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

:
ed I'm any branch post-ofice or In any let
ter-box under the control OF tie post-os-
hce department.
Sec. ll5. Where a party receives notice
or dishonor. he has. after the receipt OF
such notice. the Same time for giving no
.lce 10 an'eceatnt parties that the holder
has after the disl0nor.
Sec. iia Where a party has added an
address 10 his signature. notice OF dis
honor must be sent 10 that address: bat II
ne mas not siven such address. then the
notice must be sent as follows:
i. Either 20 the post-office nearest 20
MS place OF residence, or TO the post Ice
where ne Is accustomed TO receive his
letters; or
q III ne 1--we In one place and have his
place or business In another. notice may
be sent TO either place; or
o. III ne Is sojourning in another place.
houce may be sent 10 tho place where he
is so sojourning
But where the notice Is actually receiv-
ed by the party within the time specified
IN this act, II will be- suficient. though
not sent In accordance with the require
ments OF this section.
Sec. III Notice OF dlshonor may be
waived. either before the time OF giving
notice has arrived. or after the omission
10 give due notice. and the waiver may
be express or Implied
sec. llS Where the waiver is embodied
I'm the instrument Itself. II is binding upon
all parties; but whero IL Is written above
the signature OF an endorser IL binds him
only.
Sec. lls. A waiver OF protest whether in
the case or a foreign bill OF exchange or
other negotiable instrument Is deemed to
be waiver not only OF formal protest.
but also OF presentment and notice OF dis
honor.
Sec. 100. Notice OF dishonor is dispensed
with when after the exercise OF reasona-
BILE diligence IL cannot be given 10 or does
not reach the parties sought TO be
charged
Sec. l2l. Delay In giving notice OF dis
honor Is excused when the delay is caus-
ed by circumstances beyond the control
OF the holder and not imputable TO his
default. misconduct or negligence. When
the cause OF delay ceases TO operate. no.
tice must be given with reasonable dill
eence.
Sec. i22 Notice OF dshonor is not re-
uuired TO be given 10 the drawer I'm either
OF the following cases:
/. Where the drawer and drawee are the
same person
2. Where the drawee is fictitious per-
son or person not having capacity to
g. Where the drawer is the person 10
|
payment;
4. Where the drawer has no right 70
expect or require that the drawee or ac-
ceptor Will honor the Instrument
s. Where the drawer has countermand
cd payment.
Sec l23. Notice OF dishonor Is not re
quired to be given TO an indorser in ell
ther OF the following cases;
]. Where the drawee is a fictitious per
m N (
contract and the indorser was aware o
the fact at the time he Endorsed the in
strument.
q Where the indorser IL the person q
whom the instrument IL presented FOL
payment;
3. Where the instrument was made OF
accepted for his accommodation.
Sec. I2I Where due notice OF dishonol
by non-scccptance has been given. notice
of n subsequent dishonor by non-paymen'
is not necessary. unless in the meantime
the instrument has been accepted.
Sec. l25. An omission 10 give notice o.
dishonor by non-acceptance does no
prejudice the rights OF q holder in du
course subsequent to the omission.
| Sec 126. Where any negotiable instru
ment has been di5honored. II may be pre-
| tested for non-acceptance or non-paymer
as the case may be; but protest is not re
quired. except In the case of foreign bill
of exchange.
| ARTICLE II.
Discharge OF Negotiable Instruments.
Sec. l27. A negotiable instrument is dis
charged:
!. BY payment in due course by or Of
behalf of the principal debtor:
!? BY payment I'm due course by the par
! ~ accommodated. where the instrumen
is made or accepted for accommodation:
| 3. BY the intentional cancellation there
| of by the holder;
A. BY any other act which will discharg
simple contract for the payment o
| money;
5. When the principal debtor become
| the holder OF the instrument at or afte
| maturity I'm his own right
Sec. l2S. A person secondarily liable o.
| the instrument is discharged:
| l. BY any act which discharges the In
strument
| 2. BY the intentional cancellation Of hi
signature by the holder;
3. BY the discharge OF prior party;
T. BY valid tender of payment mad
| by a prior party,
5. BY release OF the principal debtor
| unless the holders right OF recours
| against the party secondarily liable
| expressly reserved;
! o. BY any agreement binding upon IN
| holder TO extend the time OF payment o
1 10 postpone the nOiuef Tlk0t 10 enloTC
| the instrument unless made with the as
| sent OF the party secondsrily liable. o
| unless the right of recourse against sucl
| party Is expressly reserved.
| Sec l29. Where the instrument Is pai
| by party secondarily liable thereon. IL
I not discharged; but the party so payin
| il is remitted 10 his former rights as re
| CARDS all prior parties. and he may strik
| out his own and all subsequent i1dors,
ments and again negotiate the instrr
| ment. except:
1. Where il is payable TO the order OF
third person and has been paid by IN
| drawer: and
2. Where IL was made or accepted "a
accommodation and has been paid
the party accommodated.
| Sec. $50. The holder may expressly re-
| nouncc his rights against any party =
the instrument before. at. or after II
| maturity An absolute and uncondltlona
| renunciation OF his rights against IN
| principal debtor made at or after the ma
| turity OF the Instrument discharges IN
| instrument Hut a renunciation does no
| affect the rights OF a holder Ia due cours
without notice 4 renuncation must o
in writing. unless the Instrument is de
| livcred up 10 the person primarily liabi
thereon
Sec. l3l A cancellation made unirten
| ,ionauy or under mistake. or withou
| tbo authority Of the holder. II iroperniivs
! mi u,berc an instrument or any signatur