The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02


as the case may. be; and in such case the de-
livery may be shownto have been conditional
or for special purpose only, and not for The
purpose of transferring the property in the
instrument. But where the instrument is IL
the hands of a holder in due course, a valid
delivery thereof by all parties prior to him 81
as to make them liable to, him is CONCLUSIVE
ly presumed. And where the instrument il
no longer in the possession of a party whose
tienal delivery by him is presumed until Ii,
contrary is proved. ~. :
Sec IL (coNsTRUcT10N WHERE IN
sTRUMENT IS AMBlGUoUs) Where tht
there omissions therein, the following rules
OF construction apply: -
~ Where the sum payable is expressed. II
words and also in figures and there is dis.
crepancy 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 the amount
'2) Where the instrument provides for the
payment Of interest. without specifying the
date from Which interest s to run the anG
the instrument is undated from the issue
thereof, ~.
81 Where the instrument is not dated, II
will be considered to be dated as Of the time
It was issued:
81 Where there is a conflict between the
written and printed provisions Of the instru
r,ent, the written provisions prevail;
'5' Where the instrument is SO ambigou.
that there is doubt whether 1t Is a. bill OF
note the holder may treat 1T as either al
his election;
@ Where ssnatars l., ho+ so ,a placed es
capacity the person making the same intended
to sign. he is to be deemed an iudorser:
q, Where an instrument containing tn
or more persons, they are deemed to be Joint
iy and severally liable thereon.
y &c. in y TRAbn oR 1 SE SIGN n
person is liable on the Instrument whose sig
nature does not appear thereon, except as here
In otherwise expressly provided. But one who
n q nod
liable to the same extent as If he had signed
in his own name:
THOR1TY: HOW sIiOWN) The signature
of any party may be made by duly author
,zed agent. No particular form Of appoint
authority OF the agent may be established a!
in other cases of agency.
INC AS AGENT, ETc.) Where the instr,r
fure words indicating that he signs for Or Q,
capacity, he is not liable on the instrumen
II he duly authorized; but the mere ad
dton Of words describing him as an axsHt
him from personal ilability. -N7
Sec: q: SIGNATURE BY PRocURA
curation operates notice that the agen
has but limited authority to ssign, and tn
principal Is bound only in case the agent 1,
70 signing acted within the actual limits OF hi
- MI 4EF n OF 1M29RsT EN- n
0orsement assignment of the instru7nen
by corporation or by an infant passes tn
property therein notw1thstand1ng that IRON
incur no liability thereon.
q Sec. % FORGED SIGNATURE; EFFDc1
without the authority of the person whose sig
tive and no Fight to retain eta the Instrument.
to give a discharge therefor, to enforc
payment thereof against any party thereto
can he acquired through or under such Sig
namse unless the party agaipst whom it
from setting up the forgery or want OF author
ARTICLE ~.
CONSIDERATION
EcS q rrREsUMPT19N OF GoMs5pET
deemed prina facie to have been issued for
valuable consideration; and every perso
come party thereto for value
Sec -. CONSIDERATION, WHAT CON
S11TCTES) Value Is any consideration SUI
hcient to support a simple contract. An ante
ccdent prc-eXlsting debt constitutes value
and is deemed such whether the instrument
See .s sn " Wm%T or f4tTf %f
FOR VALLEY Where value has at any tim
been given for the instrument. the holder 1
deemed holder for value in respect to al
parties who became such prior to that time.
Sec. u: WHEN LIEN ON INSTRUMENT
CoNsT.TUTEs HOLDER FOR VALUE;
arising either from contract or by implication
OF law, he is deemed holder for value t.
IS Sec 2s' q dEF |lS CT; OF WANT OF CON
SIDF7RATION.) Absence Or failure OF con
sideratton is matter of defense as against any
person not holder In due course: and partia
failure of CONSIDERATION is a defence pro tanto
whether the failure is ascertaned ant
G sae "a " TTHn Gr r5Her or AccomuonA
TON PARTY:> An accommodation party i
one who has signed the instrument as maker
e Of
his name to some other person. Such a per
son is liable on the instrument to holder 70
value not withstanding such holder at tn
time Of taking the instrument knew him to b.
only an accommodation party.
ARTICLE III.
NEGOTIATION
Sec. 80 (WHAT CONSTITUTES NEGO
1t is transferred from one person to another Il
such mancr as to constitute the transfere
the holder thereof If payable to bearer it !
Is negotiated by the Endorsement Of the holde
completely by delivery.
Sec. 81. ENDORSEMENT: HOW MADE.
The Endorsement must be written on the IN
thereto. The signature Of tho tndorser, With
out additional words is a sufficient indorse
Sec. H. ENDORSEMENT MUST Be OF
ENTIRE INsTRUMENT.) The Endorsement
must be an Endorsement Of the entire instr,
ment An Endorsement which purports I
transfer to the indorsee part only Of tn
amount payable. or which purports to transfe
ernllv. does not operate negotiation Of tn
instrument. But where the instrument ha
been paid in part it may be Endorsed a. t
Sc s.: K1NDs OF INDoRsEMENrl 4,
blank; and 1t may also be either RESTRICTIVE
or qualified, conditional.
Sec e. sPn nc INPoRsEME 1S:, IN
tho To nm a
to whose order, the instrument is to be pay
able: and the Endorsement of such indcrsee
instrument. An Endorsement in blank speci
tles indorsee, and an instrument 30 in
dorsed is payable to bearer, and may be no
sc Sea. s5 ~ f qSis ENDORSEMENT; How
CHANGED TO SPECIAL ENDORSEMENT.
into into n0 speea by WnK tn
signature OF the indorser in blank any con
tract consistent with the character Of tn
Sec. IS WHEN ENDORSEMENT RE
sTR!cTIvE.) An Endorsement Is restrictive
Nv Prohibits the further negotiation Of tn
q, Constitutes the indorsee the agent Of tn
~ Vests the title In the indorses in t,7,.
for to the use Of some other person
But the mere absence Of words imply1n
power to negotiate does not make an indors%
Sec 81. tEFFECr OF RESTRICTING IN
DORSEMENT: RIGHTS OF INDORSEE)
restrictive Endorsement confers upon the IN
dorsee the right.
a. To receive payment Of the instrument
.2l To bring any action thereon that tn
I3) To transfer his RI gifts as such indorsee
where the form Of the Endorsement authorize
him to do
But all subsequent indorsees acquire onl
the title of the first indorsee under the re
strictve Endorsement.
Sec. 80. QUALIFIED ENDORSEMENT
A qualified Endorsement constitutes the In
dorser a mere assignor Of the title to the ir
srun,ent. 1t may be made by adding to tn
tndorser,s signature the words Without re