Protest is a declaration by a notary public in behalf of the holder of a bill that it has been dishonored and a "protest" that any loss arising shall be borne by the drawer or in-dorsers. In the case of foreign bills (drawn in one State and payable in another), protest is absolutely necessary. In the case of an inland bill (payable in the same State it is drawn in), it may be made. In most banks some clerk is a notary. The protest is required to be annexed to the bill or must contain a copy of it, and must be under the hand and seal of the notary making it, and must specify:

Specimen Certificate Of Protest

United States of America,

State of Illinois, City of Chicago.

ss:

On the 19th day of March, 1922, at the request of the Union National Bank, I, Wilbur Collins, a Notary Public of the State of Illinois, duly commissioned and sworn, did present the original Draft hereunto annexed, at the Union National Bank, No. 410 State Street, Chicago, the place at which it was payable and demanded payment, which was refused,

Whereupon, I, the said notary, at the request aforesaid, did Protest, and by these presents do publicly and Solemnly Protest, as well against the In-dorser of the said draft as against all others whom it doth or may concern, for exchange, re-exchange, and all costs, damages, and interest already incurred and to be hereafter incurred for want of payment of the same.

Thus done and protested in the City of Chicago aforesaid.

Wilbur Collins, Notary Public, (Notary's) Union National Bank.

(Seal)

(1) The time and place of presentment.

(2) The fact that presentment was made and the manner thereof.

(3) The cause or reason for protesting the bill.

(4) The demand made and the answer given, if any, or the fact that the drawee or acceptor could not be found.

If neither the place of drawing nor the place of payment appears on the bill the holder may treat it as an inland bill. This relieves him of the necessity of determining at his peril whether a protest is necessary. To fix the liability of the drawer and indorsers of bills of exchange there must be for both inland and foreign bills a due presentment for acceptance or payment and due notice of dishonor. In the case of foreign bills an additional act - protesting the bill - must be performed. Most banks in handling items give little consideration to whether a bill is a foreign bill or not. If the item belongs to them they will always protest if there are indorsers, and will generally not protest if there are no indorsers. If the bill comes to them from a customer or correspondent they will obey whatever instructions they have received regarding protest, and, in the absence of instructions, will generally protest all items of $20 and over. Most banks, when in doubt, protest, although, as has been said, this is legally necessary only in the case of bills drawn and payable in different States.