This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 422.— The maker of a note (discounted for a customer-payee) becomes insolvent. The note is not yet due, and has another endorser who has lent his name as surety for the maker. Should the note be protested as soon as the assignment is gazetted ? Or should no action be taken till maturity?
Answer.—Nothing can be done until the note matures and is dishonoured.