A notary who is an officer of a corporation is asked to protest a negotiable instrument owned by that corporation. The notary is also individually a party to that instrument. What is the best answer?

AI Explanation

Section 138 contains both a permission and a limit. A qualified notary affiliated with the corporation may protest negotiable instruments owned or held for collection by the corporation, but not if the notary is individually a party to the instrument or has a financial interest in the subject. Importantly, the exam often tests the exception and the limitation in the same fact pattern.