380. Measure of damages against parties to dishonoured bill
Where a bill is dishonoured, the measure of damages which shall be deemed to be liquidated damages, shall be as follows—
(1) The holder may recover from any party liable on the bill, and the drawer who has been compelled to pay the bill may recover from the acceptor, and an indorser who has been compelled to pay the bill may recover from the acceptor, or from the drawer, or from a prior indorser—
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(a) the amount of the bill;
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(b) interest thereon from the time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill, in any other case;
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(c) the expenses of noting, or, when protest is necessary and the protest has been extended, the expenses of protest.
(2) In the case of a bill which has been dishonoured aborad, in lieu of the above damages, the holder may recover from the drawer or an indorser, and the drawer or an indorser who has been compelled to pay the bill may recover from any party liable to him or her, the amount of the re-exchange with interest thereon until the time of payment.
(3) Where by this Title interest may be recovered as damages, such interest may, if justice require it, be withheld wholly or in part, and, where a bill is expressed to be payable with interest at a given rate, interest as damages may or may not be given at the same rate as interest proper.