The drawer or indorser of a bill of exchange contracts that he will pay the amount of the bill, if the bill be duly presented by the holder for acceptance (if it requires it) and for payment, and if due notice of non-payment is given to him. Presentment for acceptance has already been considered. But presentment and demand of payment of a bill not already dishonored must be shown preliminarily to fixing the liability of the drawer or indorser upon the bill.1 The rule is constantly stated in con" nection with notice of non-payment, for both are necessary; and as a general rule notice without demand, and demand without notice, are equally futile. Unless the demand be waived or unless it be excused or rendered unnecessary by some of the facts that appear in the following sections, the drawer and indorser will be released upon the bill.2 The fact that the drawer or indorser has not been injured by the failure to demand is immaterial, since the demand is a condition precedent to his absolute liability.3 The failure to make the demand is equivalent to a payment of the bill by the drawer in the sense that the original demand or claim for which the draft was given either as payment or as provisional payment will be discharged to the extent of the draft,4 or if it has been taken as security the drawer or indorser so transferring will be entitled to a credit upon the debt secured to the amount of the bill, just as if the paper were given in payment.5 Even paper that has been indorsed after protest requires a demand as to an indorser after protest for the reason that it is a new bill payable upon demand.6

1 See Sec. 208, ante.

1 French v. Bank of Columbia, 4 Cranch, 141; Wallace v. Agry, 4 Mason, 336; Thayer v. Peck, 84 111.

74; Winter v. Cox, 41 Ala. 207; Mc-Nabb v. Tally, 27 La. Ann. 640.

2 See the cases in the preceding note.