1. Where the acceptors of a bill of exchange by intervention or those who are designated for payment thereof, where necessary, have a place of residence at the place of payment, the bearer shall present the bill of exchange to all such persons for payment thereof, and where necessary, he shall protest for non-payment at most on the day following the last day on which such protest may be made. 2. Where the protest is not made on that date, the person designated for payment of the bill of exchange, where necessary, or the person in whose interest the intervention was made shall be discharged; and also the subsequent endorsers shall be discharged from liability.
Interpretation and application must be checked against the official text and current version.