Section 94 — Bills of Exchange Act

(1)

Subject to the provisions of this Part, and except as by this section provided, the provisions of this Act relating to bills of exchange apply, with the necessary modifications, to promissory notes.

(2)

In applying those provisions, the maker of a note is deemed to correspond with the acceptor of a bill, and the first indorser of a note is deemed to correspond with the drawer of an accepted bill payable to drawer’s order.

(3)

The following provisions as to bills do not apply to notes, namely, provisions relating to —

(a)

presentment for acceptance;

(b)

acceptance;

(c)

acceptance supra protest;

(d)

bills in a set.

(4)

Where a foreign note is dishonoured, protest thereof is unnecessary.