The Superior times. [volume] (Superior, Wis.) 1870-1912, 1899-05-20
NEGOTIABLE INSTRUMENTS IN GEN.
ERAL.
FORM AND INTERPRETATION

FORM AND INTERPRETATION
Section 16.5-1 An instrument to be ne
| goiiabe must conform 10 the following re
| quirementS:
!. 1t must be in writing and signed by
>. Must contain an unconditional promise
or or9rr 70 pay sum ccrtai in in money.
). Must be payable on demand or ut a
| liked or determnable future time.
4. Must be payable 10 order or to bearer
| ;. Where the Instrument i addressed Ia
draWee. he must be named or otherwise
! Indicated therein with reasonable certainty
BUT no order drawn upon or accepted by
! the treasurer OF amy county. town, city. vii
| Ia-e or school district, whether drawn by
| any officer thereof or any other person and
no obligation nor instrument made by any
| SHch corporation or any officer thereof I'M
! less expressly authorized by law To be made
! negotiable. shall bc. or Shall he deemed 10
| be, negotiable according TO the custom Of
! merchants, in whatever form they NAV be
! drawn or made.
| Warehouse receipts, bills of ladins and
| railroad receipts upon the face of which the
! words not negotiable shall not be plainly
| written, printed or stamped, shall Ice ne
! Eoilap4e as provided in section 1916 of the
! Wisconsin statutes OF 1913 and III section
| 4l9f and 4425 Of these statutes. as the same
| have been construed by the supreme court
NoIE- The Endorsement of an Instrument
! not negotiable for lack Of the word order or
| bearer supplying such word, makes it ne
! gotl4ble from that time. Carruth Y.
ORDER OR BEARER No change from
| the Wisconsin, rule as To notes. Carruth v
~ 'thti . " Is IpO. lsul Il OH Of exchange
Htta not he ;" expressed. Mehlbgrs '.
| Fisher, y Wis. GJn Equivalent words may
! be used. rs, holder. assigns, or this note
/ shall be negotiable" Am. X Eng. Encyc.
or At 4 FINED. OR DErERMIN-
| A'lL / IMl- a bliI OF exchange need not
| he made payable on Il day certain. MehI-
! berg y. Fisher - Wis. Coz. Nor Il note See
), stamp, \ draft, not or other instru-
! stamped. Is not void for want of Il stamp,
| but Is valid, unless the omission is shown 10
| be fraudulent Khrinstrom Y. Cone. q wis.
! 60, y Wis. rs and Timp Y
DoT m d ", e VIE, Az FOLLOWED. State
| with The great weight of authority. Am.
! Eng. Ency. lGO.
The burden is upon the party impeaching
! the instrument TO show the fraudulent in
II MONEY. The word currency" in a
! certificate of deposit means money, includ-
| ing bank notes which, though not an alb
! solute legal tender are issued for crcull-
iloH 10y authority Of law, and are i'll actual
! and general circulation tat the locus in quOJ
| staff, Il Wis DOL
/ \ certificate of deposit promising pay
/ ment 10 order of certain number Of dol
! lars in currency" is negotiable Ford Y.
Mitchell. = Wis. 3o5: rlatt '. Bank. 4 Wis.
! -. and Lindsey v MctlclIand. IS Wis. 4Nl,
/ explained and criticisrdJ bid.
| lNDlCATED WITH REASONABLE
! CERTAINTY. bill payable at Il particu-
1 lar house is meant to be addressed To the
/ ENch. 40.
section 1919 >. The sum payable Is a sum
! certain within the meaning OF this chapter,
| although it is 10 be paid
l. With interest. or
= BY stated instruments; or
) Hy stated instruments, with n provision
| that upon default in payment Of any install
! mene or OF interest, the whole shall become
+. With exchange, whether at a fixed rate
| or at The current rate; or
| D. With costs of collection or an attorneys
lgl lt. Il
maturity.
