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


Sec. "a. (PRESUMPTIO1 OF CorHTDER-
deemed pr1ma facie to have been issued for e
whose Signature appear, thereon to have Be-
Sc. Is: IcoNs1DERArToN. WHAT CON.
E11TUTES.) Value IS any consideration suf-
fcient to support a simple contract. An ante
cedent or pre-existing debt constitutes value;
PAYABLE on demand or at 4 future time.
Sec. 20. WHAT CONSTITUTES HOLDER
FOR VALUED Where value has at any time
deemed a holder for value in respect to all
pa sss: y 1"o VIZ ! I1EN pf IN Ss s3as fiHs;
Wherf the holder has a lien on the instrument,
arising either from contract or by implication
Of law, he .is deemed a holder for value. to
Sec. 2s. lEFFEcT OF wA,vr OF CON
s1DERAT1oN.) Absence Or failure Of con-
person not a holder in due course: and partial
failure of consideration is q defence pro tanto,
whether the failure is an ascertained and
Sec. 20: n;IAB1L1TY OF AccoMMoDA-
TON PARTY:) An accommodation party is
dra wer. acccptor, or indorser, without receiving
value therefor, and for the purpose Of lending
his name to some other person.. Such q per
value. notwithstanding such holder at the
time Of taking the instrument knew him to be
only an accommodation party.
ARTICLE III.
NEGOTIATION
Gee. 30, WHA Constitutes NEGO-
T1ATION.) An instrument Is negotiated wher
1t is transferred from one person to another IL
sheh holden %enet the as 70 # f0P paynbis to ene be assa'1 & i
is negotiated by the Endorsement Of tho holde,
'' Sec. 81. y uN Sf9tsfaS O Made
The Endorsement must be written on the In
s sheretei r 19ese, sien 81 1'e II tho I,a ssor,e s,ee Wis.
out additional words. Is a sufficient indorse,
Sec. 81, mponsEMnnsr MUST Bp OF
ENTIRE NsTRUMDNT.) The Endorsement
must be an 1ndorsement Of the entire instu-
ment. An Enforcement which purports te
amount payable, or which purports to transfer
the instrument to two OF moro indorseea rev
orally. does not operate as a negotiation Of the
instrument. But where the Instrument has
been paid in part. 1t may b. indorsed as te
,nd SsH; as; T msT Be or elfheS snesIai y Il
blank; and It may also be either restrictive
or s eean q. ,s 81 scna1a0f fasiDoRsrMu,vr, m.
D~oRsEMDNT N BLANKD a special In.
dorsement specifies the person to whom. o.
able; and the Endorsement OF such indorsee Il
necessary to the further negotiation Of thu
fies no indorsee, ana an instrurnent 30 in.
dorsed is payable to bearer. and may be no
Eatlated by delivery: -on,r,,urr, nn,
sec. 30. (bL{A4Nh l. 1SV
CHANGED TO SPECIAL ENDORSEMENT.
The holder may convert a blank tndorscmon'
into q special ,ndo ,ssass b. y T T3an,1 , over c tn
tract consistent with tho character Of tn.
see; So wHEN nSDoasFnfz,sT RE
which either,
d Prohibits tho further negotiation Of TIT
t) Constitutes tho tndorsse tbs agent Of tn
indorser: or
for or to the use Of come other. person.
But the mere absence Of words implying
power to negotiate does not mako on indorse
Sec. 81. tEFFEcr OF REsTR1cr1eo IN
DoRsEMENT: RIGHTS OF INDoRsEu} A
restrictive Endorsement confers upon the n
~ Tt bring any action thereon ehat tn
~ To transfer his rights as suoh tndors.e
where the form of the Endorsement authorize
xRut all subsequent ,nsez.es' sssut, snl.
%strfcttve Endorsement.
A qualified Endorsement constitutes the in
do-ser a mere ~assignor Of the title to the in
jndcrseEs signature the words without re
course or any words Of similar import. sucl
an Endorsement does not impair the negotiable
character Of the instrument.
Sec. SO. CONDITIONAL ENDORSEMENT.
Where an Endorsement Is conditional, a part!
required 10 pay LILO oAAAOait Ah1y uASk CEdIt
t!e condition, and make payment to the in
dorsee or his transferee, whether the conditio,
has been fulfilled or not But any person {.
whom an instrument 10 % tndorsed is neso
tiated, will hold the Same, or the proceeds
thereof, subject to tho rights Of, the persol
indorsirg cond1tionally,
Sec. 20. ENDORSEMENT OF INsTRU
MEN PAYABLE TO BEARER.) Where al
instrument, payable to bearer. is indorsed spe
cially, 1t may nevertheless be further ne
got1ated by delivery; but tho person in
dcrsing specially is liable as 1ndorser to onl,
such holders as make title through his indorse
Sec. Al. ENDORSEMENT WHERE FAY
ABLE TO W OR MORE PERSONS.
Where an instrument Is payable to the orde:
Of two or more payees or indorsees who ar,
not partners, all must indorse, unless the on,
indorsing has authority to tndorss for tn
others.
DRAWN OR INDORSED TO A PERSON AZ
CASHIER.) Where an INSTRUMENT is drawn o
Endorsed to q person as Cashier or othe
fiscal officer Of q bank OF. corporation, It i
deemed prima facie to be payable to the banl
or corporation Of which he Is such officer; ant
may he negotiated by either the indorsernen
of the bank Or corporation. or the endorsement
OF the officer.
sec. ~. ENDORSEMENT WHERE MANI
is M-ISSPELLED, EFT CETERA.) Where tn