Grand Rapids Herald-Review Newspaper, April 30, 1913, Page 36

ds Heese aye: ‘ theret ved Blving of fe parties, aud as rest . F than hokter in du he delivery, in order to be effectual, muadg “either by oF under the ports making, drawing, accepting a a @s the case may be and in such case the de: may be shown to have been conditional, o* for a special purpose only, purpose of transferring sirument. But where the the hands of a holder In mned. And in the r where the wee: signature, appears thereon, a valla and {nten- is’ presumed until the| PRESUMPTION.) tional delivery byhim proved. <STRUCTION MBIGUOUS.) instrument is * omissions therein, struction apply Where the sun’ and ajso in figures and there the ‘two, the sum payable er unce! W b tn th e had th t the t st, without interest ts to run, t ate of the ins is undated, from instram to be ¢ nt 1s not ted as of ssued a confilet ere there { printed written is asx doubt may treat Where a strument signature son ‘mak! hes ts LIABI RADE_OR MED NA nstrument thereon, excey * not a assumed xtent as if he GNATURB BY r forn {8 purpose ay gy estab la LIABILITY AGENT, ETC. conta erson r cating or dds to he signs ina on t PERSO} capactty able bing him as WHE! sum provides specifying © interest and if issue ment the As nde and nog for the! teri the ' pronerty | instrument due course, Gelivery thereof by all parties prior to him so| ake them Mable to hint is conclusive: instrument i ion of a party whose| as overdue. in SRE vhere ambiguous the following rules ayable is expressed In is a ut It erence mount Aated, the time between the the Instru- amb!gous | | a. bi etther sned by two|" ns < ned to be Joint-| * ON ME.) hose Bet one who name AGENT: signature au appoint SIGN: instra- his sign a res | cow must ority of the] ‘ is a vali denoted will ad signed a indorsee is_ wre sin he may. indo} therein described, adi proper signature, (INDORSEMFNT IN SENTATIVE CAPACITY.) Where any per- son is under obligation to indorse in a ri resentative capacity, he may Indore’ in such Ss AS to negative Personal lability. IME OF INDORSEMENT; PRE- Bxzept wher? an indorsement ter the maturity of the instru negotiation is deemed prima facie been effected before the instrument peo{name of a the in- . {strument Ing. if he think At, i 4. inet REPRE- the} |ment. every to have Sec. 46, (PLACE OF INDORSEMENG Except where the con dorsement is presumed een made at the place is dated, trary appe: prima facie fo have where the instrumen See. 47. (CONTINUATION OF NE CHARACTER.) An instrument — negoti- in its origin continues to be negotiable lias been restrictively indorsed or dis- or otherwise, KING e holder may at dors which and all indorsers “sub: relieved from labilit H . every 1N-| the! or YTTA ee TNDORSE- MENT.) time strike any a title, ke out » ther ment %, FER MENT; EFFEC an any the is uent to pe on the WITHOUT IN- OF. Where the payable to. his ord without Indorsing ensferee such title therein, and the trans: vie right to have ransferor. But for the urpose of whether the transferee 2 holder iue course, the negotiation he time when the indorse- 50. (WHEN PRIOR PARTY MAY YTIATE INSTRUMENT.) Where an in- ed back to a prior party, subjeet to the provisions of end further negotiate the’ eC. not entitled to enforce pa t thereof against any intervening party to Mable. it the trans inflores t is actually, GN. No sig- RIGHTS OF THE HOLDER. (RIGHT OF HOLDER TO SUB; {ENT.) The holder df a negotiable In- ent may sue thereon in his own name land payment to him in due course discharges » instrument. “ (WHAT CONSTITUTES A HOLD- ER IN DUE COURSE.) A holder in due e is a holder who has taken the instru: under the following conditions: at {t 1s complete and regular upon AU- ment the|its face. as| (2) That he became the holder of it before it Wes overdye, and without notice that it had een previously dishonored, the fact: (3) ‘That he took it in good faith and for for or on| value; epresentative | instrument | but the mere ad- an agent. tt was negotiated to NOT DEEMED Where an fn: is negotiated (4) That at the time Bec. (WHEN PERSON |HOLDER IN DUB COURSE.) strument payable on demand at entative charaeter, with-/nim he had no notice of any infirmity in the does not exempt |! RY PROCURA- “pro- the agent |ci ture that ol case th thin the actual Li or PORATION.) assignment of the ation in, notwithstanding the corporat! ity. thereon. by an nits of his INDORSEMENT ‘The instrument n or infant may ment or defect in the title of the person negotiating it. an unreasonable length of time after its issue, the holder is not deemed a holder in due Irse, BEFORE FULL the transferee re- the instru- e| £ 34. |AMOUNT PAID.) ceives notice of an (NOTICE Where infirmity 1 | gotiating the same before he has pald the full ejnount agreed to be paid therefor, he gvill be {deemed a holder due course only “to the | extent of the theretofore patd by him. | See. "55. =N TITLE DEFECTIVE.) ‘ime title of a person who negotiates an in- strument ts defective within the meaning of this act when he obtained the instrument, or any signature thereto, by fraud, duress, or tn- son whose sig-|force and fear, or other unlawful.means, or for de nh right, ‘orgery or want of author- | erson ARTICLD It. ATION. YN OF otiable — instrut have been issued for @linstrument free person | prior parties, and free from defenses available| and thereto value. "ONSIDERA TION, Value js any support a simple contra - pre-existing debt ed such whether th nd 01 a fature tim AT. Ww ct, ‘CONE (WH z t in’ respe: or to 2 FOR r has a jeemed as against. any and pardal tlon ‘tsa defence pro tanto, | 1 ascertained and | °, failure is an is OF commos e instru LIABI ton r person. strument to ling such holder time of taking the instrument knew only accommodation party. ARTICLE Itt (WHAT CONSTITUTES TIATION it ts tra’ the holder there’ negotiated by delivery ts negotiate: 4 by ferred from one person ner as to constitute the D delivery ENT? nent itself additional FNTIRE INSTRUMENT.) st be an Indors An transfer to instrament or words, msont: the instrument. been paid the residu But in part, where the (KINDS OF IND may be either! tt may or conditional PECIAL IN BLAD specifies the at Mank: and or qualified, 2) the An instrament. dorsed is_pa gotiated by CHANGED TO to indorsement dan (BLANK tract consistent with ndorsement. Sec, 36. | (WHEN STRICTIVE.) An which either, the (1) Prohibits the further negotiation of the instrument: or (2) Constitutes the indorsee the agent of the r; OF every” pears thereon to have ‘The signature of the tndorser, fs a sufficient indorse- iy the Instrument, to enforce | stan thereto, | ‘such against whom tt {s/frmity 1 13, precluded | title of the person negotiating the same, the CONSIDER-| ment nstitutes value; | Sean instrument 