The various kinds of instruments that this question may arise in regard to are bills of exchange, checks, promissory notes and non-negotiable orders. The parties to bills of exchange entitled to demand of payment are the drawer and indorser and acceptor supra protest. Guarantors hold a peculiar position. Parties for whose accommodation the bill is drawn will require special examination. The parties to checks who are entitled are the drawer and indorser, though the result of a failure to demand as to the drawer requires a different rule than the one applied to such party to a bill of exchange. The indorser of a promissory note stands in a different position from the maker of the note, but in the same position as the indorser of a bill. Guarantors of the note are governed by the same rule as guarantors of bills of exchange. Parties to non-negotiable orders do not fall under the same classification as parties to negotiable instruments. There is considerable difference of opinion as to indorsers of certificates of deposit. The order in which the various parties will be considered is: first, the drawer and indorser of bills of exchange; second, accommodation drawer and indorser of bills of exchange and parties for whose accommodation the bill was drawn; third, drawer and indorser of checks; fourth, maker of note; fifth, indorser of note; sixth, accommodation parties to note; seventh, guarantors of bills or notes; eighth, parties to non-negotiable orders; ninth, indorser of certificates of deposit. It should be remembered that certain bills of exchange do not require presentment as to the drawer because they are considered the promissory notes of the drawer.1 The indorser upon such paper is in the position that an indorser upon a promissory note would be under the same circumstances.

14 The theory of these cases is (see Sec. 147, ante) that the presentation, and the presence of funds, transfers so much of the drawee's account to the payee of the check. Strictly, then, it would result from this theory that the drawer, having transferred so much money to the payee, had paid the check. But those states which hold the rule treat a check as an ordinary demand bill, so far as notice to the drawer and so far as demand as to the drawer is required, hence the statement in the text is correct. See Lester v. Given, 8 Bush, 357. But the very fact that such is the case shows the absolute fallacy that underlies the rule.