Question 312. - A note is discounted by a bank for a customer who endorses it, waiving protest, notice and demand of payment. There is a prior endorser on the note. The bank did not protest the note at maturity, and the first endorser was released. Is its claim against its customer good? He alleges that notwithstanding his waiver the bank should have protested the bill in order that he might not lose his recourse against the prior endorser, and that he is discharged by their neglect to do this.

Answer. - The bank has no claim against its customer. Failure to protest the bill freed the endorser who waived protest for himself, because it deprived him of his recourse against the prior endorser.