In the protest formal objection is made against the breaking of the promise, and demanding that the matter be set right by the maker, or on his failure, by the indorser.
The indorser, who has to pay, has a claim for the amount on the maker of the note, as he would have for money loaned or goods sold, and he can sue to collect.
A note that is not paid within a fixed time is said to be "outlawed."
Remember the indorser of a note must be notified within twenty- four hours of the failure of the drawer to make good.
NOTICES
The object in protesting a note is to fix the liability on the endorser.
If there be more than one endorser notice of protest must be sent to all at the same time.
It is better, where possible, to serve the notices on the indorsers in person.
The payee must also be notified.