Section 8-4-4

Damages and charges on protest for nonacceptance.

When a bill of exchange is protested for nonacceptance, the same rate of damages is allowed as in the case of a protest for nonpayment; and such damages are in the place of all charges, except costs of protest, incurred previous to and at the time of giving notice of nonacceptance; but the holder is entitled to recover legal interest, exclusive of the damages, upon the amount of the principal sum from the time when the same would have become payable, if accepted, interest on the damages from the demand of acceptance and the costs of protest.

(Code 1852, §1541; Code 1867, §1849; Code 1876, §2110; Code 1886, §1775; Code 1896, §889; Code 1907, §5149; Code 1923, §9220; Code 1940, T. 39, §189.)