Note The provisions of secs and 5
wards. - Wis. 5s9. First Nat. TX. V. Lar
! ll3 Lrggctt v Jones, 10 Wis 30
such fees may be recovered in an action
| on the note. Niponl '. Townsend IS Wis.
ny STATED INSTRUMENTS. See note
THE WHOLE SHALL BE DUE. This
does not Change the Wisconsin rule; but
the chatteI for he price of which the note
WAS given, ana collect the amount due,
| with ten per cent. for collection expenses.
renders both the sum and time of payment
uncertain. himball Co. Y. Mellon, 50 Wis.
Section 1873 An unqualified order or
! promise to pay is unconditional within the
meaning of this chapter, though coupled
l. An indication of q particular fund out
OF which reimbursement is to be made or a
particular account to be debited with the
>. statement of tL,. transaction which
gives rise To the instrument.
Hut al order or promise 10 pay out of
particular fund is not unconditional.
N0IE-PAkIlCULAK FUND. y. and b.
cuItivatiug on shares the farm Of NJ. aud ~
partners, gave y. (to whom \. ana b.
were ludcbtedD an instrument in writing ad-
dressed to Nj and y. requesting them TO
pay Il certain sum OF money to Y, and
take Inc same out of our share of the
grain meaning the grain then harvested
or growing ON said farm, and NJ. and y
wrote the words Order accepted on the
nath oi the instrument. with their firm
name signed thereto. In an action by "
against Nj and ~: Held,
81 That the Instrument, though without
words u AcSOtldbIlltN, Is Il valid bill of eX-
change.
- nat the order and acceptance are
absolute the words above quoted from the
order NOT limiting It's payment to particu-
lar fund, or making il conditional, but
merely Indicating the means by which the
uFaWGes might reimburse themselves.
~ mat .Le uraweeS cannot defend
against the legal effect of the bill and ac-
c"Ptauce on tAc ground that. before such
acceptance, they had already made ad-
yanccs to the drawers, solely on the faith
of the share Of grain belonging to the lat
ter, more than sufficient to cover its full
value, and that the facts were known to y
AT he time of such acceptance. Corbett v
Clarke 1t al, IL Wis. iu3
An order 10y Il debtor upon third person
10 pay a certain sum to mis- creditor or or
der. out OF Il particular fund. when such
fund shah hr created HS 10y the future pay
mrHt Of 4 draft then in the hands OF such
tHrd person., Is not negotiable" as a bill Of
exchange; ana no Inference can be drawn
from the paper itself that it was taken in
payment OF ,ne drawers original debt to
The Pave" or that tn" payt"'S right to re
cover such original debt was suspended uu-
til h.s credit ON the Instrument should ex-
rtre. Brill V Hole. % Wis 3D. \
note payable "Uut Of any property |
may have or "ouJ Of my separate property
and estate I'm case of a married Wumau
Is Negotiable. Am. y Eng. Ency. IS.
Instrument carry the general personal
credit OF the drawer or maker. or only the
crc,.t of 4 particular fund + Am. X Eng
ORDER OR PROMISE See eases in +
Am. X Eng. EHcy. OF Law, ID ed. DID ST. -
olthER OR PROMISE IN THE ALTER
NAIlN l., for the payment of money or the
performance Of another act, at the drawers
or maker option, Is not negotiable / Am
y Eng Eucy. Il.
CONDITIoNAL INSTRUMENTS. y writ
ten Instrument for the payment OF Il >prei-
fled sum of money at time Specified. is
contract therein that the puycc may sell the
collateral securities mentioned therein. aud
| II these decline IA value, may sci! them be-
fore The money for which the Instrument
which ease til" proceeds Of the sale. less
the expenses thereon. snail be appUcq In
payment or part payment Of the debt. and
II q deficiency remains the amount thereof
shall hecui--" du" forthwith. Continental
Nat. Bk. y. McttrocA. 3 wis. 80
note payable III iu~taiM"ut~ is rendered
non Negotiable" Toy "a SuhJu.url AGREEMENT
that i'll case uf default il any payment. ar
cLGtteI for the price Of which the note. i
given. the holder may declare the whole
amount due. and may collect The same with
ten per cent damages for Expenses # col
the property to pay the unpaid balance in
| trEr>J, GatAa-f> aAi costs OF sale. and that