Section 978.- The acceptance may be written on any duplicate, and it must be written on one duplicate only.

 

Section 979.- When the acceptor of the bill drawn in set pays it without requiring the duplicate bearing his acceptance to be delivered up to him, and that duplicate at maturity is outstanding in the hands of a lawful holder, he is liable to the holder thereof.

 

Section 980.- Subject to the foregoing provisions, where any duplicate of a bill drawn in a set is discharged by payment or otherwise, the whole bill is discharged.

 

Section 981.- A party, who has sent one duplicate for acceptance, must indicate on the other duplicate the name of the person in whose hands this duplicate will be found. That person is bound to give it up to the lawful holder of another duplicate.

If he refuses, the holder cannot exercise his right of recourse untol after he has a protest drawn up, specifying :

(1)   That the duplicate sent for acceptance has not been given up to him on his demand ;

(2)   That acceptance or payment could not be obtained on another of the duplicates.

CHAPTER III

PROMISSORY NOTES

 

Section 982.- A promissory note is a written instrument by which a person, called the maker, promises to pay a sum of money to, or to the order of, another person, called the payee.

 

Section 983.- A promissory note must contain the following particulars :

(1)   The designation of it as a promissory note ;

(2)   An unconditional promise to pay a sum certain in money ;

(3)   A day of maturity ;

(4)   The place of payment ;

(5)   The name or trade name of the payee

(6)   The date and the place where the promissory note is made ;

(7)   The signature of the maker.

 

Section 984.- An instrument in which any of the requirements specified in the foregoing Section is wanting, is invalid as a promissory note, except in the following cases :

A promissory note, in which no time of payment is specified, is deemed to be payable at sight.

If the place, where payment is to be effected, is not stated in a promissory note, the domicile of the maker shall be considered to be the place of payment.

A promissory note, which does not specify its place of issue, is deemed to have been made at the domicile of the maker.

If there is no date of issue, any lawful holder acting in good faith may insert the true date.

 

Section 985.- The following provisions of Chapter II relating to Bills of Exchange apply to Promissory Notes in so far as they are not inconsistent with the nature of this instrument, namely, Sections 911, 913, 916, 917, 919, 920, 922 to 926, 938 to 947, 949, 950, 954 to 959, 967 to 971.

In case of foreign promissory notes, the following provisions shall also apply, namely, Sections 960 to 964, 973, 974.