1s| DBF SENSES.) any the holder ts ct that time. ON INSTRUMENT | men VALI len on the instrument, om contract or by implication ‘ACCOMMODA- party nent as maker. without receiving him to be NMGO-|iment the instrument will be accepted or patd, An instrument !s negotiated when|or both, according to its teno! to another in| be dishonored and the necessary proceedings on transferee | dis If payable to bearer it {s| amount thereot if payable to order it the indorsement of the holder | p HOW MADE.) be written on the in- upon @ paper attached with- (INDORSEMENT MUST BP OF ‘The indorsement ment of the entire instru indorsement which putports indorsee a part onl’ of the able, or which purports to transfer to two or more indorsees sev- does not operate as a negotiation of the instrument has it may be indorsed as to SEMENT.) An special also be either restrictive DORSEMENT: IN- A. speeli person to whom, . the instrument ts to be pay- the indorsement of such indorsee is further negdtlation of the in blank spect- instrument 80 to bearer, and may be no- INDORSEMENT:; HOW SPRHCIAL INDORSEMENT.)| ‘The holder may convert a blenk {ndorsement into a special indorsement by writing over the ture of the indorsér in blank any con-| character of the INDORSEMENT indorsement is restrictive, Vests the title in the Indersee in trust for or to the use of some other person. But the ment restrictive. See, BT. NORSEME! restrictive dorsee the a right, ‘o bring any indorser could. brin 3) ‘To transfer h where th him to do so. But all subsequent the title of the first strictive Indorsement. A qualified indorsement inde sign the words 1 indorsement haracter of the instrument. ‘Sec. 329. INDITIONAL INDORS Where an -sement 1 required to dorsee or har been fulfilled or not. whom an will hold the ‘same, subject to the ng conditionally, 40. {INDORSEMENT OF MENT PAYABLE TO BEARER,) It ‘may delivery; etal rotiated corsing but the ment. ec. 41. ABLE TO TWO OR of two or more payees or Indorsees hot partners, all must indorse, unless the one indorse for the iNsrruan PERSON AS Where an instrumbnt 1s drawn or or other it ta indorsing has authority to others, Ser. (EFFECT OF DRAWN NDORSED TO CASHIER.) indorsed to a fiscal person as ‘Cashier? vay he Negotiated by » corporation, or th oT WHER: CETERA.) ¥ conditional, y the instrument may ‘disregard . and make payment toi the in- his transferee, whether the condition But any person to fnetrument 1s so indorsed is nego- or the proceeds Tights of the person re absence of words implying power to negotiate does not make an Indorse- FFECT OF RESTRICTING TN- IGHTS OF INDORSBE.) indorsement confers upon the tn- receive payment of the instrument; action thereon that the rights as such Indorsee, form of the indorsement authorize: inforsees acquire only indorses under the re- (QUALIFIED INDORSEMENT.) constitutes the @orenr a more assignor of the title to the in- be made by adding to the “without words of similar tmport. lors not Impair the negotiable MENT.) party INSTRU- ‘Where an istrament, payable to bearer, 1s Indorsed spe- nevertheless he further ne- person lly {¥ Hable as indorser to only such holders as make title through his indorse- (INDORSEMENT WHERD PAY- MORE PERSONS.) nere an instrument is payable to the order who ‘officer of a bank or corporation, eemed prima facle to be payable to the bank + corporation of which he 1g such officer; and either the Indorsement indorsement B Wher OLDER |&ble inst time | or Such vAME | consideration, or when he negotiates orjit in preach of faith, or under such ¢jreum- sas amount to’a fraud. 56, (WHAT CONSTITUTES NOTICE CT.) ‘To comstitute notice of an in- the instrument or defect in the an { Sec. sig- OF DEF! to whom it is negotiated must have A actual knowledge of the infirmity er de- |rect, or knowledge of such facts that his ac- |tion' tn‘ taking the instrument amounted to bad | faith. | Sec. 57. (RIGHTS OF HOLDDR IN DUB {s|COURSB.) A holder in due course holds the from any defect of title of be-|to prior parties among themselves, and may enforee payment of the instrument for the fuil WHAT CON-|amount thereof against all parties Hable there- consideration suf— ‘An ante-| on. | Seo. 58. (WHEN SUBJECT TO ORIGINAL In the hands of any sther than a holder in due course, a negoti- ument is subject to the same de- fenses as if it were non-negotiable, But a |holder who derives his title through @ holder |in due course, and who ts not himself a party |to any, fraud’ or iilegality affecting the instru- Ynas all the rights of such former holder respect of all parties prior to the latter. Sec. 59.—(WHO DEEMED HOLDER IN DUE COURSE, Every holder ts deemed prima facie fo be a holder in due course; but’ when it is )| in der for value t0/ chown that the title of any person who has ne- gotiated the instrument was defective, the bur- Gen is on the holder to prove that he or some person under whom he claims: acquired \the title as holder in due course. But the last-mentioned rule does not apply in, favor party who became bound on the instru- prior tg the acquisition of such defect- ive title con- | ARTICLE V. LIABILITIES OF PARTIES. c. 6 JABILITY OF MAKER.) The er of a negotiable instrument, by making it engages that he will pay {t according to its tenor, and admits fhe existence of the payee and hi acity to indorse, See BILITY OF DRAWER.) The jrawer by drawing the instrument admits the existence of the payee and his then capacity to indorse; and engages that on due present- the it , and that, if duly taken, he will pay the to the holder, or to any sub- yuent indorser who may be compelled to y it. But the drawer may insert in the Instrument an express stipulation negativing or limiting his own Mability to the holder, (LIABLLITY OF ACCEPTOR.) The acceptor by accepting the instrument engages at he will pay it according to the tenor of his acceptance; and admits, nor be Ineness of his signature, and his capacity a! authority to draw the instrument; and 2) ‘The existence of the payee and his then capacity to indorse. Sec. 63.