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

FCEPTANCE AND NQNPAYMENT.lsssA bill
may be subsedu entlys protested for nonpay-
ment. 4 3 Il
BEE9SE ATK5I5
the acceptor has been adjudged = bankrupt :or
an insolvent. or has made an assignment. for
Seaet eaase he
tor better security against the drawer ana Ing
Sec s15sYY WHEN PRoTEsT DISPENSER
WITH Protest is dispensed with by any cir
circumstances which, would dispense with
notice not lshGnor Delay x ass
control Of the holder and not imputable to his
default, misconduct or; negligence. When the
cause Of delay ceases to operate, the bill must
be noted or protested with reasonable dlh-
Sec. 1so.-PRoTEsr WHERE BILL IS
LOST, EFT CETERA.) When q bill is lost OF
DESTROYED OF is wrongly detained from: the per-
COPY or writte eo ps al cuis thereof
VS.: ARTICLDv. s.- siis 80. 5s
= e ACCEPTANCE FOR HONOR. ~ !
Sec. 161.-WHEN BILL MAY BE ACCEPT
ED For FOR HONOR Where . bill: OF exchange chang
anee or protested for better security, and =
not overdue, any person not being q, party nj:
the holder. Intervene and accept the bin supra
protest for the honor of any, party liable
thereon, or for the honor Of the person for
whose account the bill is drawn. The accept
ance for honor may be for the part only Of the
sum for which the bill Is drawn and where
one party, there may be a further acceptance
by q different person for the honor OF another
Sec. 1e2-(AccEPTANcE FOR HONOR;
HOW MADE.( An acceptance for honor supra
protest must be In writing, and indicats that Ct
signed BY the aeceptop OF for aoi honor rn' e y
Sec: lss:-lwHEN DEEMED TO BIZ An
ACCEPTANCE FOR HONOR OF THE
does not expressly state for whose honor It IS
made, 1t is deemed to be an acceptance for
h Sea- soa 9ss q tx fEaEsF OF THE
FOR HoNOR9 The acceptor FOR honor is liza
BILE to the holder and to all parties to the bin
subsequent to the party for whose honor he has
Sec. 1es-(AGRDEMENr OF Accm7oR
FOR :HONoR9- The acceptor for, honor. by
Rrssentmennt: pay the bill according e the
sc s III s7e pe oa aG1
and notice Of dishonor given him.
Efs s1Ga4 HE Fok RoAok
Where q bin payable after sight IL accepted for
its maturity is from the
from the date of acceptance for honor.
Section le7:-PROTEsT OF BILL ACCEPT.
dishonored biii has been accepted for honor
supra protest or contains = reference in case Of
need It must be protested TOR nonpayment be
gse f9s e Il case q
M RHH fef eR to
acceptor for honor must be made ~ follown:-
~ Il 1t Is to be presented in tho place
it must be presented not later than the day
following it, maturity
g II TT 1T Is to DO presented in some othe'
then 1t must be forwarded within the time
rR s. sss%HFS H REAx + MK PSs
visions Of Section eighty-one apply where
there is delay in making presentment to the
81 SoR HoN9k Wien H I'll b
honored by the acceptor for honor it must be
protested for nonpayment by him..
ARTICLE vi.
PAYMENT FOR HONOR
Sec. 1T:-(WHo MAY MAKE PAYMENT
FOR HONOR.) Where bill has been pro
sI It r &c
., Re as
Sec. 172.-(PAYMENT FOR HONOR: HOW
test in order to operate a. such and not a.
by notarial act Of honor which may be ap.
pended to the protest Or form an extension tc
MnNT FOR HoNoR] The notariai act o.
honor must be founded on declaration made
tn F hs by his l. sq II.
for honor and for whose honor he pays.
sss 15t1 41 PER ES 6 Of PARTIES
two Or more persons ofrer to pay bill "f 70,
the honor Of different parties. the person whose
payment will discharge most parties to the
81 57'W aHRB B11 On IS sY Fx Sa
HON Where she,s. bin has been paid 70,
for whose honor it is paid are discharged
but the payer for honor is subrogated for. and
holder as regards the party for whose honor
rs Sec; 17s;mWHERE HOLDER REFUsEs
Where the holder of bill refuses to receive
payment supra protest, he loses his right OF
recourse against any party who would have
Sec; 1T7.-.(R1GHTs OF PAYER FOE
H no Sosl, The payer for honor on paying t
entitled to receive both the bill itself and the
ARTICLE VII.
BILLS IN A SET.
Sec. 17s.-(B1LLs IN SETS CONSTITUTE
|ONE BiILQ Where a bill is drawn in q set
each part OF the set being numbered and con-
| whole Of the parts constitutes one bill
Sec: 15e:--tRIGHT OF HOLDERS WHERE
DIFFERENT PARTS ARE NEGOTIATED
two to Or Sasrs Of st , are
the holder whose title first accrues is as be.
tween such holders the true owner Of the
rights Of q person who in due course accepts
or pays the part first presented to him.
T6 Te 2E h PsRsd SAbs % %
the holder OF a set Endorses two or more
parts to different persons he is liable on every
such part, and every indorser subsequent tc
am !. Labs on the part he has himself in
Dk%wN IN sfs Ths ascept oT ag
on one part only II the drawee accept.
are negotiated to different holders in du u,
course. he Is liable on every such part as ii
see Ssre 1ss~ sepP1ats EN- By Aoczpron OF
BILLS DRAWN IN sETs) When the accept
or OF bill drawn in set pays it without
np @ esT to
ity is outstanding in the hands Of holder In
due course, he is liable to the holder thereon
ONE OF A sET) Except as herein otherwise
in = get i, discharged BY payment or other.
wise the whole bill Is discharged.
TITLE III.
PRoMIssORY NOTES AND CHECKS
ARTICLE I. -.
Sec s4.-tPRoM1ssoRY NOTE DE.
F1NED.) A negotiable promissory note within
the meaning Of this act is an unconditional
promise in writing made by one person to an.
demand, Or at q fxed or determinable futur.
time. sum certain in money to order or tc
bearer. Where note is drawn to the max
er's order. it II not complete until indorsed by
SEQ 1ss;-tcHncK pEF1NED:> A cheek
nm Qyr1AS RA ~ hnHAd I'm nth