ding date of the month when payment must be made. If there be no corresponding date, the bill matures on the last day of this month.
When a bill of exchange is drawn at one or more months and a-half after date or sight, entire months must first be calculated.
If the maturity is fixed at the commencement, in the middle (mid-January or mid-February, etc.) or at the end of the month, the first, fifteenth or last day of the month is to be understood.
The expressions "eight days" or "fifteen days" indicate not one or two weeks but a period of eight or fifteen actual days.
The expression "half-month" means a period of fifteen days.
Article 37
When a bill of exchange is payable on a fixed day in a place where the calendar is different from the calendar in the place of issue, the day of maturity is deemed to be fixed according to the calendar of the place of payment.
When a bill of exchange drawn between two places having different calendars is payable at a fixed period after date, the day of issue is referred to the corresponding day of the calendar in the place of payment, and the maturity is fixed accordingly.
The time for presenting bills of exchange is calculated in accordance with the rules of the preceding paragraph.
These rules do not apply if a stipulation in the bill or even the simple terms of the instrument indicate an intention to adopt some different rule.
Chapter VI
PAYMENT
Article 38
The holder of a bill of exchange payable on a fixed day or at a fixed period after date or after sight must present the bill for payment either on the day on which it is payable or on one of the two business days which follow.
The presentment of a bill of exchange at a clearing-house is equivalent to a presentment for payment.
Article 39
The drawee who pays a bill of exchange may require that it shall be given up to him receipted by the holder.
The holder may not refuse partial payment.
In case of partial payment the drawee may require that mention of this payment shall be made on the bill, and that a receipt therefor shall be given to him.
Article 40
The holder of a bill of exchange cannot be compelled to receive payment thereof before maturity.
The drawee who pays before maturity does so at his own risk and peril.
He who pays at maturity is validly discharged, unless he has been guilty of fraud or gross negligence. He is bound to verify the regularity of the series of endorsements, but not the signature of the endorsers.
Article 41
When a bill of exchange is drawn payable in a currency which is not that of the place of payment, the sum payable may be paid in the currency of the country, according to its value on the date of maturity. If the debtor is in default, the holder may at his option demand that the amount of the bill be paid in the currency of the country according to the rate on the day of maturity or the day of payment.
The usages of the place of payment determine the value of foreign currency. Nevertheless, the drawer may stipulate that the sum payable shall be calculated according to a rate expressed in the bill.
The foregoing rules shall not apply to the case in which the drawer has stipulated that payment must be made in a certain specified currency (stipulation for effective payment in foreign currency).
If the amount of the bill of exchange is specified in a currency having the same denomination, but a different value in the country of issue and the country of payment, reference is deemed to be made to the currency of the place of payment.
Article 42
When a bill of exchange is not prese
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