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

CHAPTER 272-TI. F. No. 100.
AN so+ AGr to make uniform the law of no.
sotlaple Instruments.
Be it enacted by the LEGISLATURE q, Tho e+.+.
Of Minnesota: OK the sraoe
TITLE I.
NEGOTIABLE 1SsTRUMENrs IN GEN.
ERAL.
ARTICLE I.
FORM N INTERPRETATIONS
sT Sef11%R FyN i CORN OF N~EGoT1ABLp IN.
must conform to the following reo,,,r nego1taole
~ IL must be in writing and signed Nv tha
" C Slog M,, 10 pay a sum certain in money;
nv%e ~ ~ oe payable on demand, or At q
~ Must be payable to order or to bear
o @9 Where the Instrument is addressed to
co Ssf; = !; 4ETGEERTA IN As 70 SUM- Sg5sa:'8 WHAT
though It is to be paid: LIE ACT al
~ With interest or
~ BY stated instalments
GO BY stated instruments. WITH a n,o,,,a,n
mat upon default in payment Of a.,v instsS.
d,e or of interest, the whole shall becons
a. With exchange. whether at a fixed rat.
OF at the current rate on or at q given place:
90 With costs Of collection Or an attorney.
lee Zee; IN case payment shall not be made at ma
IoiIty.
Sec: 3. WHDN PROMISE IS
na aONAL: An unqualified order or promise to
tnls act, though coupled with:
" An indication Of a particular fund o,+
OF which reimbursement is to be made. or a
particular account to be debited with the
CD A statement Of the transaction vh,c,
yves rise to the instrument. But an order or
promise pn3 to Pay out of a particular fund is
Sec: 4 DETERM1NAB1p F17r1rPn
TamE j. WlIh IT . G~,oNsTlTUTEs2 An ,nstru.
within the meaning OF this act, Which is OK.
pressed to be payable: ''
o. at at a ~ fixed Se,d period after date or sight; or
future time specified therein: or
to, O or at a fixed period after the oc-
uncertain. ppe"'n *
, An m instrument payable upon q contingency
event does not cure the defect. 0
Sec: s; ADDITIoNAL PROVISIONS NOT
ment which contains an order or promise to
do any act in addition to the payment of mon.
ely ely Is i ctd not negotiable: But the negotiable
sotIable is not affected by a provision which:
~ Authorizes the sale of collateral securi.
ties IN case the instrument be not paid at
e, Authorizes a confession Of Judgment IL
the ci INSTRUMENT Wa iner Be not paid at maturity; or
for the advantage Or protection Of the obliger;
u) Gives the holder an election to require
money.
But nothing in this section shall validate
any Sed pS0S 81 }oM II st{pg!9tiog sr otherU psp Illegal.
LAR MONEY! The validity and negotiable
character Of an instrument are not affected
~ It is not dated: Or,
tbG ~ DO Does ,sa, not Isl specify sddy the value given, or
thaI any value mas neen given, therefor; or
K Dnp0 mi cr0Nffv tHo ~1o~~ .,lo-~ - a.
drawn or the place where it is payable; or
~ Bears a seal; or
money %v p in Whteh a a pnrs1Gui al * n1n d Of - current
But nothing in this section shall alter or
repeal any statute requiring in certain cases
the nature Of the consideration to be stated
- se c !. WHEN PAYABLE ON DEMAND)
An ~ instrument WSnn It is pabsble on demand:
demand, Or at sight. or on presentation: or
C2 In which no time for payment is ex-
Where an instrument is issued. accepted, or
Endorsed when overdue. it is, as regards tho
person so issuing. accepting. or indorsing it,
Sec. 8. WHEN PAYABLE TO oRDER)
The instrument is payable to order where II
is drawn payable to the order of a specified
person or to him or his order. It may BE-
drawn payable to the order Of;
~ A payee who is not maker, drawer. o.
G) The drawer or maker; or
(3) The drawee; or
" '" ~ poSceS JulIitlH, IL
() One Or some Of several payces: or
t6) The holder Of an office for the time
being.
Where the instrument is payable to order
the payee must be named or otherwise indl-
Gated therein with reasonable certainty.
Sec. .. WHEN TO BEARER.)
The instrument is payable to bearer:
~ When it is expressed to be so payable,
~ When 1T is payable to a person named
therein Or bearer; or
ts) When it is payable to the order Of a
fictitious or non-existing person. and such
fact was known to the person making 1t SO
payable; or
q When the name o, the payec does not
Is When only the last Endorsement Is Pm
Sec. 10. (TERMs VIE SUFFICIENTLY
The instrument need not follow the language
of this act. but any terms are sufficient which
clearly indicate an intention to conform, to tho
Sec. II. DATE, RESUMPTION AS TOY
Where the instrument Or an acceptance Or any
Endorsement thereon Is ;, dated ate , such date Is
making, drawing. acceptance, OF Endorsement
Sec. II. ANTE-DATED AND POST DAT
ED The instrument IS not invalid for tho
reason only that it is ted or post-dated,
provided this is not done for an Illegal or
instrument SO dated is delivered acquires the
title thereto as Of the date of delivery;
81; i; W eMasS an pms %1nsfrum maf EXPRESSED a@ e asi
to be payable at a fixed period after date is
issued undated, or where the acceptance OF
an instrument payable at a fixed period after
sight is undated, any holder may insert there.
In the true date Of issue Or acceptance. and
the instrument shall be payable accordingly:
The insertion Of a wrong date does not avoid
the instrument In the hands Of Il subsequent
holder in due course; but as to him. the date
so inserted is to be regarded as the true date:
Sec. IA. BLANKS; WHEN NAY BE
FILLEDD Where the instrument is wanting
In any material particular. tile person in
possession thereof has a prina facfe authority
to complete 1t by filling up the blanks therein:
And a signature on q blank paper delivered
bv the person making the signature III order
fiat the paper may be converted into a ne
instrument operates as a rlina facle
authority to fill 1t up as such for any
amount. in order. however, that any such
instrument when completed may be enforced
thereto prior to its completion. It must be,
filed up strictly in accordance With the au-
thority given and within a reasonable time.
But II any such instrument. after completion,
Ia ncgorla ted to a holder in due course. 1t is
valid ami %cffcctual for all purposes in his
hands. snG he may enforce it as If 1t had been
fl:cd Up strictly in accordance With the all
tnnr:ty given AM! within 4 reasonable time.
Sec. j.. LNC:;oMII.ETE INSTRUMENT
NOT D~EILVEEUD1 Where all incomplete In
Strument has not been delivered it will not,
completed and negotiated. without authority,
be a valid contract in the hands Of any holder,
rs against ?ny person whose signature was
placed Thereon ;,cforc delivery.
SIC. III. trIsf.iTTRy WHEN EFFECT
WHEN P2ESUMEDl Every contract
on Il negotiable irs:r1nIrnt is incomplete and
until delivery OF the instrument for