The Providence news. (Providence [R.I.]) 1891-1906, 1899-08-03
cuAPTER Al,


CHAPTER os.
AN ACT Relating TO Negotiable Instru.
ments.
Passed May Is. 1892
II 10 enacted by the General Assembly as
follows:
TITLE l.
GENERAL PROVISIONS.
ARTICLE l.
Section l. This act shall be known az
the Negotiable Instruments Law.
Sec. 2. In this act. unless the context
otherwise requires:
Acceptance" means an acceptance com.
pleted, by delivery or notification.
Action" includes counter-claim and set
off
Bank includes any person or sssocis.
tion OF persons carrying on the business
of banking. whether Incorporated or not
Bearer" means the person In posses
sion of bill or note which is payable to
bearer.
"Bill' means bill OF exchange. and
"note" means negotiable promissory note.
Delivery means transfer of posses.
sion, actual or constructive, from one per-
son TO another.
Holder means the payee or endorsed
OF bill or note. who is In possession OF
It, or the bearer thereof.
Endorsement means an Endorsement
completed by delivery.
instrument means negotiable instru-
ment.
Issue" means the first delivery Of the
instrument. complete in form. TO a per-
son who takes II as a holder.
Person" includes a body of persons.
whether incorporated or not.
''Value" means valuable consideration.
Written includes printed and writ
ing" includes print
Sec. g. The person primarily liable on
an instrument is the person who by the
terms OF the instrument Is absolutely re-
quired TO pay the same. All other parties
are "secondarily liable.
Sec. T. In determining what Is a 'rea-
sonabe time" or an unreasonable time"
regard Is to he had TO the nature OF the
instrument. the usage Of trade or business
fif any, with respect to such Instruments
and the facts OF the particular case.
Sec. s. Where the day. or the last day.
for doing any act herein required or per-
mitted TO be done falls on Sunday or on a
holiday. the act may be done on the next
succeeding secular or business day.
Sec. s. The provisions OF this act DO not
apply 10 negotiable instruments made and
delivered prior to July ]. 1899.
Sec T. In any case not provided for In
this act the rules OF the law merchant
shall govern.
Sec. s. Sections T. s. Z. g. OF Chapter 1855
OF the General Laws are hereby repealed.
NEGOTIABLE INSTRUMENTS IN
GENERAL.
ARTIcLE H.
Form and Interpretation.
Sec q An instrument TO be negotiable
must conform TO the following require
ments:
!. II must he in writing and signed by
the m ,ker drawer; 81
2. Must contain an unconditional prom
Use or order 10 pay sum certain in
money;
O. Must be payable on demand or at
fixed or determinabie future time:
A. Must be payable to order or TO bearer:
and.
5. Where the instrument is addressed 10
n drawee. he must be named or otherwise
indicated therein with reasonable GER
tainty
Sec. TO- The sum payable Is a sum Ger.
tain within the meaning OF this act al.
though IL is 10 be paid
!. With interest: or
2 BY stated installments or
BY stated instalmeuts. with a provi
sion that upon default In payment of any
instailment or OF interest the whole shall
become due: or
With exchange, whether at fixed
rate or at the current rate; ov
S. with costs OF collection or an attor
neys fec n case payment shall not be
made a, maturity.
Sec. II. An unqualified order or promise
go pay Is unconditional within the mean.
ing OF this act though coupled with:
l. An indication OF particular fund oui
OF which reimbursement is TO be made, OF
particular account TO be debited with
the amount: or
2. statement of the transaction which
gives rise 10 the instrument
But an order or promise TO pay out OF
particular fund is not unconditional.
Sec. IL. An instrument il payable at
determinable future time, within the
meaning of this act which Is expressed
be ma y hle
l. At fixed period after date or sight;
or at sight: or
2. On or before fixed or determinable
future time specified therein or
g. ON or at fixed period after the oc.
currence OF specified event which Is
certain 10 happen. though the time OF hap
pening be uncertain.
An instrument payable upon n conun.
gency is not negotiable, and the happen
ing OF the event does not cure the defect
Sec. 13. An instrument which contains
en- order or promise TO do any act In adj
dition to the payment Of money is not ne
gotiable. But the negotiable character OF
an instrument otherwise negotiable is not
affected by provision which:
J. Authorizes the sale OF collateral So.
curlties In case the instrument be not pate
at maturity: or
.. Authorizes a confession of judgment
80 the instrument be not paid at neturi
ty; or
2. Valves the benefit OF any law intend
cd for the advantage or protection OF tho
obligor: or
T. Gives the holder an election to require
something TO be done in lieu of payment
OF money.
But nothing in this section shall validate
any provision or stipulation otherwise H.
legal
Sec. H. The validity and negotiable char
ncter OF an instrument are not affected by
the fact that:
l. IL Is not dated: or
2. Does not specify the value given. OF
that any value has been given therefor: OF
3. Does not specify the place where IL u
drawn or the place where Il is payable; or
4. Bears q seal or
5. Desicnates a particular kind OF cur.
rent money in which payment is TO be
made.
But nothing I'm this section shall alter OF
repeal any statute requiring In certain
cases the nature OF the consideration &C
be stated In the instrument.
Sec 10. An instrument is payable on de
nand.
l. Where II Is expressed 10 be payable