St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1913-05-02
ACCEPTANCE FOR HONOR.

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ACCEPTANCE FOR HONOR.
Sec. 1e1.l(wIIEN BILL MAY. Be ACCEPT
Ed Q HoNoR) Where 2 bill Of exchange
ance or protested for better security, and IS
not overdue, any person not. being a party. al.
the holder. intervene aud accept the bill, supra
protest for the honor of any. party liable
t MsGse ac or for t sn', n hGnG is d Of tns RE. sce for
sum for which the bill is drawn and where
by a different person for tho honor Of another
party.
HOW 9sS; MRDB.} An D aoceptance for honor aes supra
protest must be in writing, and indicate that
s'f gee. a ~ tns affSRt0 Dn Fl hG10r; 10 Be- AN
bb SqWHA.s wn. r9H q. a asesp}ano. o 4cr s %aa
does not expressly state for whose honor it is
made, it is deemed to be an acceptance for
s Sec a'i 1s4@a Ia fI1TSe OF THE AccuproR
FOR HONoR( The acceptor for honof is liz.
bic to the holder and to all parties to the bin
Sec. DISBURSEMENT OF AccMToR
such acceptanc. engages ase that he ), viii IJ1 On due
R Earnns m IT. pay the bill l.,, asso1d'ns 1T. to the the
also that It shall have been duly presented
for payment and protested for nonpayment
AFTER SIGHT; ACCEPTED FOR BoNoR-)
Where 9 bill payable after sight is accepted for
date Of the noting for noncompliance and not
from the date Of acceptance for honor:
ED DeGSs 9 aoN6R, Fl cS 1r RlA9 1TSas =
d dIiIno orsa. pin i. has been accepted for honor
fore 1t Is presented for payment to the &C
ceggtor for honor OF referee in case Of need.
MESI re AccEFToR FOR HoSoR; HOW
MADn) Presentnent for payment, to the
acceptor Tor honor must be made as noltows:-
where the protest for nonpayment was made.
it must be presented not Later than the day
rs # it is to DO presented in som. other
then it must be forwarded within tho time
.5S&$ s. T ;SS?{sf = e; h& $ HHf$ 4 e. %%k7 NJ,
y thess !. d de,a Section III m. iHliEnty 19es.nt sgeaz = yh tss
%acceptor for honor or referee in case Of. need.
cE aef; h17T2iomRRHIaoNN99Kk9 e3 When HT H Il. !b.l II !. as as
honored by the acceptor for honor 1t must be
protested for nonpayment by him.
ARTICLE vi.
PAYMENT FOR HONOR,
FOR HoNoR-J Where a. BIZ has been PRO
%tervene and pay 1t supra protest for the hon
tie f6 Seno any Il Re RSs' ,9sr.o @a9 sss r tsssses account OF TT It
Sec. 172.-pAYMpNr FOR HONOR, HOW
tez SIN IN ord der to oAS operate ' as a sScS and 1Hpn not pas as
a mere voluntary payment must DO attested
by 2 n%otarisl act Of honor which may be aP-
&c., e 1H@.aaPEgkARAT5oN BEFORE PAY;
Ih0nOp mist he founded m a declaration made
s g ! tn 88 ssiss, fsE b Rfs Intention ss n SS h7 to s ps9 tn In t sii5
'0s se eon0 Observation-Disclosures ana Pr MnSfs SR9HF g OF PAPA
oFFER1Na TO PAY FOR HoNoR-) Where
two or more persons offer to pay a bill for
bill is to be given the preference.
ssSi 5a'S:wwafHEEREBBcTR 1n on IS sqPRnIE S ESR
honor, all parties subsequent to the party
but the payer for honor is subrogated for, and
succeeds to. both the rights and duties Of the
holder as regards the party for whose honor
sec: i7e:-WHERE HOLDER REFusEs
ITO RECEIVE PAYMENT SUPRA PROTEST.
payment supra protest, he loses his right Of
recourse against any party who would have
been discharged by such payment: -
H6 So: TGe eayeF for on honor Fa oa pay,n Fo e
the holder the amount Of tho bin and the no.
tatifled t1 e 9ses,v 19f bosR Il. e S, IL ITSELF s!She ana tbs IS
protest.
ARTICLE VII -
ELLIS IN A SET.
Sec. 17s--BILLs IN SETS CONSTITUTE
ONE BILL) Where a bill is drawn in q set,
each part OF the set being numbered and con-
T taho1ss Of the ss1 psfts eod 1e tns other tne bi Parts the
DIFFERENT PARTS ARE NEGorIATDD.
e Masrs ITO to Of ditfe @ent P holders 81 Il, a d dn. ere Course ns,
the holder whose title first accrues is as be-
tween such holders the true owner Of the
rights Of a person who in due course accepts
or pays the part first presented to him.
SET TO DIFFERENT PERsONs.) Where
the holder of a set Endorses two or more
such part. and every indorser subsequent. to
him is liable on the part he has himself in
dosss se as Is, II ~ s1 Gn! Parts n Tsre separate a@ n1 bills ! !
DRAWN IN sDTs.) The acceptance may be
on one part only: II the drawee accepts
are negotiated to different holders In due
course, he is liable on every such part as II
1T see ysr' 8 seppTaff EN-; BY AocppTon Or
BILLS DRAWN IN sETsJ When the accept
or Of a bill drawn in a set pays 1t without
ity is outstanding in the hands of a holder in
due course, he Is liable to the holder thereon.
loNB OF A. sET.) Except as herein otherwise
provided where any one part of a bill drawn
in a set Is discharged by payment or other
wise tho whole bill is discharged.
TITLE III.
PnoMIssoRY NOTES AND CHECKS.
SEQ. 1s4-PRoMIssoRY NOTE De
FINBD.) A negotiable 'promissory note within
tho meaning of this act is an unconditional
other signed by tho maker engaging to pay on
demand. Or at a fixed or determinable future
time, a sum certain in money to order or to
er's order. it Is not complete until indorsed by
him.
Sec. 1ss.-(cHEcK DEFTNMD) A check
able on n d en- a sad1Si Except paA. ~ herein 0o Otherwise dye
provided, the provisions Of this act applicable
to a biii Of exchange payable on demand ap-
ply Ut to 2 I've sh @3v7rH7N rA - i.
CHECK MUST BD PREsENTnD) A check
must be presented for payment within = rea-
sonahle time after It's issue or the 6rawer
tho extent Of the loss caused BY tho delay.
SEQ: 1s7-tcERTIF1cAT1oN OF CHECK:
EFFDcT oF:) Where q check 1. certified
by t, the !, bank a;,, on wi, which n It + T. drawn, the oertin-
Sec. 1ss.-(EFFECT wHERD THM Bo1
Err OF CHECK BROCHURES IT. 10 BE
CERTIFIED Where tns holder Of z check
drawer and all indorsers arc discharged from
lI Seq. ss.1eWHEN cHpcK. OPERATES AS
not operate 1sstsN as an ssl.snn aassA d e any 1s'e part a0 es
the funds to the credit Of the drawer with
the bank, and the bank is not liable to the
holder, unless and until It accepts q eerides
the check.