Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1913-05-09

party making, drawing. accepting or .indorsing
as the case may be; and in such case the de-
or for special purpose only and not for the
purpose Of transferring the property In thu
instrument But. where the Instrument is i
the hands OF holder In due course. a vali6
delivery thereof by all parties prior to him g
as to make them liable to him Is conclusive.
~ presumed. And where the Instrument is
no longer in the possession Of a party whose
signature, appears thereon, valid and inten
tional delivery by him is presumed until tbs
contrary is proved. @
sm seI =, IT. (GoNsTRucTIoM WHERE IN.
language OF the instrument Is ambiguous OF
there are omissions therein, the following rules
az Where the sum payable is expressed. in
words and also in figures and there 10 q ais.
srepancy between the two. the sum oeno ts
by the words Is the sum payable; but IL the
words are ambiguous Or uncertain, references
may be had to the figures to AK the amount
payment Of interest. without specifying the
date from which interest is to run. the interest
runs from the date OF the instrument. ana u
thereof Is - t IF 81 4 {.
~ Where the instrument Is not datad II
will, be considered to be dated az Of the time
q, Where there is a CONFLICT between thu
written and printed provisions Of the instru'
ment, the written provisions prevail:
that there is doubt whether it is a bill 81
note, the holder may treat it as either al
his electon: ~
(6) Where signature Is 80 placed upor
the instrument that it is not clear in what
to sign he Is to- be deemed an indorser: -.
% Where an instrument containing. tne
words II promise. to pay is signed by twe
ly and severally liable thereon.
Sec: is. IIABILITY OF PERSON SIGN
ING IN TRADE OR ASSUMED NAME) Nc
nature does not appear thereon, except as here
In otherwise expressly provided But one whe
~Vr~ NOW MI
liable to the same extent as If he had signed
rSRT2 SW gHowS p 4s sns ssaa 1g
ICED agent No particular form Of appoint
il Of the s
Sec. 20. I I1AI OF PERSON ON SIGN; SIGN
ment contains or a person adds to his sigma.
ture words indicating that he signs for Or OF
of he :. nd liable on the
II he was duly authorized: but the mere ad
dition Of words describing him as an agent
out disclosing his principal, does not exemp
see: =; (sIGNATURE BY PROCURE 1!A
has but limited authority to sign, and TIN
principal is bound only in case the agent !,
signing acted within the actual limits Of hi
EisE 4EF 1H aoRS OF 4M49Rs En- r.
dorsement assignment Of the instrument
by a corporation or by an infant passes thu
proer therein +a that iron
Sec. % (FORGBD SIGNATURE; EFFECT
without the authority Of the person whose sig
svs and no Sga to retain the
can can be acquired through or under such zig
Eo1gnf o as p sntS s ~ho 1T
from setting up the forgery or want Of author
ARTICLE II.
CONSIDERATION.
A Fss g. EVER on
deemed prima facie to have been issued for |
ss to
Sec. !! sl' }coN Ssi19 aR WHAT CON
aen to simple n
cedent or pre-exsting debt constitutes value
and is deemed such whether the instrument Il
D' see yG WH%T Or 81 131STs Ts
FOR VALUE.) Where value has at any tim.
given b6 for the fo mt e DC
- ses: =: WHEN LIEN on iSsTRUMEE1
Where the holder has lien on the instrument
arising either from contract or by implicatio,
OF law, he is deemed holder for value tt
IS Sec. > Is. 1EF 1I7: CT OF WANT OF CON
SIDERATION.l Absence Or failure OF con
alteration is matter Of defense as against an!
failure of consideration is defence pro tanto
whether the failure Is an ascertained and
' Sec. 20 GHAB1L1TY OF AccoMMoDA
TON PARITY An accommodation party II
one who has signed the instrument as mai
value therefor, and for the purpose Of lendini
his name to some other person. Such per
value. Notwithstanding such holder at tn
time Of taking the instrument knew him to b.
only an accommodation party.
ARTICLE III.
NEGOTIATION
Sec: 30: (WHAT CONSTITUTES NHGo
T1ATION.l An instrument is negotiated whel
It is transferred from person to another II
such maner as to :, constitute the TRANSFERS
is negotiated by the Endorsement Of the holde
e0s see. 81 0y S S95sSfay HOW MADE.
The Endorsement must be written on the in
vhs itself s spe n Wt
out additional words, Is sufficient 1ndorse
ment.
must be an Endorsement of the entire instrl
ment An Endorsement which purports I
amount mount payable, or which purports to transfe
the instrument to two or moro indorsees sew
orally, does not operate as negotiation OF tn
been paid IN part it may be Endorsed a. t
the residue. -
ssc a. K1NDs ;, OF IND: 1NnoR SENT; =
blank; and 1t may also be either RESTRICTIVE
or qualified ,s e sens1t'0n qNDoRsum: n,
po 5FS; Nj r IN BtANK3 4 special in
dorsement specifies the person to whom, 0
ae anq the fsrses Of of
instrument. An Endorsement In blank speci
tcs no indorsee. and an instrument 20 In
dorsed is payable to bearer. and may be no
sV Sea. ss ~ gEANk 1NpoHsEMENE; HOY
CHANGED TO SPECIAL INDoRsEMENr,
into a special Endorsement by writing over tn
signature Of the indorser in blank any con
tract consistent with the character Of tn
'As Sec IS wHEN 1NDoRsEMDNT RE
srR1cmyE.) An endorsement is restrictive
WIZ" a. Prohibits aH the further negotiation Of tn
~ Constitutes the indorsee the agent Of tn
1s1 Vests the title in tho indorsee In hus
for or to the use Of some other person.
But the mere absence Of words 1mply1n
power to negotiate does not make an indorss
'f Sec 't ~ tEFFEcr OF RESTRICTING IN
DORSEMENT: RIGHTS OF 1NDORsDE)
restrictive Endorsement confer' upon the IN
~ -" receive payment Of the instrument
f2) 70 bring any action thereon that tn
l3S To transfer his rights as such indor.ee
where the form Of the Endorsement authorize
"'1 But t. ali Subsequent indorsees acquire onl
the title Of the first indorsee under the re
strictive Endorsement.
Sec ss onAL1r1EED IMR0RsEM ME- T.