This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 70.— An acceptance is by arrangement with the prior parties held for ten days after its maturity without being protested, but at the expiration of that time the drawee is still unable to pay. Is it necessary to then protest the draft in order to avoid releasing the drawer or endorser?
Answer.—Assuming the bill to be an inland one, no protest is necessary. Notice of dishonour, to be effective, must be given at maturity, and the holding of the bill by agreement for ten days does not alter this. If the " arrangement " amounted to a waiver of notice, or an admission of the receipt of notice of dishonour (which it no doubt did) the parties continue liable on the bill whether asked to repay it or not. They would only be discharged from this liability, under ordinary circumstances, by the Statute of Limitations (or payment).