Application of Part II to note

(1) Subject to the provisions of Parts II to VIII of this Act, and except as by this section provided, the provisions of this Act relating to bills of exchange apply, with the necessary modifications, to promissory notes. (2) In applying those provisions, the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first endorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer’s order. (3) The following provisions as to bills do not apply to notes, namely, provisions relating to, (a) (b) (c) acceptance supra protest; (d) bills in a set; 57 (e) where a foreign note is dishonoured, protest thereof is unnecessary.