—(WHEN ‘PERSON DEEMED INDORSER.) A person placing his siz- nature upon an instrument, otherwise than as maker, drawer or acceptor, is deemed to be an indorser, unless he clearly indicates by ap- propriate words his intention to be bound in some other capacity. ‘Sec. 64,—(LIABILITY OF IRREGULAR IN- DORSERS.) Where a person not otherwise a party to an instrument, places thereon his nature in blank before delivery he is Hable indorser, in accordence with the following rules: (1) If the instrument ts payable to the or- ace ofa Hird person, he Is table to the payed and to all subsequent parties. (2) If the instrument is payable to the or- er of the maker or drawer, or is payable to bearer, he is lable to all parties subsequent to the maker or drawer, ) Tt he signs -for the accommodation of the payee, he is liable to all parties subse- quent to the payee. (WARRANTY WHERE NEGO- TIATION to in in- or BY DELIVERY, ET CETERA.) very person negotiating an instrument by de- ‘ery or by a qualified indorsement, warrants— (1) That the tnstrument is genuine and in all respects what it purports to be: (2) That he has a good title to its (8) That all prior parties had capacity to contract; (4) That he has no knowledge of any fact which would impair the validity .of the in: strument or render it valueless. ut when the negotiation 13 by delivery only the warranty extends in favor of no holder other than the immediate transferee. "The provisions of subdivision three of this section do not apply to,,persons negotiating public or corporation sécurities, other than bills and notes, Sec. 66,—(LIABILITY OF GENERAL IN- DORSPR.) Every indorser who indorses with- out qualification, warrants to all subsequent holders in due course: (1) The matters and things mentioned in subdivisions one, two and three of the next preceding section; and 2) That the jostrument is/at the time of his Indorsement valid and subsisting. ‘And, in addition, he engages that on due presentment, it shall be accepted or paid, or both, as the case may be, according to its tenor, and that if It be dishonored, and the cessary proceedings on dishonor be duly ken, he will pay the amount thereof to the older or to any subsequent indorser who may be compelled to pay it. Sec. 67.—(LIABILITY “OF _ _INDORSER WHERE PAPER NEGOTIABLE BY D: | LIVERY.) Where a person places his in. dorsement on an instrument negotiable by de- ery ho incurs all the Habilities of an in- er. Sec. 68.—(ORDER IN WHICH INDORSERS ARH LIABLE.) As respects one another in- dorsers are lable prima facie in the order in which they indorse; but evidence 1s admissable to show that as betwgen or among themselves they have agreed otherwise. Joint payees or joint indorsees. who indorse are deemed to indorse jointly and_ severally. Sec. 69. (LIABILITY, AN AGENT OR BROKER.) Where # broker or other agent ne- gotiates an instrument without indorsement he incurs all the jiabilittes prescribed by “Section sixty-five of this act, unless he discloses the name of his principal, and the fact that he is acting only as an agent. ARTICLE VI. PRESENTMENT FOR PAYMENT. .| Sec. 70.(DFFECT OF WANT OF DR. MAND | ON PRINCIPAL DEBTOR.) Presentment for payment not nec. essary in order to charge the per- son. primarily Mable on the instrument, but if the instrument fs, by its terms, payable at ‘a special place, and he is able and willing to pay it there at maturity, such ability and willingness are equivalent to a tender of pay- ment upon his part. But except as herejn otherwise provided, presentment for ent is necessary in ofder to charge the drawer and indorsers. Sec. 7L—(PRESENTMENT WHERF, [ STRUMENT IS NOT PAYABLE ON’ DR- MAND AND WHERE PAYABLE ON DB- RE- A in re- in= are aNT| + —____ nek 1209 “ ' ly desige | if such was} holder | (1) The existence of the drawer, the Pz “AINNESOTA P AND.) Where. the is payabie }on demand, presentment }made on the day it falls due. Where it ts i pelneey @ reasona’ ne after its issue, ex- cept that in the of a bill of exchange, |presentezent for payment will be sufficient if lmade within 2 reasonable time after the last negotiation the 1g Sec. 2. (WHAT | PEMEN PRE | payment, to be () By the thorized to re aay ny instrument CONSTITUTES A SUF- INTMENT.) Presentment for ‘sufficient, must be made— holder or by some person au- ive payment on his behalf, } Ata reasonable hour om a as herein defined person primurily Hable on the in- strum or if he is absent or inaccessible, to any person found at the place where the pre- sentment {3 made. (PLACE entment for pay Ata nt. per piace rT.) the TM at oF nt PRES! is made place of payment 1s. specified trument- and jt is there presented: no place of payment js specified, the ¢ the person to make pay is given in the instrument and it 1s egented. Where no place of payment is specific and no address is gtven and the, instrument is presented at the usual place of busniess or residence of the person to make payment | (4) In any other case if presented to the |person to make payment wherever he can be but at there 3) :|found, or if presented at his last known place| jof business or residence. | See, 74-—(INSPRUMENT MUST BE BX- HIBITED.) ‘The instrument must be exhibited to the person trom whom payment 1s demanded, {and when it i8 paid must be delivered up to the |Party paying it. s ~(PRESENTMENT WHERE | IN: NT PAYABLE AT BANK.) Where the instrument is payable at a bank, present- ing hours, unless the person to make payment has no funds there to meet {t at any time during the day, in which case presentment at any hour before the bank is closed on that day is suffictent s ' Sec. 76.—(PRESENTMENT WHERE PRIN- CIPAL DEBTOR IS DEAD.) Where a per- son primarily Jiable on the instrument 1s dead, and no. place of payment is specified, éntment for payment must be made onal representative if such there be, with the exercise of reasonable he can be found. .—(PRESENTMENT TO PERSONS AS. PARTNERS.) | Where the persons primarily. liable on the —_in- |strument are lable as partners, and no place of payment {s specified, presentment for payment may be made to any one of them, Jeven though there has been a dissolution of |the firm. Sec, 78. p it, diligence, Sec. LIABLE -(PRESENTMENT TO JOINT DEBTORS.) Where there are several persons, nof partners, primarily Hable on the instru- ment, and to place of payment 1s specified, |preseatment must be made to them all. ‘Sec. 70.—(WHEN | PRESENTMENT NOT REQUIRED “TO CHARGE THE DRAW- ER.) Pres in order to charge the drawer where he has no jright to expect or require that the drawee or | acceptor will pay the instrument. | Sec, 80.—(WHEN ~~ PRESENTMENT NOT [REQUIRED TO CHARGH THEg IN; |DORSHR.) Presentment for payment Is |not required. in order to charge an indors- ler where the instrument was made or. ac- |cepted for his accommodation and he has no faent or defect in the title of the person ne-|reason to expect that the instrument will be| paid if presented. Sec. $1.—(WHEN DELAY ING PRESENTMENT Is Delay in making presentment, for pay- ment is’ excused when the delay is caused by circumstances beyond the control of the holder, and not imputable to his de- |fault, misconduct or negligence. “When the cause cf delay ceases to operate, ‘ment must be made with reasonable diligence. DISPENSED WITH.) Presentment for pay- ment ts dispensed with— (1) Where, after the exercise of reasonable diligence presentment as required by this act cannot be made; (2) Where the drawee is a fictitious person; (8) By waiver of presentment, express or implied. | Sec. 83.. |ORED_BY NONPAYMENT.) The instrument |is dishonored by nonpayment when— | (@) It is duly presented for payment and payment is refused or cannot be obtained; or (2) Presentment is excused and the instru- ment is overdus and unpaid. Sec, 84.