If payment of a bill, indorsed after the term of payment is past, be refused, the porteur must notify the refusal in a reasonable time.
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Where a bill was indorsed for value after the term of payment was past, recourse was found to ly against the indorser, notwithstanding that no protest was taken by the indorsee upon the refusal to honour the bill: The merchants of London, to whom the Lords had recommended to give their opinion upon the case, having reported, That where a bill is indorsed after the term of payment, it is not necessary for the porteur to protest, but only to present the bill as a letter of credit, and to demand payment, and to notify the refusal to the indorser in a reasonable time. See No 147. p. 1580.
Fol. Dic. v. 3. p. 91. Kilkerran, (Bills of Exchange.) No 22. p. 87.
