(1) Subject to the provisions in this Part, and except as by this article provided, the provisions of this Title 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 indorser 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) presentment for acceptance;
(b) acceptance;
(c) acceptance supra protest;
(d) bill in a set.
(4) Where a foreign note is dishonoured, protest is unnecessary.