Section 8-4-1
Section 8-4-1
Damages on protested bills of exchange.
The damages on bills of exchange, inland or foreign, protested for nonacceptance or nonpayment are five percent on the sum drawn for.
(Code 1852, §1537; Code 1867, §1845; Code 1876, §2106; Code 1886, §1771; Code 1896, §885; Code 1907, §5145; Code 1923, §9216; Code 1940, T. 39, §185.)Section 8-4-2
Section 8-4-2
Damages on protest for nonpayment in place of all charges except costs.
Damages on protest for nonpayment of bills of exchange are in the place of all charges except costs of protest incurred previous to and at the time of giving notice of nonpayment, but the holder may recover legal interest upon the aggregate amount of the principal sum specified in such bill and of the damages thereon from the time at which payment of the principal sum has been demanded, and costs of protest.
(Code 1852, §1538; Code 1867, §1846; Code 1876, §2107; Code 1886, §1772; Code 1896, §886; Code 1907, §5146; Code 1923, §9217; Code 1940, T. 39, §186.)Section 8-4-3
Section 8-4-3
Applicability of rate of exchange in determining amount due and damages for nonpayment.
(a) If the amount in a bill of exchange specified is expressed in money of the United States, the amount due thereon and the damages allowed for the nonpayment thereof must be ascertained at the time of the demand of payment or notice of nonpayment without reference to the rate of exchange between this state and the place on which such bill was drawn.
(b) If the amount in a bill of exchange specified is expressed in money or currency of any foreign country, then the amount due, exclusive of the damages payable thereon, must be ascertained and determined by the rate of exchange, or the value of such foreign currency at the time of the demand of payment.
(Code 1852, §§1539, 1540; Code 1867, §§1847, 1848; Code 1876, §§2108, 2109; Code 1886, §§1773, 1774; Code 1896, §§887, 888; Code 1907, §§5147, 5148; Code 1923, §§9218, 9219; Code 1940, T. 39, §§187, 188.)Section 8-4-4
Section 8-4-4
Damages and charges on protest for nonacceptance.
When a bill of exchange is protested for nonacceptance, the same rate of damages is allowed as in the case of a protest for nonpayment; and such damages are in the place of all charges, except costs of protest, incurred previous to and at the time of giving notice of nonacceptance; but the holder is entitled to recover legal interest, exclusive of the damages, upon the amount of the principal sum from the time when the same would have become payable, if accepted, interest on the damages from the demand of acceptance and the costs of protest.
(Code 1852, §1541; Code 1867, §1849; Code 1876, §2110; Code 1886, §1775; Code 1896, §889; Code 1907, §5149; Code 1923, §9220; Code 1940, T. 39, §189.)
|