—(LIABILITY OF PERSON SEC- ONDARILY LIABLE, WHEN INSTRUMENT DISHONORED.) Subject to the provisions of this act, when the instrument is dishonored by nonpayment, an immediate right of recourse to all partles secondarily lable thereon ac- crues to the holder, | Sec. 85.—(TIMB OF MATURITY.) Every n gotiable instrument is payable at the time fixed therein without grace. When the day of ma- turity falls upon Sunday, or a holiday, instrument 1s payable on the next succeeding business day. Instruments falling due (or becoming payable) on Saturday are to be pre- sented for payment on the next succeeding business day, except that instruments payable on demand: may, at the option of the holder, IN _MAK- EXCUSED.) noon on Seturday when that entire day is not a holiday. Sec. 86.—(TIME, HOW COMPUTED.) Where the instrument is payable at a fixed period after date, after sight, or after the happen- ing of a specified event, the time of pay- ment is determined by excluding the day from which the time is to begin to run, and by including the date of payment, Sec. #.—(RULE WHERE INSTRUMENT PAYABLE AT BANK.) Where the instrument is made payable at a bank it shall not be equivalent to an order to the bank to pay the |same for the account of the principal debtor | thereon, Sec. §8.—(WHAT CONSTITUTED PAYMENT IN DUE COURSE.) Payment is made in due course when it is made at or after the maturity of the instrument to the holder thereof in good faith and without notice that his title te de fective ARTICLE VII, NOTICE OF DISHONOR. —(TQ WHOM NOTICE OF DISHON- EB GIY: Except as herein oth- erwise provided, when a negotiable instrument h&s been dishonored by nonacceptance or non- payment, notice of dishonor to the drawer and to each indorser, and any drawer or indorser to whom such’ notice is not given Is discharged. Sec. 00.—(BY WHOM GIVEN.) The notice may be given by. or on behalf of the holder, or by or on pehalf of any party to the in- strument who might be compelled to pay it to the holder, and who upon taking it up would have a right to reimbursement from the party to whom the notice ts given, Sec. 91.—(NOTICE GIVEN BY AGENT.) Notice of dishonor may be given by an agent either in his own name or in the name of any party entitled to give notice, whether that party be his principal or not. Sec. 92,—(KFFECT OF NOTICE GIVEN ON BEHALF O08 HOLDER.) Where notice is given by or on behalf of the holder, it enures,for the benefit of all subsequent holders and all prior parties who have a right of recourse against the party to whom ft 1s given. Sec, 93.—(EFFECT WHERE NOTIGE IS GIVEN BY PARTY ENTITLED THERETO.) Where notice is given by or on behalf of a party: entitled to give notice, it qnures for the benefit of the holder and all ‘parties subsequent to the party to whom notice is given. Sec. $4.—(WHEN AGENT MAY GIVE NO- TICH.) Where the instrumerf@ has been dishon- ored in the hands of an agent he may either himself give notice to the pgrties lable thereon, or he may give notice to INq principal. If he gives notice to his principal he must do so Within the same time as if he were the holder, and the principal upon the receipt of such notice himself the same time for giving notice aa if the agent. had been an’ independent older. Sec, 95.—(WHEN NOTICE SUFFICIENT.) A written uotice need not be signed, and an in- sufficient written notice may be supplemented and validated by verbal communication, A misdescription of the instrument does "not vitiate the notice unless the party to whom the notice is given is in fact mislead thereby. ‘Sec, 8 —(FORM QF NOTICE.) ‘The notice may be in writing ‘or merely oral and may be given in any termé which sufficiently {dentity the instrument, and indicate that it has been Gishonored by" monacceptance or nonpayment. It may“in all cases be given by delivering 1t personally or through the malls, Sec. %%—(T0 WHOM NOTICE MAY BE GIVEN.) Notice of dishonor may be given either to the party himself or to his agent in that behalf. Sec. 98.—(NOTICH, WHERE PARTY DBAD.) When any partys dead, and his death is known to the party giving notice, the notice muat be given to a personal yrepresentative, lit there be one, and if with Peasonable dill: gence ‘he can be found. If there be no per- sonal representative, notice may be sent to the last residence of last place’ of business of the decea Sec. 00.—(NOTICH TO PARTNERS.) Where the parties to be notified are partners, notice to though there has been a. dissolution. Sec. 100.—(NOTICE TO PERSONS JOINTLY LIABLE,) Notice to joint parties who are not partners must. be given to each of them unless one of them has authority to receive such notice for the others. ‘Sec. 101.—(NOTICE TO BANKRUPT). Where a party*has been adjudged a bankrupt or an insolvent, or has made an asstgnment for the benefit of creditors, notice may be given eith- er to the party himself or to his trustee or assignee. ‘Sec. 102.—(TIME WITHIN WHICH NOTICE MUST BE GIVEN.) Notice may be given soon as the instrument is dishonored; and less delay is excused as hereinafter ‘provided, must be given within the times fixed~by this ‘aol ‘ it. Sec. 103.4(WHERE PARTIES RESIDE IN SAME PLACE.) Where the person giving and the person to receive notice reside in the same place, notice must be given within the fol- given at the place of business of the pefeon, to recelve, notice, it uiust ‘be given be. ‘ore the close mess hours day ae nh en keto (2) ven at residence given before’ the usual how day : following. (3) If sent.by mail !t must be deposit the postofiice in\ time to reach him fa usual course on the following day. Sec, 104.—(WHERE. PARTIES RESIDE TN DIFFERENT PLACES.) Where the person giv- ing and the person to receive notice reside in different places, the notice must be given bagi ons following. times: sent by mail it must be deposited 1 the postoffice in time to go by mail the day following the day of dishonor, or if there be it hours of test” on the must be | business | ment for payment must be made during bank-| entment for payment {s not required) present- | 2.-(WHEN PRESENTMENT MAY BEr\and the indorser was aware of the the | be presented for payment before 12 o'clock | must be given | 1s| any one partner is" notice to the firm even| unt rot{no mail at: a conyentent, hour on that day,{ED AS by the next mail thereafter, (2) If given otherwise than. through. the then within the time that notice vould have jheen received In due course of imail, if it had been deposited In the postoffice within’ the ‘time “specified “in the las& sub- | division. | See. 103.