The compensation payable in case of dishonour of a promissory note, bill of exchange or cheque, by any party liable to the holder or any indorsee, shall be determined by the following rules:
1
the holder is entitled to the amount due upon the instrument together with the expenses properly incurred in presenting, noting and protesting it
2
when the person charged resides at a place different from that at which the instrument was payable, the holder is entitled to receive such sum at the current rate of exchange between the two places
3
when the person charged and such indorser reside at different places, the indorser is entitled to receive such sum at the current rate of exchange between the two places
4
All of the above