Question 343. - A draft for "$100 and exchange," with a "no protest" slip attached to it, is sent to a bank in Halifax for collection and is accepted. At maturity the acceptor refuses to pay more than $100, which the bank takes as payment on account, endorses the same on the draft, and returns it to the owner. Has the collecting bank the right to a a payment on account, or should it return the bill unpaid?

Answer. - The course adopted was the proper one. The collecting bank may refuse to accept anything other than the full amount of the item, in this case $100, plus the current rate of exchange, but it may accept partial payment, and in 6uch a case as this, consideration for the interests of the owner of the draft would seem to require the acceptance of the partial payment.