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

drawer acceptor OF ihooHC',-
ceiving value therefor and for tne pur-
pose OF lending HIS name 70 some otner
person. Such n person Is hao'e on .n'
instrument 10 a holder for value, notwi,h-
standing such holder at the time OF sssi"s
the instrument knew him 10 be only an
accommodation party
ARrlcLx ~.
Negotiation.
Sec 80. An instrument II heso'in'eu
v,ben N IA transferred from one person 10
another in such manner as 10 consutule
the transferee the holder thereon al pay
able to bearer. Il In negotiated py aeiV-
erv. n payable 10 order. IL II negotiated
no ,hs Enforcement OF the holder COM
pleted by delivery.
Sec. &c. The indorsement must be writ
ten on the instrument itself or upon n
ma per attached thereto. The signature or
the indorger. without additional words, Is
a suficient Endorsement.
dorsement OF the entire instrument. An
Endorsement which purports to transfer
10 the fndorsee a part only of the amount
payabIe. or which purports TO transfer the
instrument to two or more sndorsees sew
orally. does not operate as negotiation
OF the instrument. But where the in
strument has been paid In part, IL may
be indorsed as TO the residue.
Sec Al. An Endorsement may be either
.necial or In blank and IL may also be
either restrictive or qualified. or condi-
tionai.
Sec. A. A special Endorsement specifies
the person 10 whom, or TO whose order,
the instrument is TO be payable: and the
Endorsement OF such indorsee II necessary
10 the further negotiation OF the instru-
ment An Endorsement in blank specifies
no indorsee. and an instrument so indors-
ed is payable TO bearer and may be ne
gotiated by delivery.
Sec AZ. The holder may convert a blank
indorscment into a special Endorsement by
writing over the signature OF the .ndorser
I'm blank any contract consistent with the
character OF the Endorsement. m
Sec A. An Endorsement is restrictive.
which either: ecN
1. Prchi5its the further negotiation OF
the instrument; or
q Constitutes the indorsee the agent of
the indorser; or
g. Vests the title In the indorsee In trust
for or TO the use OF some other person.
But the mere absence OF words implying
power 10 negotiate does not make an in
dorsement restrictive.
Sec Is. A restrictive Endorsement con-
fers upon the indorsee the right:
I. To receive payment OF the instru-
ment:
2. To bring any action thereon that the
indorse- could bring;
g. ro transfer his rights as such in
dorsee. where the form OF the indorse-
ment authorizes him 10 do so.
But all subsequent indorsees acquire
only the title of the first indorsee under
the restrictive Endorsement
Sec i6. qualified Endorsement consti-
tutes the indorser mere assgnor of the
title TO the instrument. II may be made
by adding to the indorser's signature the
words without recourse" or any words
OF similar import. Sucn an Endorsement
does not impair the negotiable character
OF the instrument
Sec AZ. Where an Endorsement IL condi-
tional. a party required TO pay the instru-
ment may disrcgard the condition and
make payments TO the iDdorsee or his
transferee. whether the condition has
been fulfilled or not But any person TO
whom an instrument so indorsed is ne
getiated wifi hotd The same. or the pro-
ceeds thereof subject 10 the rights OF the
person indorsing conditionally.
Sec. fS. Where an instrument. payable
TO bearer. is indorsed specially. II may
nevertheless be further negotiated by de-
livery: but the person indorsing specially
Is liable as indorser TO only such holders
as make title through his Endorsement
Sec ~. Where an instrument is paya
BILE 10 the order OF two or more payees or
indorsees who are not partners all must
indorse unless the one indorsing has au-
thority TO indorse for the others.
Sec. 20. Where an instrument is drawn
or indorsed TO n person as cashier or
other fiscal officer of a bank or corpora
tion, IL is deemed prima facie TO be paya-
BILE TO the bank or corporation OF which he
is such officer; and may be negotiated
by either the Endorsement OF the bank or
corporation or the Endorsement of the Of
ficer.
Sec. 81 Where the name of a payee or
t...lA A. -. rAat .t..I ,tg-
spelled he may indorse the instrument as
therein described, adding. II he think fit.
his proper signature
Sec. So Where any person Is under OBJ
legation to indorse In representative ca
pacity he may indorse in such terms as
TO negative personal liability.
Sec. So Except where an Endorsement
bears date after the maturity of the in
strument. every negotiation is deemed
prima facie 10 have been effected before
the instrument was overdue.
Sec. -. Except where the contrary APP
pears every Endorsement Is presumed
prima facie TO have been made at the
place where tho instrument is dated.
Sec. S5 An instrument negotiable i'm it's
origin continues TO be negotiable until II
has been restrictively Endorsed or dis
charged by payment or otherwise.
Sec. &C. The holder may at any time
strike out any Endorsement which is not
necessary 10 his title The indorser whose
Endorsement is struck out and all indors-
ers subsequent TO him are thereby reliev-
ed from liability on the instrument
Sec. 81 Where the holder of an instru-
ment payable to his order transfers II for
vaiue without indorsing II. the transfer
vests In the transferec such title as the
transferrer had therein. srrc the transreree
acquires In addition. the right 20 have
the Endorsement of the transferrer. But
for the purpose OF determining whether
the transferee Is holder in due course.
the negotiation takes effect as of the time
when the indorssment Is actually made.
Sec. 81. Where an instrument is nego-
tiated back TO prior party such party
may, subject 20 the provisions of this
act, REISSUE and further negotiate the
same. But he is not entitled to enforce
payment thereof against any interven-
ing party TO whom he was personally la
bic.
ARTICLE v.
Rights OF the Holder.
Sec. 50 The holder OF a negotiable in
strument may sue thereon I'm his own
name; and payment TO him in due course
discharges the instrument.
Sec. 60 a holder IN due course Is mold
or Who has taken the instrument under
the following conditions.
7. That II is complete and regular upon