—(WHEN SENPER DEEMED TO HAVE GIVEN DUE NOVICE.) Where notice of dishonor is duly addressed and deposited in. [the pestoffice, the sender is. deemed to have given due notice, notwithstanding any \carriage in the malls, Sec, 106.(DEPOSIT IN . POBTOFFICE; [WHAT CONSTITUTES.) Notice is deemed to have been deposited in the post-office when deposited in any branch post-office or in any letter box under the control of the -post- loftice department. ec. 107.—(NOTICE “TO | SUBSEQUENT PARTY; ‘TIME OF.) Where a party receives notice of dighonor, he has, after the receipt ofysueh notiée, the same, time for giving no- tice to antecedent parties that the holder has after the dishonor, . Sec, 108.—(WHERD NOTICR MUST BE SENT.) Where a party has added an. ad- dress to his signature, notice of dishonor must be sent to that address; but if he has \not given such ad&ress, then the notice must |be sent as follows | (1) Either to the post-pffice nearest: to his place of residence, or to the post-oMfice where he is accustomed ‘to receive his letters; or (2) If he lve in one place, and have his place of business in another, notice may be sent to elther place; or | @) If he ts sojourning in another place, \notice may be sent to the place where he lis so sojourning. But where the notice {s actually recetved by the party within the time specified in |tnis act, it wil be sufficient, though not sent in accordance with the requirements of his section. ' Sec, 109.—(WAIVER OF NOTICE.) | Notice lof dishonor mgy be waived, elther before the |time of, giving notice has arrived, or after |the omission to give due notice, and the |waiver may be express or implied. | Sec. 110.—(WHOM AFFECTED BY WAIV- ER.) Where the waiver tg embodied in th Unstrument ftself, Jt is binding upon all par- ties; but where ‘it is written above the sig- nature of an indorser, it binds him only. 111.—(WAIVER OF PROTEST.) | A ver of protest, whether in the case of a [foreign bill of exchange or other negotiable instrument, {s deemed to be a waiver not only of a formal protest, but also of present- |ment and notice of dishonor. Sée. 112.—(WHEN NOTICE IS DISPENSED WITH.) Notice of dishonor ts dispensed with when, after the exercise of reasonable dill- |gence, it cannot be given to or does not reach the parties sought to be charged. See, 113.(DELAY IN GIVING NOTICE: |HOW EXCUSED.) Delay in giving notice of |dishonor is excused when the delay 1s caused |by circumstances beyond the control of the |holder, and not imputable to this Gefault, misconduct or negligence. When the cause of delay ceases to operate, notice must be given |with reasonable diligence. | Sec. 114.—(WHEN NOTICE NEED NOT |BE GIVEN TO DRAWER.) Notice of 4! |honor 1s not required to be given to the jdrawer in either of the following cases:— |G) Where the drawer and drawee are the jsame person: |""(2) When the drawee ts a fictitious person jor a person not having capacity to contract: (3) When the drawer ts the person to whom [the instrument is presented for payment. (4) Where the drawer has no right to ex- pect or require that the drawee or acceptor |will honor the instrument | (3) Where the drawer has countermanded |payment. |" Sec. 115.—(WHEN NOTICE NEED NOT BE |GIVEN TO INDORSER.) Notice of dishonor lis not required to be given to an Indorser in either of the following cases:— (1) Where the drawee {s a fictitious person or @ person not having capacity to contract, act a | wat |the time he indorsed the instrument; | (®) Where the indorser is the person to |whom the instrument is presented for pay- ment; (3) Where the instrument was made or Jaccepted for his accommodation. | "See, 116.—(NOTICD OF _ NON-PAYMENT |WHERE ACCEPTANCE REFUSED.) Where ~(WHEN INSTRUMENT DISHON-|que notice of dishonor by non-acceptance has | non-; been gfven notice of a subsequent dishonor by non-payment 1s not wecessary, unless in |the meantime the instrument has been ac- cented, | Sec. 117. BRFECT OF - OMISSION TO |GIVE NOTICE OF NON-ACCEPTANCE.) | An Jomission to give notice of dishonor by non- lacceptance does not prejudice the rights of a holder tn ue course subsequent to the jomission. Sec. 118—(WHEN PROTEST NEBD NOT |BE MADE; WHEN MUST BE MADE.) Where any negotiable instrument has been \dishonored it may be protested for non-ac- lceptance or non-payment, asthe case may lbe; but protest is not requited except In the |case of foreign bills of exchange. | ARTICLE VIIT. |DISCHARGE OF NEGOTIABLE INSTRU- MENTS. Seo. 119.—(INSTRUMENTS: ‘HOW DIS- CHARGED.) A negotiable instrument is dis- charged:— (). By payment in dye course by or on behalf of the principal debtor; (2) By payment in due course by the party accommodated, where the instrument ts made or accepted for accommodation: (3) By the intentional sancellation thereof by the holder; (4) By any other act which will discharge a simple contract for the payment of money; (5) When the principal debtor becomes the holder of the instrument at or after maturity in_his own right: Sec. 120.—(WHEN PERSONS _SECOND- ARILY LIABLE ON, DISCHARGED.) person secondarily Mable on the instrumen’ ig discharged: (1) ‘By ahy act which discharges the in- strument (2) By the intentional cancellation of his signattire. by the holder; (8) By the discharge of a prior party; By a valid tender of payment ‘made by a prior parts \ (5) By a release of the principal debtor, unless the holder's right of recourse against the party secondarily Hable is expressly re- served; (6) ‘By any ent binding upon the holder to extend the time of payment, or to postpone the holder's right to enforce the in- Strument, unless made with the assent of the party secondarily liable, or unless the right of recourse against such party 1s expressly re- served. "Sec. 121.—(RIGHT OF PARTY WHO DIS- CHARGES INSTRUMENT.) Where the In: strument is paid by a party secondarily lt able thereon, it 1s not discharged; but the party so paying it 1s remitted to his former rights as regards all prior parties, and he may strike out his own and all subsequent indorsements, and again megotiate the instru: ment, except:— (1) Where it is payable to the order of a third person, and has been paid by the draw- er; and ° (2) Where it was made or accepted for ac- commodation, and has been paid by the party | accommodated. Sec. 122,_(RENUNCIATION BY HOLDER.) ‘The holder may expressly renounce his rights against any party to the Instrument, before, ‘at or after its maturity. An absolute and unconditional renunciation of his rights against the principal debtor made at or-after the maturity of the instrument discharges the instrument. But a renunetation does not af- fect the rights @f a holder in due course with- out notice. A renunciation must be in writ- ing, unless ithe instrument {s delivered up to the’ person primarily liable thereon. ‘Sec. _123.