555

The endorsement by any bank or trust company, organized under or subject to the 'Banking Law', §§ 1 et seq. of this title, of any draft, note, bill of exchange or acceptance discounted or pledged by it to the Bank shall constitute a waiver of demand, notice and protest by such bank or trust company as to its own endorsement exclusively. History —Sept. 23, 1948, No. 17, p. 290, §§ 7, 22; Apr. 26, 1957, No. 3, p. 3, § 3.