The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1880-04-09
BUSINESS LAWS.


The following compilation of business |
law contains the essence of large |
amount of legal verbiage:
If note is lost or stolen II does not re- |
lease the maker; he must pay it, if the
consideration for which it is given and
the amount can be proved.
Notes bear interest only when so stat
ed
Principals are responsible for the acts
of their agents.
Each individual in a partnership is
responsible for the whole amount of the
debts of the firm, except in cases of
special partnership.
Ignorance of the law excuses no one.
The law compells no one to do impos-
siblities.
A note made on Sunday is void.
Contracts made on Sunday cannot be
enforced.
A note by IA minor is voidable.
A contract made with minor Is void.
A contract made with lunatic is
void
a note obtained by fraud, or from a
person in state of intoXicatiOn, cannot
be collected.
1t is fraud to conceal fraud
Signatures made with lead pencil
are good in law.
A receipt for money is not always con-
elusive.
The act of one partner binds all the
res
"Value received is usually written in
a note, and should be, but is not neces-
sary. If not written it is presumed by
the law, or may be supplied by proof.
The maker of an Accommodation"
bill OF note Zone for which he has re-
ceived no consideration, having lent his
name OF credit for the accommodating of
the holder is not bound to the person
accommodated. but it is bound to all
other parties precisely as if there was a
good consideration.
No consideration is sufficient in law if
it be illegal in its nature.
Checks or drafts must be presented
during business hours; but in this coun-
try, except in the case of banks, the time
extends through the day and evening.
| If the drawee of a check or draft has
changed his residence, the holder must
use due or reasonable diligence to find
him.
If one who holds check as payee OF
otherwise transfers it to another, he has
a right to insist that the check be pre-
, sented that day, or, at farthest, on the
day following.
A note Endorsed in blank (the name Of
the indorser only written) is transferable
by deliver, the same as If made payable
to bearer.
If time of payment of a note is no
inserted, it is held payable on demand.
7 A bill may be written upon any paper
} or substitute for it, either with ink o.
, pencil.
The time of payment of note mus
not depend upon a contingency. Th'
promise must-be absolute.
The payee should be distinctly named
in the note, unless it is payable to bearer
An indorser has right OF acton
/ against all whose names were on the bill
| when he received 1t.
If the letter containing a protest O
non-payment be put into the post Office
any miscarriage does not affect the part
giving notice.
Notice of protest may be sent either t
the place of business or of residence c
the party notified.
+ The holder of a note may give motto
d of protest either to all the previous il
n dorsers or only to one of them; in cas-
of the latter he must select the last IL
l. dorser, and the last must give notice
If the one before him, and so on. Each II
dorser must send notice the same day {
the day following. Neither Sunday {
legal holiday is to be counted In reckon
d ing the time in which notice is to /
10 given.
IN Inc loss Oh 1Olc VI Olll 10 HOl 81
: ficient excuse for not giving notice
protest.
y If two or more persons as partners a
ID Jointly liable on a note or bill, due nOtit
ID to one of them is sufficient.
If a note or bill is transferred as S
curity, or even as payment of pre-e
listing debt, the debt revives if the bill
nt note be dishonored-
An Endorsement may be written on Il
face or back.
Id An Indorser may prevent his own Ii
ed bility to be sued by writing without ]
OF course" or similar words.
Part payment of a debt which has pa
us sed the time of statutory Limitation |
y. wives the whole debt, and the claim hol
ed good for another period as limited by q
IL statute from the date of such partial pa
:, ment.
nj A verbal promise to pay, made wit
out conditions, is generally held as SUI
ito cient to revive a claim otherwise sh
out by the law of Limitation
ler If a debtor owes several debts, and p
he a sum of money to the creditor, he b
al the right to designate the particular de
of to which the payment shall apply, a
the creditor must so appropriate It.
m If, when debt is due, the debtor
Ter out of the state, the period mentioned
mt the statute of limitation does not beg
:, to run until he returns If he atterWs
leave the state. the time forward coui
Sc the same as if he remained in the stat
ses Except in the case of absence from
100 state, the period designated nthe statl
I'D of limitation begins when the bill or
count is due In case of note II cou
NO from close of the ''three days OF grac
Iol- In case of note on demand, it cou
from the time of demand