—(CANCELLATION; UNINTEN- TIONAL; BURDEN OF PROOF.) A eancel- lation made unintentionally, or under a mistake or without the authority of the holder, is in: operative; but where an instrument ‘or ‘any signature thereon appears to have been can- celled the, burden-of proof lies on the party who aliegés that the cancellation was made unintentionally, or under a mistake or with- out, authority. Sec, 124.—(ALTERATION OF INSTRU- MPNT; EFFECT OF.) Where a negotiable instrument is materfaily altered without the assent of all parties Mablé thereon, it is avolded, except as against a party who has himself made, authorized er assented to the lalteration, and subsequent indorsers. But when an instrument has been materially altered and is in the hands of a holder in due course, not a party to the alteration, he jmay enforce payment thereof according to lits original tenor. ‘Sec, 125.—(WHAT CONSTITUTES A MA- | PERIAL ALTERATION.) Any alteration which changes,— (1) The date; ee ae ‘payable, either for princtpal or interest: (3) The time or place of payment: (4) The number or the relations ‘of the parties: g (5) ‘The medium or currency in which pay- ment 1s to bé mad Or which adds a place of payment where no place of payment {s specified. or any other Change or addition which alters the effect of the instrument.in any respect, 1s a ma- terlal alteration. TITLE 11. BILLS OF EXCHANGE. ARTICLE 1. FORM AND INTERPRETATION, 126.—4BILL| OF EXCHANGE DE- FINED.) A bill of exch is an uncondi- tional order in writing ad by one per- son to another, signed by the person giving it, requiring, the person to whom it is a dYessed to pay on demand or at a fixed /or determinable future time a sum certain in money to order or the bearer. — Sec. 127.—(BILL NOT AN ASSIGNMEN OF FUNDS IN HANDS OF DRAWEE.) A bill of itself does not operate as an assign- ment of the funds in the hands of the drawee ‘available for the payment thereof, and, the drawee is not lable on the bill unless ‘and unth he accepts the same. Sec. 128—(BILL ADDRESSED ‘THAN ONE DRAWEE.) A bill may be ad- dressed to two or more drawees jointly, whether they are partners or not; but not to two or more drawees in the alternative or in_successton, ‘Sec. 120.—(INLANR AND FORBIGN RILLS, OF EXCHANGE.) An Inland bill of exchange i bill which is, or on its face purports. be, both drawn and payable within this State. Wigother Dil isn foretan bill. Unless the contrary appears on the face of the bill, the. holder may treat it as an inland bill, Sec, 130.—(WHEN BILL MAY BE TREAT- ) PROMISSORY NOTE,) Where in a) bilt drawer and drawee are the same person, lor where the: drawee: is s: fictitious person; or @ person not having capacity to contract, /the holder may treat the instrument, at his op- ap Saag 9S) He, EOE A POE m \ Sec. 131.(REFEREE IN CASE OF NEED.) ‘The drawer of a bill and any indorser may insert thereon the name of @ person to whom ‘the holder may resort in case of need. that fon-aoseptane nokepayment, Buch person lon-acceptance -payment put is called the in case of need. It is in the option of the holder to resort to the referee in case et need or not as he may see ARTICLE 11. ACCEPTANCE. Sec. 182.—(ACCEPTANCE; HOW” MADE, ET CETERA.) The acceptance of a bill is the signification ‘by the drawee of his assent to the order ‘of the drawer. ‘The acceptance must be in writing and sned by the drawee. It must not express that tne drawee will per- form his promise by any other means than the payment of money. Sec. 133.—(HOLDER ENTITLED TO AC- CEPTANCE ON FACE OF BILL.) The holder of a bill presenting the same for acceptance may require that the acceptance be written on the bill and, if such request is refused, ‘may treat the bill as dishunored. Sec, 184.—(ACCEPTANCE BY SEPARATE NSTRUMENT.) | Where an acceptance is written on a paper other than the bill itself, it does not bind the acceptor except in favor ‘of @ person to whom it is shown and who, on the faith thereof, receives the bill for valu Sec, 185,—(PROMISE TO ACCEPT; WHEN EQUIVALENT TO ACCEPTANCE.) ’ An un- conditiona] promise in writing to accept a bill before it is drawn is. deemed an actual ac- ceptance in favor of every person who upon the faith thereof, receives the bill for value. Sec. 136.—(TIME ALLOWED DRAWEE. TO ACCEPT.) The drawee is allowed twenty- four hours after presentment, in which to de- cide whether or not he will accept the bill; but the acceptance if given, dates as of the day of presentation. See. 137.—(LIABILITY OF DRAWEE RE- TAINING OR DESTROYING BILL.) Where a drawee to whom a bill is delivered for ac- ceptance destroys the same, or refuses within twenty-four hours after such delivery, or within such other period as the holder may allow, to return the bin accepted or non- accepted to the holder, he will be deemed to have accepted the same. Sec. 188.—(ACCEPTANCE OF INCOM- PLETE BILL.) A bill may be accepted be- fore it has been signed by the drawer, or while otherwise incomplete, or when {t overdue, or after it has been dishonored by @ previous refusal to accept, or by non-pay- ment. But when a bill payable after sight is dishonored by non-acceptance and the drawee subsequently accepts it, the holder in the absence of any different’ agreement, is entitled to have the bill accepted as of the date of the first presentment. Seo, 139.—(KINDS OF A ‘ANCES. An acceptance is either general or qualified. ‘A general acceptance assents without qualifi- cation to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn. Sec, 140.—(WHAT CONSTITUTBS A GEN- ERAL ACCEPTANCE.) An acceptance to pay at a\particular place is a general acceptance, unless it expressly, states that the bill is to be paid there only and not elsewhere. Sec. 141._(QUALIFTED ACCEPTANCE.) An acceptance is qualified, which 1s: (1) Conditional, that 1s to say, which makes payment by the acceptor it on the fulfillment of a condton therein stated; (2) Partial, that is to say, an acceptance to pay part only of the amount for which the bill is drawn. (3) Local, that 1s to say, an acceptance to pay only at a particular places 4 Qualtfied as to time; (5). ‘The acceptance of some one or more of the drawees, but not of all. Sec, 142. (RIGHTS OF PARTIES AS TO QUALIFIED ACCEPTANCE.) The holder may refuse to take a qualified acceptance, and 1f he does not obtain an unqualified accept- ance, he may treat the bill as dishonored by ‘acceptance. Where a qualified acoept- ance is taken the drawer and indorsers are discharged from lability on the bill, unless they have expressly or !mpliedly authorized the holder to take a qualified acceptance, or subseqyently, assent. thereto. ‘When the dray er or An indorser receives notice of a qualt- fied acceptance, he must, within a reasonable time, express his dissent’ to the holder, or he will be deemed to have assented thereto. ARTICLE MI, PRESENTMENT FOR ACCEPTANCE. « Sec. 143.