240 KEEPING ACCOUNTS. 



any of them do, they also become severally bound for its 

 payment. 



A special endorsement is made by writing across the back of 

 it, before endorsing it, the words, " Pay to the order of [name 

 of party to whom it is passed]," which limits the payment 

 of it to that party, or his orders, and so forth. 



AocEFrANCE.; When a draft or bill of exchange is made 

 upon a third party (as in the above form), the latter is not 

 in any way bound by it until he accepts it, which he does 

 when it is presented to him for acceptance, by writing across 

 the face of it the word " accepted" with the date, and sign- 

 ing his name thereunder. He is then a party to the bill, and 

 bound for its payment at maturity. 



PROTEST. Protest is the notice required by law to be 

 given to the endorsers of promissory notes, and the makers 

 and endorsers of bills of exchange, of their dishonor, that 

 is, of their non-acceptance or non-payment. 



If the drawee, or person to whom a bill of exchange is 

 directed, refuses to accept it on presentation, notice must be 

 immediately given to the maker of it. 



If he accepts it, and afterwards fails to pay it at maturity, 

 notice must immediately be given to the maker. 



If the maker of a promissory note fails to pay it at ma- 

 turity, notice must immediately be given to all the en- 

 dorsers. 



A check is a draft at sight, and if not paid, must be 

 protested. 



