Protest of foreign bills
Full Text
Protest of foreign bills.—Foreign bills of exchange must be protested for dishonour when such protest is required by the law of the place where they are drawn.
Plain English Summary
Mandates protest for foreign bills of exchange upon dishonour if required by the law of the country where the bill was drawn.
Key Legal Elements
- Applies specifically to foreign bills of exchange
- Mandatory protest upon dishonour
- Requirement is governed by the law of the place where the bill was drawn
Practical Note
Critical for international trade finance. While inland Indian bills do not mandate protest, foreign bills must be formally protested; failure to protest when required by the lex loci contractus discharges the drawer and indorsers.
हिंदी पाठ
विदेशी विनिमय-पत्रों का प्रत्याख्यान।—विदेशी विनिमय-पत्रों का अनादर होने पर प्रत्याख्यान (protest) कराया जाना अनिवार्य है, जब ऐसा प्रत्याख्यान उस स्थान की विधि द्वारा अपेक्षित हो जहां वे लिखे गए हैं।