—(WHEN_ PRESENTMENT FOR ACCEPTANCE MUST BE MADE.) Present- ment for acceptance must be made;— (1) Where the bill is payable after sight, or in any other case, Where presentment for acceptance is necessary in order to fix the maturity, of the Instrument; or (2) Where the bill expressly stipulates that it shall be presented for acceptance; or 3) Where the bill is drawn payable else- where than at the residence or place of busi- ness of the drawee. In no other case {s presentment for ac- ceptance necessary in order to render any party to the bill Hable. Sec. 144.—(WHEN FAILURE TO PRESENT RELEASES DRAWER AND INDORSER.) Ex- cept as herein otherwise provided, the holder of a bill which is required by the next pre- ceding section to be presented for acceptance must either present it for acceptance or ne- gotiate it within a reasonable time. If he fails to do so, are discharged. 4 ‘Sec. 145.—(PRESENTMENT; HOW. MADE.) Presentment for acceptance must be made by or on behalf of the holder at a reasonable hour, on a business day and before the bill is overdue, to the drawee or some person au- thorized to accept or refuse acceptance on his behalf; and , (1) Where a bill is addressed to two or more drawees who are mot partners, pre- sentment must be made to them all, ‘unless one has \authority to accept or ac- ceptance for all, in which case, presentment may be made to him only. (2) Where the rawee is dead, present- ment aay. be made. to bie.parsonal: represen tative; (3) "Where the drawee has been adjudged a bankrupt or an insolvent or has made an as- signment for the benefit of creditors, pre- sentment may be made to him or td his trus- tee or assignee. Sec. 146.—(ON WHAT DAYS PRESENT- MENT MAY BE MADE.) A bill may be sented “for acceptance on any day on which negotiable instruments may be presented for payment under the provisions of sections sev- enty-two and eighty-five of this act. When Saturday is not otherwise a holiday, pre- sentment for acceptance may be made before twelve o'clock, noon. on that day. ‘Sec. 147.—(PRESENTMENT WHERE TIME IS INSUFFICIENT.) Where the holder of a bill drawn payable elsewhere than at the place of business or the residence of the Grawee Pas not time with the exercise of reasonable diligence to present the bill for acceptance befor® presenting it for payment ‘on the day that if falls due, the delay caused by presenting the bill for ‘acceptance before presenting it for payment ts excused and does not discharge the drawers and indorsers. See. 148—(WHERE PRESENTMENT: IS EXCUSED.) Presentment for acceptance is ‘excused and a bill may be treated as dishon- ered by non-acceptance, in elther of the fol- lowing cases» (1) Where the drawee is dead, or has ab- sconded, or is a fictitious person’ or not having capacity to contract by bill. ‘Where, after the of reasonable diligence, presentment cannot be made. (3) Where, although presentment has been regular, acceptance has been refused on ‘some other ground. Sec, 149._(WHEN DISHONORED BY NON- ACCEPTANCE.) A iil is dishonered by non- acceptance, \ (1) When {t.ts duly presented for accept- ance and such an acceptance as is prescribed by this act is refused or cannot: be‘ obtained; or (2) When presentment for acceptance is excused and the bill is not Sec. 150,—(DUTY OF HOLDER WHERE BILL NOT ACCEPTED.) Where a bill is dul, presented for acceptance and is not accept within the prescribed time, the person’ pre- senting it must treat the bill as dishonored by nen-acceptance or he loses the right of recourse against the drawer and indorsers. Sec. 151-(RIGHTS OF HOLDER WHERE BILL NO® ACCEPTED.) When a bill is dishonored by non-acceptance, an immediate right of recourse against the drawers and indorsers accrues to the holder and no pre- sentment for payment is necessary. ARTICLE Iv, PROTEST. Sec. 152.—(IN WHAT CASES PROTEST NECESSARY.) Where a foreign bill appear- ing on its face to be such is dishonored non-acceptance, it must be dul; non-acceptance, ei where pa 4 has not previously been dishonored by acceptance is dishonored by non-payment, it must be duly protested for non-payment. If it is not so protested, the drawer and indorsers are discharged. ‘Where a bill does not appear on its face to be protest thereof in case of Ponta © hand and seal of the notary am ‘ time and place of presentment; ‘The fact that presentment was mage and the manner thereof: 18) The cause or reason for protesting the ‘copy seal in {> lsubsequentiy extended bill; (4) The demand made and the answer given, dy, or the fact that the drawee er acceptor Sec. ‘When be made on lay fs excused a8 bill has been duly, a noting. ‘Sec. 156.—| Dill must be protested at the place dishonored, except that when a payable at the place of 58.- BEFORE MATURITY accuvron INSOLVENT.)— Where been adj bankru of Delay “in _not- protesting Is excused’ — when delay is caused by circumstances beyond the control of the holderand not imputavlle to his default, mitscgnduct or negligence. When the cause of delay ceases to operate, the bill must be noted or protested with reasonable dill: nee; S*Sec, 160.—(PROTEST WHERE BILL IS LOST, ET CETERA.) When a bill is lost or destroyed or is wrongly detained from the per- son entitled_to hold it, protest may be made on a copy or writtem paryculars thereof. ‘ ARTICLB V. ACCEPTANCE FOR HONOR. Sec. 161.—(WHEN BILL MAY BE ACCEPT- ED FOR HONOR.) Where a bill-of Caan has been protested for dishonor by mon- ance or protested for better security, and 1s not overdue, any person not being @ party al- ready liable thereon may, with the ¢onsent of the holder, intervene and’ accept the bill protest for the honor of any party thereon, or for the honor ofthe person for whose account the bill is drawn. ‘The ecept- ence for honor may be for the part only of the sum for which the bill is drawn; and where there has been an acceptance for honor for one party, there may be a further acceptance by a different person for the honor of another, party. . Sec. 162.—(ACCEPTANCE FOR HONOR; An acceptance for enor supra. dishonor. HOW MADE.) protest must be in writing, and indicate it is an acceptance for honor, and must be signed by the acceptor for honor, ), Sec. 163.—(WHEN DEEMED TO BEAN ‘ACCEPTANCE FOR HONOR OF THE DRAWER.) Where an acceptance honor does not expressly state for whose honor. it is made, it is deemed to be an co the honor of the drawer. Sec, 164,—(LIABILITY OF THE ACCEPTOR FOR HONOR.) The acceptor for honor is la- bie to the holder and to all parties to the bill) subsequent to the party for whose honor he has, accepted. = Sec, 165.