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The damages on bills of exchange, inland or foreign, protested for nonacceptance or nonpayment are five percent on the sum drawn for.
Structure Code of Alabama
Code of Alabama
Title 8 - Commercial Law and Consumer Protection.
Chapter 4 - Bills of Exchange.
Section 8-4-1 - Damages on Protested Bills of Exchange.
Section 8-4-2 - Damages on Protest for Nonpayment in Place of All Charges Except Costs.
Section 8-4-3 - Applicability of Rate of Exchange in Determining Amount Due and Damages for Nonpayment.
Section 8-4-4 - Damages and Charges on Protest for Nonacceptance.