This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 268.— A demand draft with bill of lading attached, to be held for payment, is received for collection. The goods, owing to delay in transit, will not arrive for three weeks, and the drawee refuses to pay until the goods arrive. No instructions have been given to hold the draft. Is the collecting bank excused from protesting it ?
Answer.—The drawer would be discharged if the draft were held over without notice of dishonour being given him, and the collecting bank would be responsible for the bill.