(AGRDEMENT OF A\ FOR HONOR.) The acceptor, for homor, such acceptance engages that he will on 4 presentment, pay the bill to the terms of his acceptance, provided it shall not have been paid by the drawee, and provided also that it shall. have ° been, duly presented for. payment prot for nonpayment and notice of dishonor given him. Sec. 166.—(MATURITY OF BILL PAYABLE AFTER SIGHT; ACCEPTED FOR HONOR.) Sec, 192.—(PERSON: ON INSTRUMENT) | The liable on an instrument is the terms of He fey fe + 3 Ey e E i ; . u H i i i f iy 5 1 ( 5 i i : ‘Where a bill payable after sight is accepted for} ” honor, its maturity is calculated from the date of the noting for nonacceptance and not from the date of acceptance for honor, Section 167.—(PROTEST OF BILL ACCHPT- ED FOR HONOR, ET CBTERA.) Where a) dishonoreé bill has ‘been accepted for honor’ the drawer and all indorsers| panrrms supra protest or contains ¢ reference in cage of need, it must be protested for nonpayment be- fore "it is presented for payment to the ac- ceptor for honor or referee in case of need. Bec, 168.—(PRESENTMENT FOR PAY- MENT TO ACCEPTOR FOR HONOR; HOW MADI)° Presentment for payment ‘to the acceptor for honor must be made as follows:— () If it 1s to be presented in the pisce| where the protest far nonpayment was made, it must be presented not later than the day following its maturity. (2) If It 1s to be presented in some other place than the place where it was protested, then it.must be forwarded within the time specified in section one hundred and four. Sec, 169.—(WHEN DELAY IN! MAKING PRESENTMENT IS EXCUSED.) The pro- visions. of Section eighty-one apply where there is delay in making presentment to the sevebter, for: honor or reterse.ta_casaiat Seeds . 170.—(DISHONOR OF BILL, BY AC- CEPTOR FOR HONOR.) When the bill ts dis- honored by the acceptor for honor ft must be protested for nonpayment by him. ARTICLE VI. { PAYMENT FOR HONOR, Sec. 171.(WHO MAY MAKE PAYMENT FOR HONOR.) Where a bill has been pro- tested for nonpayment, any person may in- tervene and pay it supra protest for the hon- or of any. Mable thereon or for| the honor of ‘person for whose account it was drawn, Sec. 172.(PAYMENT FOR HONOR: HOW]?! MADE.) The payment for honor su pro- test in order to operate as such and not as @ mere voluntary payment must be attested by a notarial act of honor which may be aj pended t0 the protest or form an extension fo See. 178.—(DECLARATION BEFORE PAY- MENT FOR HONOR.) The notarial act of honor must be founded on a sectarian made by the payer for honor or by his t In that behalf declaring his intention to pay the bill for honor and for whose honor he pays. Sec. 174.—(PREFERENCE OF PARTIES OFFERING TO PAY FOR HONOR.) Where two or more persons offer to pay a bill for the honor of different parties, the person whose Payment will discharge most parties to the Dill 1s to be given the preference. Sec. 175.—(EFFECT ON _ SUBSEQUENT WHERE BILL Is PAID FOR HONOR.) Where a bill has been pald for honor, all parties subsequent to the party for whose honor it is paid are discharged, but the payer for honor {s subrogated for, an: succeeds to, both the rights and duties of the ‘by |to a bili of exchange holder as regards, the party for whose honor 2 ie WHERE. HOLDER REFUSES 176. ER Fi ITO RECEIVE PAYMENT SUPRA PROTEST) Where the holder of a bill refuses to receive payment supra protest, he loses his right of Tecourse against any party who would have been di by such payment, Sec. RIGHTS OF PAYER FoR HONOR.) "The payer for honor on paying to the holder the amount of the bill and the no- tarial expenses incidental to its dishonor, {s entitled to receive both the bill ftself and the protest. ARTICLE VII. BILLS IN A SET. Sec. 178.—(BILLS IN SETS CONSTITUTD OND BILL.) Where a bill is drawn in a set, each part of the set being numbered and con- taining a reference to the other parts, the whole of the parts constitutes one bill, Sec, 179.—(RIGHT OF HOLDERS WHERE DIFFERENT PARTS ARE NEGOTIATED.) Where two or more parts of a set are ne- Mlated to different holders in due course, the holder whose title first acerués “is as be> tween such holders the true owner of the bill, But nothing in this section affects the rights of a person who in due course accepts or pays the part first presented to him. - Sec. 180.—(LIABILITY OF HOLDER WHO INDORSES TWO OR MORE PARTS OF A SET TO DIFFERENT PERSONS.) Where the holder of a set indorses two or more: parts to different persons he is liable on every. such part, and every indorser subsequent to him 1s lable on the part he has himself tn dorsed, as if such parts were separate bills. Sec 181.—(ACCEPTANCE OF BILLS DRAWN IN SBTS.) ‘The acceptance may he written on any part and {t must be written on Ng part only. more than one part, and such accepted parts are negotiated to ‘different holders in due! course, he is liable on every such part as if it were a separate Dill. Sec, 182.—(PAYMENT -BY ACCEPTOR OF. BILLS DRAWN IN SETS.) When the accept- or of a bill wn in a set pays it without requiring the part bearing his acceptance to be delivered up to him, and that part at matur- ity is oufStanding in the hands of a holder in due course, he is liable to the holder thereon. Seo. 183.—( OF DISCHARGING ONE OF A SBT.) Except as herein otherwise provided where any one part of a bill drawn in a set is discharged by payment or other- 'wise the whole bil] is discharged. TITLE 1. PROMISSORY NOTES AND CHECKS. ARTICLE ‘J. Sec. 184.(PROMISSORY NOTE DB- FINED.) A negotiable promissory note within the meaning of this act is an unconditional promise in writing made by one person to an- other signed by the maker engaging to pay on demand, or at a,fixed or determinable future time, a sum certain bearer. Where a note is drawn to the mak: er's order, it is not complete until indorsed him. 185.—(CHECK DEFINED.) A_ check. Seo, 1s a bul of exchange drawn on a bank able on demand. Except as herein provided, the provisions of this act payable qn demand -ap- ply to @ check. Sec. 186.—(WITHIN WHAT TIME A CHECK MUST BB PRESENTED.) A check must be presented for payment within a rea- sonable time after its issue or the drawer Will be discharged from lability thereon to loss caused delay. Sec. 187.—(CERTIFICATION OF CHECK; EFFECT OF.) Where a check ts certified by the bank on which it 1s drawn, the certitl- cation. 1s equivalent to an acceptance. Sec, 188.—(EFFECT WHERE THB HOLD. CHECK PROCURES IT CERTIFIED.) Where the holder ofa ig a Toebargen es rawer and al are from Mability pas oo FE fie it e Be ES Ue: ite iat . . i, ——- f 4 i rile a st Serptroller of aes city, and Pe bonds, if any, may be lit i ag ee ema AN act legalize, in x ny , ceedings for extending tion then adopted has not and published, as period of. If the drawee accepts] state. and “attaching suck such village, and validating the annexation be hifa: et) a a i i i | & H y I ~