The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-03-05


CD When 1t is payable to the order
Of a fictitious or non-eXisting person,
and such fact was known to the per-
son making it so payable; or
(4) When the name Of the payee
does not purport to be the name OF
any person; or
80 When the only or last indorse-
ment Is an Endorsement in blank.
Sec. 10. Terms When Sufficient
The instrument need not follow the
language of this act, but any terms are
sufficient which clearly indicate an in
tention to conform to the require
ments hereof.
Sec IL Date, Presumption as to-.
Where the instrument or an accept
ance or any Endorsement thereon is
dated. such date is deemed prima facie
to be the true date of the making.
drawing, acceptance, or Endorsement
as the ease may be.
Sec j. Anticipated and Post
Dated The instrument is not invalid
for the reason only that ii is ante
dated or post-dated, provided this is
not done for an Illegal or fraudulent
purpose. The person TO whom an in
strument so dated is delivered acquires
The title thereto rs Of the date Of de-
livery
Sec. -. When Date May Be Insert
ed Where an instrument expressed
10 be payable at a fixed period after
date is issued undated. or where the
acceptance of an instrument payable
nj a fixed period after sight Is undated,
any holder may insert therein the
true date of issue or accept 4nce, and
the instrument shall be payable ac-
cordingly. The insertion of a wrong
date does not avoid the instrument in
The hands of a subsequent holder IL
due course; but as 70 nina, the date
so inserted is to be regarded as he
true date.
Sec. IA. Blanks. When May Be
Filled. Where the instrument is
wanting in any material particular,
The person in possession thereof mas
a prima facie authority to complete II
by filing ND the blanks therein. Aud
a signature on blank paper deliver
ed by the person making the signature
Ia order that the paper may be con-
yerted into a negotiable instrument
operates as q prima facie authority 10
III it up as such for any amount. IN
order, however, that any such instru-
ment when completed may be enforced
against any person who became party
hereto prior to its completion, ii must
he filled up strictl.- in accordance Win
the authority given and within rca
sonable time. But if any such instru
ment. after completion, is negotiated
to a holder in due course, it is valid
and effectual for all purposes in his
hands, and he may enforce it as if ii
had been filled up strictly in accord
ance with the authority given ana
within a reasonable time.
Sec. Is. Incomplete instrument Not
Delivered Where an incomplete in
strument has not been delivered it will
not, if completed and negotiated, with
out authority, be a valid contract il
the hands of any holder, as against
any person whose signature was placed
thereon before delivery.
Sec. 16 Delivery When Effectual
When Presumed. Every contract on
a negotiable instrument is incomplete
and revocable until delivery of the
instrument for the purpose Of giving
effect thereto AS between immediate
parties. and as regards remote partS
other than Il holder in due course, tn,
delivery, in order to be effectual
must be made either by or under th'
authority Of the party making, draw
ing, accepting or indorsing, as The
case may be. and in such case the de
livery may be shown to have beer
conditional, or for special purpos,
only, and not for the purpose of trans
ferring the property in the instru
ment. But where the instrument is il
the hands of holder in due course, ;
valid delivery thereof by all partie;
prior TO him so as to make them Ii
able TO him is conclusively presumed
And where the instrument is no long
er in the possession of a party who's,
signature appears thereon. valid anC
Intentional delivery by him is pre-
sumed until the contrary is proved.
Sec. il. Construction Where Instru
ment is Ambiguous. Where the lang
uage of the instrument is ambiguous
or there are omissions therein. tn,
following rules of construction apply
ID Where the sum payable is ex
pressed in words and also in figures
and there Is discrepancy between
the two the sum denoted by the words
is the sum payable: but If the words
are ambiguous or uncertain, reference
may be had to the figures to fix tn,
amount;
CD Where the instrument provide
for the payment OF interest, withou
specifying the date from which in
terest is to run. the interest runs from
the date Of the instrument. and If tn
instrument is undated, from the issu
thereof;
(3) Where the instrument is no
dated, Il will be considered to be date
as of the time il was issued
(4) Where there is a conflict be
tween the written and printed pro
visions of the instrument, the writer
provisions prevail.
(5) Where the instrument is so am
biguous that there Is doubt whethe
e is a bill or note the holder ma.
treat it as either at his election;
OG) Where a signature IS so place,
upon the instrument that it IS no
clear in what capacity the person mai
ing the samo intended to slfn he !
TO be deemed an indorser'
"a Where an Instrument contain
ing the words Il promise TO pay i
signed by two or more persons. the
are deemed TO be Jointly and SEVERAL.
liable thereon.
Sec. 49, Liability Of Person Sign
ing in Trade or Assumed Name ~
person is liable on TIE instrumen
whose signature does not 81 gear there
On. except as herein otherwise express
ly provided But one who signs in