable necessity to his immediate indorser.

 

PART VII

BILLS OF EXCHANGE IN A SET

 

Section 975.- Except in case of bills of exchange payable to bearer, a bill of exchange can be drawn in two or more identical duplicates.

These duplicates must be numbered in the body of the instrument, failing which each duplicate is good as a separate bill of exchange.

Every holder of a bill, which does not specify that it has been drawn as a sola bill, may, at his own expense, require the delivery of two or more duplicates. For this purpose he must address himself to his immediate indorser, who is bound to help him in proceeding against his own indorser, and so on in the series until the drawer is reached. The indorsers are bound to reproduce their indorsements on the new duplicates of the set.

 

Section 976.- Where the holder of a set indorses two or more duplicates to different persons, he is liable on every such duplicate, and every indorser subsequent to him is liable on the duplicate he has himself indorsed as if the said duplicates were separate bills.

 

Section 977.- Where two or more duplicates of a set are negotiated to different lawful holders, the holder whose title first accrues is as between such holders deemed the true owner of the bill ; but nothing in this section shall affect the rights of a person who lawfully accepts or pays the duplicate first presented to him

If the drawee accepts more than one duplicate, and such accepted duplicates get into the hands of different lawful holders, he is liable on every such duplicate as if it were a separate bill.